End Of Kosmo Technology As A Stock

On Business Times.

• Kosmo Technology exits Bursa today
  
  Published: 2009/06/09
  
  KOSMO Technology Industrial Bhd will end its stay as a listed concern today.
  The company yesterday announced that its shares will be removed from Bursa Malaysia at 9am today.

Just like that Kosmo Technology ends as a stock.

Blogged previously.

• The Delisting Of Kosmo Technology
• Kosmo Technology Shocking Deviation Of Accounts
• Kosmo Technology Balance Sheet

Let's look back on 01 July 2008: Kosmo Technology Shocking Deviation Of Accounts

• ....Couple days later, the Edge highlighted an article called 12 report accounts deviations in a day and on the Star Bizweek, Erral Oh wrote the following Audit-related issues – a yearly affair and I wrote a blog posting on it, Unaudited and Audited Accounts: UnReal or Real?, and Kosmo Technology was one of the companies mentioned.
  
  This morning, I caught the following news clip, Kosmo: Kosmo: We made a loss in 2007 ::
  
  KOSMO Technology Industrial Bhd has revised its report card, saying it now made a net loss of RM141.71 million in the year ended December 31 2007. In February, Kosmo announced an unaudited net profit of RM1.4 million on RM38.42 million turnover for the recent year. Audited group turnover is at RM44.18 million, Kosmo told Bursa Malaysia yesterday. The company also said its annual report 2007 will be delayed.

From an unaudited net profit of rm1.4 million to a net loss of rm141.71 million!!!!

A freaking incredible deviation net loss of over rm140 million!!!

It was totally unreal isn't it?

Totally shambolic!

And worst still look at the chart of Kosmo.

Yup it used to trade around 8.50!

Kosmo has some 129.296 million shares, which meant that Kosmo was trading with a market capital of over 1 Billion Ringgit!

Kosmo last traded at 1 sen or a market cap of a mere 1.292 million!

Isn't this a truly mind boggling capital destruction???

And now... all we read is Kosmo will be delisted today.

Nothing more on the shocking deviation in its accounts.

Will we ever know what happened?

Sigh!