More Reporting Woes: Surely They Are Unaware!

Yes, surely they are unaware!

MRCB posted these set of comments on Bursa Malaysia.

• We refer to your letter dated 11 June 2007 and to the article which appeared in the Star Bizweek, page BW4 on Saturday, 9 June 2007.
  
  We wish to confirm that we are not aware of the alleged proposal reported by Star Bizweek in its article on 9 June 2007.
  
  We assure Bursa Securities that MRCB will make the appropriate and timely announcement to Bursa Securities as and when there are matters which require immediate announcement in accordance with the Bursa Securities' Corporate Disclosure Policy.

Equine Capital, on the other hand made the following set of comments.

• We refer to the letter from Bursa Malaysia Securities Bhd ("Bursa Malaysia") dated 11 June 2007 on the above article that appeared in Star bizweek, page BW4, on Saturday, 9 June 2007.
  
  The Company wishes to advise that it is not aware of the speculated acquisition of a 30% stake in ECB by Employees Provident Fund ("EPF") or Malaysian Resources Corporation Bhd ("MRCB"). Todate, it has not received any notification from EPF or MRCB of this speculated acquisition. Further, it has no knowledge of the speculated re-development of the existing Penang Airport land nor the building of a new airport at Batu Kawan.
  
  The Company wishes to draw attention to its announcement made on 7 June 2007 that it has no corporate development relating to the Group's business and affairs or any material information that have contributed to the unusual market activity. As part of its core business, the Company is continuously looking for business opportunities in the property industry and will ensure that appropriate announcements be made if and when any of these business opportunities materialize and they fall within the ambit of the Listing Requirements of Bursa Malaysia.
  

Let's have a look at that said article, Tie-up in the offing? ( Same reporter as mentioned here, If Accounting Woes is Bad, what about Reporting Woes? )

Let's have a peep at what was written.

• PROPERTY developer Equine Capital Bhd may see the entry of a new major shareholder in the form of the Employees Provident Fund (EPF), or a company controlled by the pension fund – Malaysian Resources Corp Bhd (MRCB).

Truly incredible! A new phrase, "may see".

I wonder where the reporter or is it the fantasy news author, got this idea from!

Ah, yes sir me! The so-called reporter got it from the infamous SOURCE!

• The plan for the retirement fund to acquire a stake (speculated to be 30%) in Equine, says a source, is related to the potential development of a new airport in Penang that is being mooted by Equine Capital.

Come on, Bursa.... let's query this reporter and ask him to show us his source!

Surely this cannot continue forever, can it?

Come on, where is the INTEGRITY of our financial news?????

Surely these two listed companies got more productive work to do than to answer such terrible and awful news reporting!

And guess what? That's not all. In the same weekly financial news publication ( I wonder if I can call it a financial news publication when the articles are so baseless!), there was this other article, Interest in DNP fuelled by privatisation talks

Guess who wrote it?

Yup, you got it, the very same reporter.

• Market chatter has it that the interest surrounding DNP Holdings stems from the major shareholder of the company, Wing Tai Holdings, planning to take the company private.
  
  BizWeek understands that Wing Tai has already been accumulating the company’s shares and is looking to make a general offer of between RM3.30 and RM3.50 per share to take the company private

Market chatter? BizWeek understands?

My oh my! New phrases. Stylish!

No matter what, the result was the exactly the same!

DNP made the following announcement.

• We refer to your letter dated 11 June 2007 with reference no. RS-070611-44602 pertaining to an article ("the article") appearing in The Star, page BW3, Bizweek Section on Saturday, 9 June 2007.
  
  We wish to inform that after making due enquiries with all directors and major shareholder of the Company, the Company is not aware nor has any knowledge of the proposed exercise in the article.

How?

Can a reporter keep reporting such articles every single week?

One week, two times?!!!

My, life is simply grand!