The frequency of the newspapers publishing a multi-million/multi billion 'news' based on un-named sources only to have the parties involved denying the whole story.
And what do we have here?
Isn't it so clear?
Print a story, stock goes up, then the story is deemed as false.
And the dumb money will ask what if the story is fabricated for monetary purpose???
How?
Not possible?
Think about it.....
And look ahead the beautiful scenario if this keeps happening, ie nothing is done to stop such un-named source based news.
What do you see?
What do I see?
Well I see more story will be fabricated so that a monetary can be derived once the stock mentioned goes up upon the publication of the fabricated news.
Which means our financial press is now nothing but a tool so that stocks can be manipulated.
Like this scenario?
I think it is ludicrous, it's appalling, it's sickening.
It's 2013 for heaven sake.
Do you want our financial news be financial news or not?
Or do you want our financial news be nothing but fabricated news?
Don't we all want to see improvement???
From yesterday's posting Why 'According To Sources' Financial News Should Be Stopped
Published on Business Times:
- DRB-HICOM to go private?
Published: 2013/01/10
FIRST QUARTER TARGET: Tycoon Syed Mokhtar may make standalone offer, says source
KUALA LUMPUR: Tan Sri Syed Mokhtar AlBukhary may make a standalone offer to privatise DRB-HICOM Bhd, the country's biggest automotive company, people working on the plan said yesterday.
Business Times understands that the plan is being helmed by privately-held Meridian Solutions Sdn Bhd. Meridian is a unit controlled by Syed Mokhtar's top financial aide, Ooi Teik Huat.
The low-profile 53-year-old Ooi is one of the Syed Mokhtar's top backroom boys, who sits on the board of many companies in which the Kedah-born businessman has a controlling stake.
Ooi currently sits on the board of Malakoff and MMC Corp Bhd.
It is further understood that Hong Leong Bank Bhd and Public Bank Bhd are the two top banks working with Ooi on the privatisation.
"Hong Leong and Public Bank will help provide the financing for the exercise. It is scheduled to take place in the first quarter of this year," said the source.
Business Times was also told that DRB-HICOM could be taken private for between RM3.50 and RM4 a share, and that the exercise will be solely driven by Syed Mokhtar, who controls some 55 per cent of the company.
Syed Mokhtar, 61, could fork out as much as RM7.73 billion to take DRB-HICOM private.
The exercise comes barely a year after he bought Proton Holdings Bhd at RM5.50 a share or 24 times estimated earnings.
At RM4 a share, DRB-HICOM is valued at RM7.73 billion.
The stock closed at RM2.63 a share yesterday, giving it a market capitalisation of RM5.08 billion.
"None of the other shareholders are involved. It is a standalone bid as DRB-HICOM is severely undervalued. Its landbank itself has a net worth of RM10 billion," said the source.
Neither Syed Mokthar nor his representatives on the board of DRB-HICOM have briefed the board on the planned exercise.
"When they are ready with the money and the numbers tally, they will file in straight the offer to take DRB-HICOM private to the company secretary," said the source.
- DRB-HICOM: We've not received any privatisation proposals
Published: 2013/01/11
KUALA LUMPUR: DRB-HICOM Bhd is unaware of and has not received any proposals to privatise the country's largest automotive group.
DRB-HICOM managing director Datuk Seri Mohd Khamil Jamil said the group was surprised by the news like everyone else.
"Let me clarify that there has been no indication on the group being privatised as alleged in the papers. For the time being, DRB-HICOM is in a state of rationalising Proton (Proton Holdings Bhd) as well as its operations," Mohd Khamil told reporters here yesterday after launching the all-new Suzuki Swift.
Mohd Khamil was responding to a Business Times report that Tan Sri Syed Mokthar Al Bukhary, who controls some 55 per cent of DRB-HICOM, may make a standalone offer to take the group private.
The low profile businessman had not notified the DRB-HICOM board about his intention, but would only do so once he has secured the financing to make the offer.
It was reported that the plan is being helmed by privately-held Meridian Solutions Sdn Bhd. Meridian is a unit controlled by Syed Mokhtar's top financial aide Ooi Teik Huat.
Ooi currently sits on the board of Malakoff and MMC Corp Bhd.
DRB-HICOM reportedly could be taken private for between RM3.50 and RM4 a share, meaning that Syed Mokhtar, 61, could fork out as much as RM7.73 billion. The exercise would come barely a year after he bought Proton Holdings Bhd at RM5.50 a share or 24 times estimated earnings.
At RM4 a share, DRB-HICOM is valued at RM7.73 billion. The stock closed seven sen higher at RM2.70 yesterday.
Having short-sellers or some form of punishment based on economic loss would be the only way to stop this. Otherwise, these kinds of dubious reporting will just go on unabated.
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