Sunday, 13 March 2016

Is MClean so clean .....? (3)

In the previous query MClean confidently wrote:

"We are confident that the medium to long-term impact will not be adverse to the Group."

In a new announcement MClean apparently changed its mind (possibly after some pressure by Bursa?):

".... the Board of Directors of MClean wishes to further inform that if in the event the claim is payable it will have an adverse financial impact to the Group."

The amount claimed by Petronas (RM 47 million) is not exactly peanuts for a smallish company like MClean, about 3.6 times the cash in hand.

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