Monday, December 3, 2012

Protasco ... Dec12

Infra development provider firm Protasco Bhd reported a 194% jump in its net profit to RM18mil for its recent quarter with its revenue also higher at RM206.6mil against RM175.5mil earlier.

It also declared a special plus interim dividend of 10 sen per share.

The better performance was a result of higher revenue from its construction contracts segment and improved operating margins particularly in its construction contracts segment, the company said.

For the nine months to Sept 30, Protasco made a net profit of RM30.73mil on RM484.03mil in sales. This compares with a net profit of RM19.5mil on sales of RM450.4mil a year earlier.

As at Sept 30, the company had some RM41mil in cash and bank balances.

Protasco announced a slew of board changes in coming week including the emergence of a new substantial shareholder, Kingdom Seekers Ventures Sdn Bhd. One of the directors of Kingdom is Tey Por Yee who is the boss of mobile application service provider Nextnation Communications Bhd which is listed on the ACE market.

Tey Por Yee has emerged as the biggest shareholders with a 27.11% stake. He bought the shares at rm1.20. Kingdom Seekers purchased the block of shares from Datuk Mohd Ibrahim Mohd Nor, better known for his foray into Bernas which he controlled until 2003.

Tey says he funded the acquisition via a combination of borrowings and his own funds. At rm1.20 a share Tey would have paid rm96.51 million for the block of 80.43 million shares. He stresses that he is merely an investor and will not get involved in the day to day management of Protasco.

He has been scouting around for a property development company for sometime.

Datuk Mohd Hanif Sher Mohamed was appointed as independent and non executive director.

Mohd Ibrahim bought a small stake in Protasco in early 2010 when the shares were trading at between 90 sen and rm1.00. In June 2012 Mohd Ibrahim increased his interest after buying shares from one of Protasco’s founding members, Datuk Hasnur Rabiain Ismail.

Other long time shareholders include Datuk Chong Ket Pen, who together with Hasnur, started his career in the Public Works Dept before venturing into Protasco Bhd.
Sources say among other changes, Protasco is expected to see an injection of assets soon.

Protasco Bhd known for its concession to maintain 6200km of federal roads in several states in the peninsula as well as Sarawak.

As at end Sept 2012, Protasco had cash and bank balances of rm41.45 million, deposits with licensed banks of rm55 million and short term investments of rm39.70 million. Its short term borrowings amounted to rm31.75 million while long term borrowings were rm4.40 million.

Protasco had a 100 acre land parcel in Sepang with a net book value of rm110.95 million which was last valued in April 2002. It also owns several shophouses and smaller parcels throughout Malaysia.

The company started developing the 100 acres in 2007. To date (Dec 2012) it has built up two blocks of condo.

Its present bulk of earnings comes from its concession to maintain 6200km of federal roads in Pahang, Selangor, Terengganu and Kelantan.

The concession is held by its 51% unit and expires in 2016. Through the wholly owned subsidiary HCM Engineering Bhd, it also holds the concession to maintain 420km of roads in Sibu, Mukah and Bintulu in Sarawak.

There is no change in the concession despite the change in shareholding.

While Tey’s investments in Protasco has its merits, how his plans for the company play out remains to be seen.

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As the countdown to this week’s Protasco EGM continues, here are some interesting points to ponder for shareholders who may want to consider why Tey Por Yee should be kicked out from Protasco’s board.

Actually all those who have dealings with the Tey Por Yee syndicate and also the public at large should take note of this cautionary tale.

Find out more here
https://bursasyndicate.wordpress.com/2014/11/22/tey-por-yee-and-his-magical-arms-length-deal-with-protasco/

Kenny Chong said...

Protasco con man busted. Investors and reporters are covering Chong Ket Pen, the Malaysian turn Australian refugee who stolen billion dollars from his country and public money. Some of the coverage could be found here:
http://protascopolicescam.blogspot.co.uk/2015/09/case-study-how-chong-ket-pen-grand-scam.html
http://syndicatedscam.blogspot.ae/
http://protascohusseinchoong.blogspot.co.uk/

DealTrails said...

The kind of con man like Chong Ket Pen is not new. The ungrateful reckless staff Chong Ket Pen who bites the hand who feeds him, is an animal. Newspaper editors who told the real story could be found every where online.

His boss Tey Por Yee could be found investing in many listed companies with constructive merger and acquisition to turn around dying companies, or expand the business which ends up reward long term investors, not short term speculators.
https://teyporyeetruth.wordpress.com/

Some other trails world wide could also find his contribution to help turn dead lock businesses into new growth, which general market needs corporate advisories to achieve sustainability. Check out some International coverage:
https://missionmartian.wordpress.com/

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Here is some google track record of Tey Por Yee the investor who saved Chong Ket Pen his career in Protasco and later got cheated and eaten by Chong Ket Pen.

https://asiaserialentrepreneur.blogspot.my/2016/11/what-it-takes-to-be-entrepreneur.html

Dato Larry Tey Por Yee has often been described as an entrepreneur par excellence. He was born in Malaysia on 2nd February, 1976 in a modest family. His parents were not extremely rich. Yet, as on date, Larry Tey Por Yee can be counted amongst the most successful entrepreneurs that Malaysia has seen in the last few decades. He is a successful venture capitalist and angel investor who goes out of his way to help and promote startups in raising money.

Tey Por Yee is the founder and CEO of Nexgram Group of Malaysia with business interests in Malaysia, China, Thailand and Indonesia. He has investments and business interests in information technology, property, telecom, oil and gas, energy, commodities, mining, shipping, social media, internet, packaging and manufacturing industries.

Family members, friends, acquaintances and business associates of Dato Larry Tey Por Yee know and address him as Tey Por Yee, Larry Tey Por Yee and Dato Tey Por Yee. Being as affable as Tey Por Yee is, he responds to all these names with as much ease and affection as could be expected of the modest out of all highly successful entrepreneurs around.