I was just reading Kenmark's announcement on Bursa website.
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Kenmark wishes to update the status of the following business divisions :-
a. Trading Division (Trading in LCD TVs and other furniture) - No trading is done at this moment as the Company is not able to contact the end customers directly. Management will continue to try to make contact with the end customers.
Moolah: Not able to contact the end customers directly! OMIGOSH! WTF!
How come? How can this be happening??!!!
b. Printing Division - Most of the important parts from the machinery have been located and is awaiting installation. We have successfully negotiated with the machine repairers to commence repairs and subsequently conduct a test run of the machinery. The Company has a limited stock of raw materials for production and will need to purchase new raw materials to meet future orders. Some of our local suppliers had indicated their willingness to continue supplying the Company with raw materials subject to payments made to overdue accounts. As some raw materials are imported from Thailand, Taiwan and Europe, the Company would need to raise funds and/or secure trade financing to secure these raw materials for future orders. The average sales for the Printing Division is RM800,000 per month and in light of the recent developments, most of our customers have switched their orders to other manufacturers. The Management of the Company is now attempting to persuade these customers to place orders with the Company and we expect 20% of the orders to return. On the manpower front, 67 of the 125 employees previously employed had returned to work with the Company.
Moolah: I am confused. What exactly does it mean by "Most of the important parts from the machinery have been located and is awaiting installation". Were they missing? How did they go missing? What happened?
c. Plastic Moulding Division -The principal activity of the mould division is to inject plastic parts for the manufacture of wooden furniture, as well as plastic components to buyers outside of the Group. In-house sales (sales within the Group) took up 85% of the total production capacity of the division, while the remaining 15% is for sales to outside buyers. In the absence of fresh orders for the wood division, the production activity is expected to reduce by at least 85%. As for the remaining 15% to the outside buyers, Management is anticipating to lose a further 10% as customers are losing confidence in the Company's ability to supply further. As for the division's workforce, there are currently 26 employees and this will be sufficient to start production again. Some of the raw material stock was found to be missing and is in the process of being replaced.
d. Vietnam operation - All machineries in Vietnam are intact but operations cannot re-commence as the Taiwanese key management staff have not returned to Vietnam. Management have been trying to contact Mr Chang Chin-Chuan on his handphone but to no avail. The raw materials in Vietnam premises are prohibited by the bank's security to be taken out from the country without authorization from the Taiwanese key management staff. The workers in Vietnam have been released with no liability incurred.
Moolah: Huh? Who exactly are these Taiwanese key management staff? Why aren't they returning to work???? WTF?!!!
The Board of Directors is exploring options to increase the utilization of the capacity of all its operations.
The above reply is made on the collective approval of the Malaysian Directors of the Kenmark only, namely Dato’ Abd Gani bin Yusof, Mr Ho Soo Woon, En Ahmed Azhar bin Abdullah and Mr Woon Wai En.
Source: Kenmark Industrial Co (M) Berhad (“the Company or Kenmark”) - Update on status of business divisions
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This is simply disgusting. It's so disappointing to read what is happening to this company.
Oh yeah.... and where is the MD???
And consider the following:
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Based on the Record of Depositories dated 30 June 2010, the shareholding of Mr Hwang Ding Kuo @ James Hwang is 6,263,792 Kenmark shares or approximately 3.51% which is the same amount as at 18 June 2010.
Ms Chen Wen-Ling's shareholdings in Kenmark based on the Record of Depositories dated 30 June 2010 is 13,832,400 Kenmark shares or approximately 7.76% which is the same amount as last disclosed on 22 June 2010.
Kenmark also wish to inform that there is no new substantial shareholder in Kenmark based on the Record of Depositories dated 30 June 2010.
This announcement is dated 8 July 2010
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So James Hwang shareholding in Kenmark is now only owns 3.51%. ( Mr James Hwang on 23 April 2010 notified that he has 53,363,092 Kenmark shares (29.93%).)
And Ms Chen Wen-Ling shareholding in Kenmark is now only 7.76%. ( Ms Chen Wen-Ling on 23 April 2010 notified that she has 29,443,900 Kenmark shares (16.51%). )
How?
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