Wednesday, September 05, 2012

Ingens- Stranger things had happened!

This has come in. Ingens's substantial shareholder Chin Boon Long is not selling his stake in the company to Ninetology. (Why am I not surprised?) He said at a press conference on Wednesday that he was not accepting the offer. "Thanks, but no thanks," he said, in reference to Ninetology's offer. (Aha, a man of principle!) It will be very interesting to hear what he had to say. After all, his exact words before today's press conference were:
"Definitely I have something to reveal. Whether I want to sell my shares or not, I will explain. I will give the rationale on that day. There are too many questions being raised (about the proposed acquisition) in the newspapers which I don't want to prolong".
Whatever it is, it better be convincing because he just dashed the hope of thousand of investors & punters who rightly or wrongly thought that they can sell their shares at RM0.55 apiece. If  Ingens share price were to drop back to RM0.10 or if the company's financial performance were to revert to the bad old days of loss-making, Chin would have quite a bit of explaining to do. He can't just say, I'm a man of principles. Those are my principles. If you don't like them, I have others.


Mat Cendana said...

As with many others, I believe this offer is not genuine and this is another form of market manipulation. The events and manner of how things had transpired, as mentioned in The Edge and The Star Biz among others, certainly create a lot of questions plus suspicions. If anything, these were just meant to create news and excitement and drive the price up. The conditions and people involved look rather shady, smelling more of a con job than a genuine takeover.

Like the E&O rise and fall a few weeks ago as a result of questionable reporting by a news portal, many speculators have been burned. And some people have definitely struck the motherlode. The authorities must investigate and come down hard on the people involved. If not, BSKL will become a pariah market for investors. In the age of the internet, even Malaysians easily turn away and trade in other markets.

limko said...

The latest incident just reinforced the perception of ACE counters as ASS counters.

peterlck said...

I agree with everything you said accept that "if the company's financial performance were to revert to the bad old days of loss-making".

If a company loses money including counters like JCY or PADINI, the stocks will go downhill too.

Yes maybe there is some behind the scene deal going on but we should not think the company will not make money in the future.

Alex Lu said...

Hi peterlck

I don't follow you. You have an offer to buy this stock at RM0.55 for some unknown reason and you don't want to accept. One fine day, the company goes back to the loss-making days (like not so long ago), the share price can drop back to RM0.10. That's okay?

If it is okay with you, then that's fine.