Errata Made On The Posting "What Do I Think Of Mudajaya's Earnings Performance..."

Just for the record...

I made the following statement in the posting What Do I Think Of Mudajaya's Earnings Performance...

• Do you see the wealth created?

That question was asked in light of Mudajaya's balance sheet, which showed its cash balance increased to 295 million ( refer snap shot here ) and Mudajaya carried no debts.

Well... it's a crooked way to present the company to say the least because I failed to show why and how the cash increased substantially. By not pointing how these money came about, I was painting the wrong picture and insinuated that there was massive wealth created within the company.

The following comments from that posting corrected me. :)

• Choong Wai said...
  
  Hi Moola,
  
  the cash increase could it be possible of the share placement?below is the extract from their annoucement."
  
  The Company has on 6 January 2010 proposed for the placement of up to 10% of its issued and paid-up share capital (net of treasury shares) to investors to be identified ("Proposed Placement"). The Proposed Placement was approved by BMSB on 12 January 2010. On 28 January 2010, 37,238,500 ordinary shares of RM0.20 each was allotted to identified investors at RM4.80 per share and these shares were subsequently listed at BMSB on 29 January 2010.
  
  The net cash proceeds of RM176.90 million arising from the Company's share placement of 37,238,500 ordinary shares of RM0.20 each will be utilized as follows: -"

That was absolutely spot on!

I failed to show the following announcement. Sorry. :/

MUDAJAYA GROUP BERHAD (“MUDAJAYA”) PRIVATE PLACEMENT OF 37,238,500 NEW ORDINARY SHARES OF RM0.20 EACH IN MUDAJAYA ("PLACEMENT SHARES") AT AN ISSUE PRICE OF RM4.80 PER PLACEMENT SHARE (“PRIVATE PLACEMENT”)

That money was accounted and credited in the quarterly announcement made this month.

Many sorry for the misinterpretation.