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Newlearner
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21-Apr-2018 14:57
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The proper way should be distributing the cash and do a rto. New ssh took control of the huge cash with 29%, appt her own people, buy her own people company, save rto/ ipo fee, skipped all the auditing and requirements for ipo/rto somemore hahaha! I think Ang Kong Meng&rsquo s comment &ldquo these people are brainless&rdquo , referring to SGX LOL |
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Stanton
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21-Apr-2018 14:36
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Ang Kong Meng calls minority shareholders brainless. This shows how brainless and arrogant he is. In the first place after managing wayco for so many years,it is far from what one would call a successful co. He says wayco has good future now, then this brainless chap sell it away for $3.5 million? Maybe he is the smart one and Datapulse board is the brainless one. | ||||
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tonylim70
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21-Apr-2018 13:58
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scary in a way. X can buy a 29% stake but have access to 100% cash of the company. today spend $3 million buy company A whose boss is " related" to X. tomorrow spend another $10 million buy company B whose boss is related to X. In no time, all the cash " used up" for acquisition and all the cash transferred from the company to other companies leaving zero cash for 71% of the shareholders. Is the SGX going to do something about this type of thing? Will SGX assign special audit to scrutinise the company? Will SGX requires the company to declare the usage of cash by the company? Hmm.. think small investors now better off selling than keeping
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Newlearner
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20-Apr-2018 22:39
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Agree..... good luck holders.....
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tonylim70
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20-Apr-2018 22:26
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Quote: {Ang Kong Meng, the owner of Way Company, was present at the EGM. He tells The Edge Singapore that the dissenting shareholders should have sold their shares earlier, rather than hoping for the company to be liquidated. &ldquo If I&rsquo m a shareholder and I don&rsquo t agree with the board, I should have sold it at [a share price of] 37 cents. It&rsquo s better than finally getting about 35 cents [per share] if I liquidate the company&hellip If they wanted their money back they should have sold it. These [people] are brainless. They don&rsquo t know accounting,&rdquo he says. } Hmm... wow.. haha.. small investors are s_crwed
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Newlearner
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20-Apr-2018 22:05
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https://www.theedgesingapore.com/datapulse-shareholders-vote-favour-current-board CURRENT BOARD WON!!! Lets watch how this company will move from here...... | ||||
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laksaman57
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16-Apr-2018 12:38
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https://www.theedgesingapore.com/datapulse-responds-mak-yuen-teen | ||||
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Stanton
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16-Apr-2018 11:56
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Ng Siew Hong paid 55c per share 20c above market price of 35c. Who on earth will pay this kind of premium in the first place? Pay $35m for 29% but have access to $85M cash not a bad deal right? So do you think she willing to give away 20c back to all shareholders?
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tonylim70
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15-Apr-2018 19:21
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Can I conclude the following based from what is happening? (my own interpretation) 1) New management die die dun want to give out special dividend aka return cash to shareholders. 2) New management die die want to buy the cosmetic business. 3) Old management wants to return cash to shareholders but new management mention last time old management was the only one who voted NOT to return cash? So is the old management trying to use the " return cash" lure just to make use of small shareholders then later flip prata? Interesting.. who to believe... dun know during the EGM who can be trusted
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tonylim70
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15-Apr-2018 19:15
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Wow this reminds me of See Hup Seng boardroom battle a few years ago... all resort to personal attack, character assasination etc.. fun to watch.. The board of directors (" Board" ) of Datapulse Technology Limited (the " Company" or " Datapulse" ) refers to its announcement dated 12 April 2018 on the above matter (" Announcement" ). All capitalized terms used herein which are not defined shall bear the meanings ascribed to them in the said Announcement. Further to the Board&rsquo s response (as set out in the Announcement) commenting on the feasibility of the Proposed Payout as mentioned by Ms Intan Ng to the media, the Board understands that Ms Intan Ng has on 13 April 2018 further informed the media (Business Times " Dissident Datapulse shareholders set June target to declare 20 cents per share payout" ) that the requisitioning shareholders have a timeline to declare an interim dividend of 20 Singapore