The Denials from Kencana

Here is an update to the blog posting I made on Is Tan Sri Quek Leng Chan buying Kencana?

The Denials from Kencana.

Posted on the edge

• Kencana: No talks with Quek 26 Dec 2006 6:47 PM
  Kencana Petroleum Bhd said yesterday neither its directors nor any of its major shareholders were in talks with Tan Sri Quek Leng Chan for the sale and purchase of its shares.
  MORE>>

Posted on the Bursa website.

22/12/06 Article Entitled : "Quek to emerge a major shareholder in Kencana?"

We refer to the above news article in the New Straits Times, Business Times, page 39, on Thursday, 21 December 2006, in particular to the following extract:

"… Tan Sri Quek Leng Chan….. emerge as a substantial shareholder of …. Kencana Petroleum Bhd….""Quek… buy between 12 and 15 per cent of the company's shares…"

The Board of Kencana Petroleum Berhad wishes to inform that as of todate, the Company has not received any notice of interest of substantial shareholder pursuant to Section 69 E (1) of the Companies Act, 1965 from Tan Sri Quek Leng Chan.

Article Entitled : "Quek to emerge a major shareholder in Kencana?"

• Further to our reply to Bursa Malaysia Securities Berhad on 22 December 2006 in relation to the above news article, the Board of Directors hereby confirm that neither the Directors nor the major shareholders of the Company are currently in negotiation with Tan Sri Quek Leng Chan with regards to any sale and purchase of the Company's shares.

How?

Now the story is denied.

So who are these sources supplying such news to our reporters?

Are they even real?

Did these sources ask the press to publish news so that they can profit from the news?

How?

How do one rate the chances for our investors in Bursa Malaysia when they are fed with nothing but fake (can i use such a phrase since the story has been flatly denied?) news?

What chances do the investors have in such an environment?

Put this way, which investor would want to invest in a market when the game odds are totally against them?

How?