Now they are redefining the meaning of bailout. Its not a bailout they say. Its an investment.
- How can it be an investment?
- Its a company under PN17 notice.
- And there is no obvious change in the order books of the company.
- Meaning the future potential of the company is about the same today as yesterday.
- And the company is under PN17.
".. classified as a PN17 company on May 31, 2022, after its shareholders' equity position fell below 50% of its share capital, and it has been under this status since then"
And what is PN17?
What it is: PN17 refers to Practice Note 17/2005, a regulatory framework by Bursa Malaysia for companies facing financial difficulties.
Triggering Events: A company can fall under PN17 if its shareholders' equity is below 25% of the issued and paid-up capital and is less than RM40 million, if more than 50% of total assets employed are under receivers/managers or winding up, or if auditors express an adverse or disclaimer opinion.
- I say pi tanya lah BlackRock.
- BlackRock tahu beli saham syarikat.
- Depa pandai.
- Ask BlackRock 'Hi Jim, would you like to "invest" in this little cherry here?'
- Tengok apa dia cakap.
My friend the financial consultant has some free advice : "then set up an independent committee (because it involves public funds) consisting of vendors, existing management and consultants to decide who gets what. Then pay the vendors directly"
This way we will know with better certainty that the billion Ringgit public funds will go directly to the 2,000 vendors.
Anyway here is Latheefah with her bold play yesterday. Congrats Latheefah. Latheefah is a braveheart and I hope she will have a larger role to play in our affairs in future. These are the folks that we need.
But I think she is going to be disappointed over this particular issue. Someone said, 'Power corrupts. And absolutel power corrupts absolutely'.