cents per share before 14 June 2018 (" Proposed Interim Dividend" ) if they gain control of the Board. The Board is of the view that this latest proposal for an interim dividend of such magnitude is clearly an eleventh-hour manoeuvre to solicit support at the coming EGM. Self-serving? The current Board is of the view that the requisitioning shareholders' proposal for the new Board to make an immediate declaration of the Proposed Interim Dividend by June 2018, if elected, is obviously a self-serving ploy to get the Proposed New Directors elected to the Board by enticing Shareholders, first with the Proposed Payout, and now with the Proposed Interim Dividend. If the new Board actually carries this through after their appointments, without further or due consideration of the potential implications for the Company, business or Shareholders after such a payout, would they be properly discharging their fiduciary duties or just acting as puppets of controlling shareholder(s)? Bypassing Shareholders&rsquo Approval? Ms Intan Ng had originally contemplated seeking Shareholders&rsquo approval for the Proposed Payout which involves a payout of 32 Singapore cents per share, with 20 Singapore cents per share to be distributed by way of a dividend and 12 Singapore cents per share to be distributed through a capital reduction. After the Board pointed out (in the Announcement) that a capital reduction (as required under the Proposed Payout) would have to be by way of a special resolution that requires the support of 75% of the requisite shareholders including Ms Ng Siew Hong who owns 29% of the total issued share capital of the Company, a fact which Ms Intan Ng failed to mention when she first outlined the Proposed Payout (either deliberately or through ignorance or for other reasons), Ms Intan Ng has changed her mind overnight and is now proposing the Proposed Interim Dividend at 20 Singapore cents per share. Ms Intan Ng would also appear to have changed her mind about seeking Shareholders&rsquo approval for such dividend since by law, directors are entitled to declare interim dividends, unlike final dividends, without obtaining shareholders&rsquo approval, so long as the directors are of the opinion that there are sufficient distributable profits for such dividends to be declared. If so, the Board would urge Shareholders to take note of Ms Intan Ng&rsquo s seeming readiness to bypass Shareholders on major corporate decisions, and whether her decision stems from considerations of what may be in the best interests of the Company and its business. Fickle-minded? As Shareholders may be aware, Ms Intan Ng was the Executive Director and Finance Director of the Company between 1994 and 2014. During this period, the Company had never contemplated a dividend or other distribution of such magnitude as the Proposed Payout or the Proposed Interim Dividend. In fact, in 2013, Ms Intan Ng was the only dissenter to a proposal for a capital reduction and a special dividend which was eventually paid. As disclosed in the circular dated 26 March 2018 (" Circular" ), the current Board had previously tried to engage the requisitioning shareholders to share their strategy or plans for the Company, but to no avail (please refer to Appendix C of the Circular which discloses a series of correspondences which reflected this). At the eleventh-hour, Ms Intan Ng has, in a short succession of two days, come up with two proposals, first, for a payout of 32 Singapore cents per share, with 20 Singapore cents per share to be distributed by way of a dividend and 12 Singapore cents per share to be distributed through a capital reduction, and, then, for a payout of 20 Singapore cents per share, leaving the Board to wonder if there will be any further changes to be proposed by Ms Intan Ng, whether before or after the EGM. If Ms Intan Ng is using a cash return plan as her manifesto to encourage Shareholders to vote in the Proposed New Directors to the Board, the Board also wonders if she is able to commit to Shareholders on the complete execution of such a plan, including the distribution of the remaining cash in the Company after the initial payout. The Board has questioned the feasibility of such a plan, as well as the implications of such plan for the Company and its business thereafter. The Board strongly believes that the Company can enhance shareholder value through a business diversification from the media storage business which had deteriorated for several years. In view of the foregoing, the Board believes that Shareholders will vote wisely for good corporate governance and leadership to enhance Shareholder value. BY ORDER OF THE BOARD Lee Kam Seng Chief Financial Officer and Company Secretary 15 April 2018
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Newlearner
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13-Apr-2018 01:11
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New SSH and the new team of management make it so obvious. They really think the 70% shareholders are stupid....... I wonder why the ex-CEO, Ng Cheow Chye, managed to got off so easily. Being the CEO and major SSH of the company, he did not protect the interest of the company nor the miority shareholders. No one in the right mind will sell off the property without plan for existing business nor diversification, or a Div payout to himself. And so coincidently Ms Ng offer to buy out his shares at a premium higher than the cash per share after disposal. As a shareholder, of cos is right to take profit. But being a CEO, I really dont think is right. All this events may not take place if he did not accept the offer. |
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Stanton
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13-Apr-2018 00:16
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Latest salvo by Prof Mak shows the desperados behaving the the GE 14 in Malaysia.
