Since my previous article about Maemode, I wanted to write some more about this puzzling case, but decided to wait for the annual audited accounts. However, it looks like I have to wait somewhat longer, Maemode announced today the following:
"The Board of Directors of the Company wishes to announce that the issuance of AFS 2013 will be delayed mainly due to all the Company’s accounts staff has left since the receivers and managers were appointed and the Company is in the process of recruiting and training the new accounting staff to update all its accounting records and books.
The Company expects to submit its AFS 2013 within six (6) months from the date of this announcement."
Delaying the accounts is always a huge red flag, and I would not be surprised to see more negative news, for instance in the form of more receivables that are not "able to receive", or assets that have to be written down.
The problems Maemode as written by Moolah is crystal clear. But if you go to some of the popular investment websites of Malaysian equity, you will be surprised that practically nobody, or very rarely anybody talked about the financial statements.
ReplyDeleteEverybody, or almost all, talk about charts, rumours of goreng, who takeover which company and hence goreng. Goreng goreng goreng, everyday, every stock, everybody. That is the reality of Bursa.
We need nmore people like yourself and Moolah. But don't know why Moolah is so quiet nowadays.
Thanks KC for your comments. Yes, very quiet at Moolah, hope all is ok.
ReplyDelete