And What About EcoFirst (Kumpulan Emas)?

Names, names, names... you know, many do believe that names are a very, very important issue and some names just brings bad luck.

LOL! That's what they say.

Me? I hear only.

:P

Anyway, I wasn't going to write about EcoFirst. Seriously. I kid you not.

What happened was I was writing on EcoFuture ( just posted What Lies In The Future For EcoFuture? ) , I wrote a bunch on it and yes, it really looked terrible and then I realised 'oh hell, this is EcoFirst and not EcoFuture!'

LOL!

Now since I had all the data... heck.. I might as well make this posting!

And where were we initially? Oh names. Talking about name changes, EcoFirst used to be THAT Kumpulan Emas or translated as the golden company (Apparently there was no gold, I guess )

My old posting on Ecofirst...

1. EcoFirst (Kumpulan Emas)
2. Update on EcoFirst
3. Update On EcoFirst
4. New Update On Ecofirst

From the last blog posting on EcoFirst on Nov 2008: New Update On Ecofirst

• Which means that since Kumpulan Emas changed its name to Ecofirst back in Jan 2006, Ecofirst had recorded losses all the way!

Let's continue from Nov 2008.

Jan 2009: Quarterly rpt on consolidated results for the financial period ended 30/11/2008 - Loss 3.533 million.

April 2009: Quarterly rpt on consolidated results for the financial period ended 28/2/2009 - Loss 4.454 million.

July 2009: Quarterly rpt on consolidated results for the financial period ended 31/5/2009 - Loss 78.229 million. (yeah.. 78 million! )

Oct 2009: Quarterly rpt on consolidated results for the financial period ended 31/8/2009 - Loss 4.027 million.

Jan 2010: Quarterly rpt on consolidated results for the financial period ended 30/11/2009 - Loss 3.163 million.

April 2010: Quarterly rpt on consolidated results for the financial period ended 28/2/2010 - Loss 12.320 million.

Well, apparently changing the name from Kumpulan Emas to EcoFirst did not change the company's fortunes at all. (EcoFirst and EcoFuture.. I wonder... who jinxed who! :P )

Here's a couple of snips from EcoFirst's balance sheet taken from its earnings notes in April 2010.

Cash balances is around 700k. (yeah.. k and not m. :P)

Tons of borrowings.

Ahh... some would point out that EcoFirst owns quite a nice chunk of shares in SEGi.

And SEGi the stock had been on a fine run lately.

Apparently... this would not be doing EcoFirst much good because EcoFirst has dumped all its shares of SEGi!

Ouch! EcoFirst sold SEGi and then the stock flew!

Ok.. that was so nasty...... and mean too. Sorry! :P

(ps: SEGi did have a rights issue and as you can see from the SEGi chart above, last month, SEGi hit a high of 4.75 on 24th June 2010! ps: EcoFirst dumped all their SEGi shares at 1.73!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Ouch!!!!! )

Now EcoFirst share disposed was announced on Bursa website on March 2010: Proposed Disposal - final.pdf

• The Board of Directors of ECB wishes to announce that EcoFirst Consolidated Bhd (“ECB” or “the Company”), had on 16 March 2010 entered into a Share Purchase Agreement (“SPA”) with Sawitani Sdn Berhad (Company No. 22804-D) (“SSB”), the wholly-owned subsidiary of the Company, and Rexter Capital Sdn. Bhd. (Company No. 645612-K) (“RCSB” or “the Purchaser”) in relation to the disposal of all its shareholding of 17,690,525 ordinary shares of RM1.00 each in SEGi, representing 19.87% of the issued and paid-up share capital of SEGi (“the Sale Shares”), of which 1,709,000 ordinary shares of RM1.00 each were held through SSB in SEGi, for a total consideration of RM30,604,608.25 or RM1.73 only for each Sale Share (“the Proposed Disposal”).

Sold for 30.604 million. (hmm.. this should help EcoFirst's lack of cash in its balance sheet)

• The original cost of investment of ECB and SSB in SEGi is RM36.1 million. The investment was made since 2001.

Since 2001? So much for long term investing.... for EcoFirst (ECB). :P

And talking about investments in quoted shares... in EcoFirst quarterly earnings notes, page 8...

How? Not doing too good eh? Looks like EcoFirst's dabbling in quoted shares is not bringing much fortunes for the company.