Protasco Berhad

Titan Trading Notes For Monday [2/12/2024]:

$KLCI retraced back towards the 1594 points region with an overall mixed market sentiment on Friday as we still saw over 500 counters closing red for the day along with it. Daily trading volume however was able to jump back towards the 3.4 billion mark, which is a positive sight.

Main stocks that showed strong buying momentum would be the likes of HEXIND, GENETEC, PRTASCO, GENM, HAWK, JPG, JTIASA, and RL. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed market sentiment.

$HEXIND / 0161 (HEXTAR INDUSTRIES BERHAD) after announcing its partnership to bring Luckin Coffee to Malaysia, was able to breakout from its RM 0.48+ main downtrend resistance on the daily chart, rallied all the way towards the RM 0.52 regions with huge volume and buying momentum.

For now looks pretty ripe for a new uptrend in the making. As long as able to hold above its RM 0.48+ immediate support on the daily chart, could continue to trend up towards and beyond the RM 0.55+ regions soon in the coming weeks.

Will be monitoring HEXIND closely here as there may be a huge fundamental change to the company after bringing Luckin Coffee into Malaysia.

$PRTASCO / 5070 (PROTASCO BERHAD) after announcing strong earnings of over RM 18 million from its latest QR, had a huge gap up and rallied all the way towards the RM 0.32+ regions with huge volume and buying momentum on Friday.

for now still looking strong here and as long as able to sustain above its RM 0.28+ main support levels on the daily chart, could continue on towards and beyond the RM 0.35 - RM 0.36+ regions soon.

Will be monitoring PRTASCO closely here as seems to be going up strongly,

$JPG / 5323 (JOHOR PLANTATIONS GROUP BERHAD) since breaking out towards the RM 1.46 all time high levels, had been retracing and consolidating over the past few weeks here and was finally able to breakout from its RM 1.35 immediate downtrend resistance.

So far looking quite strong here, potentially due to FCPO prices coming back up. For now as long as able to hold above its RM 1.35 immediate support, could breakout back towards the RM 1.40 - RM 1.45+ major resistance levels soon for a further rally.

Will be monitoring JPG closely here.

$PRTASCO / 5070 (PROTASCO BERHAD)

MATERIAL LITIGATIONPENANG HIGH COURT CIVIL SUIT NO. PA-22NCVC-155-09/2020
TENAGA NASIONAL BERHAD -VS- KUMPULAN IKRAM SDN. BHD.

General Meetings: Outcome of Meeting

MATERIAL LITIGATIONBANKRUPTCY PROCEEDINGS AGAINST TEY POR YEE AND OOI KOCK AUN

MATERIAL LITIGATIONPENANG HIGH COURT CIVIL SUIT NO. PA-22NCVC-155-09/2020
TENAGA NASIONAL BERHAD -VS- KUMPULAN IKRAM SDN. BHD.

$PRTASCO / 5070 (PROTASCO BERHAD)

KUALA LUMPUR: Protasco Bhd has bagged a letter of offer from Hong-Kong based Star Teenagers International Group Ltd (STI) to purchase its education business Infrastructure University Kuala Lumpur (IUKL).

© New Straits Times Press (M) Bhd

$PRTASCO / 5070 (PROTASCO BERHAD) seems to be selling their education arm to a HK-based company.
As of now, details are very scarce. What price and how much earnest deposit was paid is not disclosed by the announcements. The Company's corporate structure is quite complicated, to put it nicely, with no easy way to dig out the details of the carrying value of IUKL in the company's books.

However, picking through the statements we know that the education segment has a revenue of RM 25mil with operating loss of RM 8.4mil; with segmental assets of RM 53.7mil and liabilities of RM 48.4mil last year.

What kind of price could they agree to sell this for? For now, I am unable to draw any figures.

However, if we want to be prepared to analyze this corporate action and be quick when more details are released, then historical case studies should give some idea on the kind of premiums and valuations this disposal could have.

$PARAMON / 1724 (PARAMOUNT CORPORATION BERHAD) had done a disposal on their education arm back in 2019-2022 as well.

Currently, Protasco is valued at roughly RM 130mil market cap, with net asset per share of roughly RM 0.6. I have not done any further reading on this action.

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSPROTASCO BERHAD (PROTASCO OR COMPANY)

LETTER OF OFFER TO PURCHASE IKRAM EDUCATION SDN BHD

Annual Report & CG Report - 2023

STATEMENT TO SHAREHOLDERS IN RELATION TO THE PROPOSED RENEWAL OF SHARE BUY-BACK AUTHORITY

General Meetings: Notice of Meeting

OTHERSINTENTION TO SEEK SHAREHOLDERS' APPROVAL ON THE RENEWAL OF SHARE BUY-BACK MANDATE

MATERIAL LITIGATIONBANKRUPTCY PROCEEDINGS AGAINST TEY POR YEE AND OOI KOCK AUN

MATERIAL LITIGATIONPENANG HIGH COURT CIVIL SUIT NO. PA-22NCVC-155-09/2020
TENAGA NASIONAL BERHAD -VS- KUMPULAN IKRAM SDN. BHD.

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

MATERIAL LITIGATIONPENANG HIGH COURT CIVIL SUIT NO. PA-22NCVC-155-09/2020
TENAGA NASIONAL BERHAD -VS- KUMPULAN IKRAM SDN. BHD.

MATERIAL LITIGATIONBANKRUPTCY PROCEEDINGS AGAINST TEY POR YEE AND OOI KOCK AUN

MATERIAL LITIGATIONLEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

MATERIAL LITIGATIONLEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

MATERIAL LITIGATIONPENANG HIGH COURT CIVIL SUIT NO. PA-22NCVC-155-09/2020
TENAGA NASIONAL BERHAD -VS- KUMPULAN IKRAM SDN. BHD.

MATERIAL LITIGATIONLEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

MATERIAL LITIGATIONLEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

MATERIAL LITIGATIONLEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

KUALA LUMPUR: Protasco Bhd today announced that former directors Tey Por Yee and Ooi Kock Aun have been ordered to pay the company  RM84.6 million, with interest of 5 per cent per annum to be calculated from September 22, 2014, after being found to have breached their fiduciary duties when they were directors of the company.

© New Straits Times Press (M) Bhd

MATERIAL LITIGATIONLEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

MATERIAL LITIGATIONLEGAL SUIT AGAINST PT ANGLO SLAVIC UTAMA (1st Defendant), TEY POR YEE (2nd Defendant) AND OOI KOCK AUN (3rd Defendant)

Quarterly rpt on consolidated results for the financial period ended 30/06/2023