Datapulse Technology: Good hair, bad hair or no hair by Mak Yuen Teen By Mak Yuen Teen Over the past few days, shareholders of Datapulse Technology may have thought for a moment that there was a by-election that they were not aware of or that they are living in Malaysia (which is of course about to have its general election). In their mailbox was a letter dated April 6, in English and Chinese, from the CEO and Executive Director, Wilson Teng, lobbying shareholders to support the board and its diversification plan. However, there are some differences from the usual letter from politicians. There was a sample proxy form telling shareholders which boxes to tick. Further, unlike political elections, it seems that the company decided that those who are known to support the opposition should not receive the letter. So I did not get one. This latest letter follows two anonymous documents sent to shareholders - a malicious and misleading one making allegations (including about me) and the other containing a sample proxy form along the same lines as the one included in the latest letter. Again, I and apparently other known "opposition" shareholders did not get them. The latest letter shows just how desperate the current board and management are to remain in control of the company. While the company and CEO do not appear to have broken any rules, one might argue whether the CEO was using his position truly for the benefit of the company and its shareholders, or merely to entrench himself and his bosses. It is also arguably against the spirit of good corporate governance given the perceived self-interest in hanging on. This is not the first time that the board of a SGX-listed company has faced a shareholders' revolt with shareholders requisitioning or calling meetings to remove directors. But this is the first time that I am aware of where we have the board or CEO responding in this manner. With three directors who were appointed only in December, who are supposed to be independent and to act in the best interest of the company, and a CEO who joined the company only on March 19, one has to wonder why they feel such a strong need to hold on. Sometimes, we have independent directors who resist the efforts of a controlling shareholder to remove them because they feel that it is not in the interest of the company as the controlling shareholder wants to appoint other "compliant" independent directors (and all power to these independent directors with backbone). But this is not the case here. The company even resorted to attempting to undermine SGX's directive to appoint independent professionals to undertake a review of its internal controls and corporate governance practices by appointing a firm that is not independent - and being caught doing so. Are they afraid of what a truly independent reviewer will find? Or that a new board may review the acquisition of Wayco and whether there was any prior agreement entered into between the directors and the controlling shareholder before they were appointed? Or that the new directors would unwind the Wayco acquisition by triggering the buyback clause (assuming that it can be triggered under reasonable terms)? Or perhaps review other past disclosures by the current and previous boards and management? Or a concern that planned acquisitions of other Way companies will be thwarted? The truth is, the more they resist, the more shareholders should be sceptical about their motives. It is not like, for example, a case of founders or long-standing directors or management who have developed a deep affinity for a company and feel that they need to protect their "baby". They have only recently "adopted" the company. The controlling shareholder, Ng Siew Hong, was not even a shareholder about five months ago. This is not Steve Jobs wanting to protect Apple from becoming a fruit producer. Of course, Ms Ng did pay a significant premium of more than 50 percent so she needs to ensure that she gets a good return from her investment. However as I have pointed out in previous articles, just because she paid 55 cents does not mean the company's shares are worth more than 55 cents. For example, hypothetically, if she is able to extract the $85 million in cash from the company leaving nothing for other shareholders (except maybe a 1-cent dividend), she would get approximately $1.34 for each share [cash of $85m divided by the 63.5m shares she owns). Of course, I am not suggesting she plans to empty the cash from the company, but I am saying that a controlling shareholder can pay a significant premium and get a significant return on the investment at the expense of other shareholders, not because the company's shares are undervalued or that the company is expected to perform better with the new controlling shareholder. If the board is not truly independent of the controlling shareholder, the risk of controlling shareholders benefiting at the expense of minority shareholders increases. Coming to the contents of the letter, everything that