More On Kenmark

Yes, I am aware of Kenmark's NTA and I do understand everything has some sort of a 'value' but sometimes when things go so wrong as mentioned in the posting Kenmark: MD and Deputy GM 'resigns', Share Plummets Big Time!!!, the most sensible question is 'why bother'?

In that posting, I made the remark..

• Then, I noted on Bursa website is that the company has NOT made its quarterly earnings this month.

On the Edge, I just the following clip. News not getting any better!

• KUALA LUMPUR: KENMARK INDUSTRIAL CO. (M) BHD [] faces suspension for failing to submit its quarterly report for the financial period ended March 31, 2010 to Bursa Malaysia Securities.
  
  Bursa Securities said on Tuesday, June 1 that if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant timeframes, it will be suspended the next market day after the suspension deadline.
  
  "In view of the above, the trading in the above company's shares will be suspended with effect from 9am, Tuesday, June 8 until further notice," it said.
  
  Bursa Securities also said if a listed issuer fails to issue the outstanding financial statements within six months from the expiry of the relevant timeframes, in addition to any enforcement action that Bursa Securities may take; de-listing procedures shall be commenced.
  
  Kenmark's share price hit a fresh record low, down 4.5 sen to 6 sen with 191 million shares done.
  
  On Monday, Kenmark's share price tumbled after top officials of a company went missing, leaving suppliers and at least two local financial institutions that had extended loans amounting to at least RM72 million high and dry.

That's not all!

Yes, that's not all. On Bursa website: KENMARK INDUSTRIAL CO. (M) BERHAD ("Kenmark" or "the Company") - Apointment of Receiver

• The Independent Directors have no access to the latest financials of Kenmark Paper and as such is unable to advise on the net book value of the affected assets..... The Independent Directors of the Company are unable to assess the expected losses, if any, arising from the appointment of Receiver.

No joke!

No access to latest financials???!!!!!

And the following needs to be mentioned...

• What’s even worse is that Kenmark and its wholly owned subsidiaries had, two weeks ago, received letters of demand from EXIM Bank for several banking facilities but the material information was not disclosed to Bursa.

Sigh!

And 400 Kenmark workers' future in doubt

• 400 Kenmark workers' future in doubt
  Written by Bernama
  Tuesday, 01 June 2010 14:24
  
  PORT KLANG: More than 400 workers of furniture maker Kenmark Industries — a public listed company — here are stranded as their owner has gone missing, the executives have resigned and the factory has been sealed.
  
  Their salaries for last month had been paid but they were not given any indication that the factory would be sealed and they would be jobless.
  
  The workers were shocked to find the factory gates locked when they reported for duty Monday, according to the Malaysian Trades Union (MTUC) vice-president A Balasubramaniam who was at the scene to assist the workers.
  
  He told Bernama that the MTUC would assist the workers to file for retrenchment benefits.
  
  Two hundred of the workers were locals and 206 foreigners, mainly Bangladeshis and Myanmars. All the foreign workers are now housed in a hostel opposite the factory.
  
  Balasubramaniam wants the Labour Department to assist the foreign workers in obtaining their full benefits before they leave for home.
  
  The company’s former human resources manager, Yeow Kim Fah, when contacted, said: "I'm not sure about the future of the workers as it depends on the management." He declined to elaborate.
  
  Yeow, who had been with the company for 16 years, said: "Even my future is uncertain".
  
  One of the workers, who identified himself as Atan, said: "We were shocked when we came for work yesterday and saw the factory sealed.
  
  "We were confused as to what was happening because no one was able to tell us, but there were rumours among the workers that the owner, a Taiwanese, had left the country and that the company would soon be auctioned off."
  
  According to the company's 2009 annual report, managing director James Hwang, a Taiwanese national, was the biggest single shareholder with 27.61% holding.
  
  Hwang could not be contacted despite several attempts.
  
  A statement from Bursa Malaysia says Kenmark is now a PN17 company following loan defaults and letters of demand from EON Bank and Export-Import Bank of Malaysia Bhd.
  
  A check at the bourse revealed that Kenmark's share price as at 10.30am Tuesday had plunged to 4.5 sen a piece.
  
  Meanwhile, Labour Director-General Datuk Sheikh Yahya Sheikh Mohamed said investigations by the department were underway.
  
  "We will do our best to assist the workers in every way possible," he told Bernama. — Bernama
  
  

Sigh!

Read more here and here