Tuesday, September 28, 2010
The never ending story of Satang..Greed & Power
Monday September 27, 2010 By EDY SARIF
Despite facing the turbulences, Satang, which provides maintainance, repair and overhaul services to the Defense Ministry, still managed to make profit.
Satang lacks fast-track solutions to exit PN17
By EDY SARIF
edy@thestar.com.my
It’s still grappling with pressing issues, which needs serious attention
SATANG Holdings Bhd is still making no headway in its attempt to get out of the PN17 status after being delisted from Bursa Malaysia for more than a year.
Despite the emergence of Pascal Resources Sdn Bhd as its largest controlling shareholder in July last year, the maintainance, repair and overhaul (MRO) service provider to the Defense Ministry is still grappling with various pressing issues, which warrant serious attention but sadly “no” fast track solutions to streamline its operation and business activities.
Several attempts to put Satang’s house in order include the proposed rights issue and a capital reduction exercise to remedy its financial position but still has yet to obtain the approvals from regulators as well as the revised listing application submitted last month which is still waiting the greenlight from Bursa Malaysia.
Pascal meanwhile, since acquiring a 26.43% stake from the previous controlling shareholder Datuk Jamaluddin Hassan, had been actively bringing in new board members including another shareholder Lofti Miskam.
As of last Monday, the latest to join the board was Dr Mohamad Salmi Mohd Sohod as director.
Despite facing the turbulences, Satang, which provides maintainance, repair and overhaul services to the Defense Ministry, still managed to make profit. Jamaluddin, a former staff officer of the Royal Malaysian Air Force headquarters at MINDEF had since resigned from the company after disposing his entire stake in Satang.
Last week, however, Satang was again confronted with another stumbling block. It was reported that a boardroom tussle was brewing between Pascal Resources and the non-aligned independent directors pertaining to the reinstatement of its managing director Malim Mohamed last week. The board members of Satang were believed to have form an alliance with Pascal Resources to reinstate Malim who was suspended by the board in the middle of last month, according to recent reports quoting sources.
The unexpected move came about after a board meeting last Tuesday to discuss queries raised by Bursa Malaysia, including the appointment of a reputable independent audit firm to review the internal controls of Satang.
It was learnt that eight of the 10 board members attended the meeting but only seven voted on the matter.
Five board members voted in favour of Malim’s reinstatement, while one voted against and one abstained. Two independent board members were away.
Malim who holds a degree in chemical engineering (natural gas) from Universiti Teknologi Malaysia, has a vast experience in the oil and gas sector.
In a filing to Bursa last Friday, Satang said its decision to lift the suspension on Malim was among others, to ensure a smooth day-to-day operation for Satang.
During Malim’s suspension, a management committee was established to run the company’s operation.
Malim was earlier suspended based on an undated report of alleged irregularities presented to the board on August 11 with auditing firm Ernst & Young to conduct in-depth investigation into the alleged irregularities.
The suspension on Malim had been lifted with conditions that the management committee appointed on August 11 continue to monitor Malim while Ernst & Young should be retained as the audit firm to investigate the alleged irregularities.
However, despite facing all these turbulences, Satang somehow still managed to make profit for its business. For the first nine months ended June 30, the group posted a net profit of RM1.1mil for on the back of RM36.98mil in revenue.
According to Satang, it wants to merge several workshop operations offering MRO services under its subsidiary Satang Jaya Sdn Bhd. It also planned to enhance Satang Dagangan Sdn Bhd’s product range, thus making it the group’s sole trading arm for safety, survival and rescue equipment.
Based on previous report, Satang’s contract for the maintenance of Mindef’s safety and survival equipment would end in September next year.
Monday, September 27, 2010
27th Sept 2010 - My son left for Tonta U to further his studies in Medicine
May Allah look upon u with compassion and enhance your Iman, ameen
Saturday, September 25, 2010
Friday, September 3, 2010
I've almost had an ice-cream once if not for an uncle who reminded me it was Ramadhan ;D
Hadith of the Day Narrated Abu Hurairah (RA): The Prophet (may peace be upon him) said, "If somebody eats something forgetfully while he is fasting, then he should complete his fast, for Allah has made him eat and drink." [Sahih Al-Bukhari, Vol 8, Hadith No. 662] Thanks to sister Irfana for posting this on HOTD earlier :)
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