is in it have already been comprehensively refuted and questioned, including in my article "Nothing good about Datapulse's diversification plan" which I posted on this website on April 10. The company seems to assume that if something is repeated enough times even in the face of overwhelming contrary evidence, it will become true or that shareholders will buy it. Or that if you now get somebody else to say it - the newly appointed CEO in this case, who barely knows the company - it will become true. Good hair, bad hair or no hair Let's first consider what the CEO said in his letter to shareholders. First, he said: "The current board and I strongly believe that diversifying into the consumer business, investment business and property business will allow the company to secure better prospects and you will be able to secure a better return on your investments." Well, as I had mentioned in my earlier diversification article, there is no reason why Datapulse should diversify into the investment business, which involves investing in publicly-listed securities, including shares. Shareholders can do this themselves. The 37 year-old independent director, Rainer Teo, with fund management/investment experience, is no Warren Buffett and is not going to suddenly help Datapulse become a superior investor. There is much research that shows that even "star" fund managers find it difficult to consistently "beat the market". As for the property business, the previous board had already obtained the mandate from shareholders to invest in property. As I had mentioned, there are so many SGX-listed companies wanting to diversify into property today and it has become something that companies do when they don't know what else to do. Why should shareholders not get back the cash and invest in other listed companies that specialise in property, if they want to invest in property? I was in Kuala Lumpur earlier this week visiting a friend who has just bought a beautiful semi-detached house as part of a big development by a major property player. Just down the road was another big property development that was abandoned after substantial construction had taken place. Who is the developer for this? Well, I was told some wannabe property player who thought diversifying outside of its area of expertise was a good idea. Remember Datapulse had a brief foray into property in 2015 and exited quickly and somewhat controversially. And then of course we have the consumer business, with the hair care business at its centre. The CEO letter has this to add: "In particular, there is expected growth in the hair care market in Singapore and Malaysia which Wayco may take advantage of to facilitate or aid it in transforming into a value chain play." The CEO is promising a good hair business, but to me, it is a bad hair business. This business can cause shareholders to take a big haircut on their investment. Designed by Graphicdesign/Freepik. In my Business Times article published on January 3 ,"Datapulse Technology: going about it the wrong way", I had already questioned the viability of Wayco as a standalone business, given that most of its sales are through other Way companies. The strategic review by Ernst & Young agrees. On page 145 of the circular, it says" "Based on the work performed by EY, it has concluded that the existing Wayco business, being a standalone manufacturing business after the acquisition of the Company, is not sustainable." It goes on to say: "The Wayco business can be sustainable if the following conditions materialise: (a) Datapulse puts in sufficient efforts to increase the utilization of manufacturing plants of Wayco (b) Datapulse invests sufficient capex to enhance the aged plant and equipment of Wayco Datapulse puts in sufficient investment in developing the "Goodlook leaf" brand it owns and "There are fair commercial terms remain (sic) regarding the sharing of profit margins and payment collection terms with key customer." Notice the number of conditions required for the business to be sustainable. That will likely involve a lot of moolah - $85 million may not last very long. Wayco should never have been bought as a standalone business in the first place as its business and profitability is highly dependent on other Way companies. Yet the board rushed out and bought it. After buying, surprise, surprise, the board now says that it may also consider buying other Way companies. As I mentioned in another article, this is like rushing into Ikea right before it closes, grabbing the legs of a chair, and then going back later to decide which chair the legs fit. This kind of decision-making has no place in any well-governed and managed company. The CEO letter also talks about hair growth - sorry, I mean expected growth in the hair care business - and mentions that Way Company, which distributes Wayco products in Singapore, "is one of the top 10 companies that dominate the hair care market in Singapore." If you are number 10 and the market is worth a zillion, or even a few billion, that could be good if the difference in market shares between number 1 and 2, and number 10 is small. However, the EY analysis shows that Way Company's products has a 1.5% share of the Singapore market which is expected to reach $230 million by 2021. That's S$3.45 million in potential revenues by 2021. Add the 0.03% share of the Malaysian market of Way Trading, and we have a total of about S$3.6 million. That's if you count all the sales of the other Way companies, which means buying them too. The CEO letter goes on to say: "...Datapulse bought not only a business but a business together with proprietary product formulations, the real estate properties and trademarks owned by Wayco." Interesting that he should mention the trademarks. As I mentioned in my April 10 article, 15 out of the 19 trademarks supposedly owned by Wayco are not in use and 14 are expiring this year. Of most concern is that the product labels for "Goodlook" products say that the "Goodlook Leaf" trademark is a registered trademark of a UK company that has been dormant since it was incorporated in 1988, has £100 in cash, and is owned by Ang Kong Meng and his sister. In my article, I had questioned who actually owns the trademark and whether there is misrepresentation in the product labels. Another trademark "Glorin", which is supposed to be owned by Way Trading, which the board is considering buying, is owned by another dormant UK company which is also owned by Ang Kong Meng and his sister. The same may apply to other trademarks as I only managed to find those two brands in shops here. The CEO letter also said that Datapulse is led by an established board and management team. I hope it's not the side effects of hair product chemicals at work here. The board is led by a chairman whose track record in compliance, corporate governance and performance across different companies, including Datapulse, is poor. The two independent directors have no prior experience as directors of listed companies and there is nothing special about their background and prior work experience. They have no experience in the businesses that Datapulse is planning to diversify into (the investment business should not even be considered as a business that any listed company should be in). The CEO himself was based in Hong Kong and his experience is in the data centres and communications industries. His background in sales and business development may not transfer well into the consumer and other businesses. The board and management are not suitable for taking the company forward. In the press release issued on April 12, Datapulse seems to be letting its desperation really get the better of it, by mentioning some "pie in the sky" stuff. It talks about the projected growth in the Asia-Pacific hair care market to close to US$25 billion. This market is of course dominated by products from multinational giants like L'Oreal and Unilever. It repeated the statements about potential growth of the hair care market in Singapore and Malaysia without mentioning that, based on current market shares, the Way's companies revenues would only be about S$3.6 million by 2021. It talks about a 100-day action plan aimed at growing the business. Well, the Way companies have been at it for decades and we have a 1.5% market share in Singapore and a 0.03% share in Malaysia. What Datapulse needs now is some kind of a transplant. Not a hair transplant, but a board transplant. |
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tonylim70
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12-Apr-2018 21:12
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The new CEO flexing her muscle liao with the latest clarification annoucement. 29% like can control the whole company.. No way out for small investors? Checkmate?
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tonylim70
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12-Apr-2018 21:11
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The new CEO has 29%, enough to block every single resolution becos according to them, it needs 75% to pass resolution. Does it mean small investors gone case and she can do whatever she wants?? No way out for small investors? 29% can treat the company like her ATM?? fair or not sia?
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tonylim70
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12-Apr-2018 21:08
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Just out today Quote: " The board of directors (" Board" ) of Datapulse Technology Limited (the " Company" or " Datapulse" ) refers to certain statements made by Ms Ng Bie Tjin @ Djuniarti Intan (" Ms Intan Ng" ) published today in the media (Business Times " Datapulse boardroom challenger pledges S$70m payout to shareholders" ) (the " Business Times Article" ) in relation to her plan to return some S$70 million cash in dividend and through a capital reduction to Shareholders of the Company (" Proposed Payout" ). Proposed Payout The Board notes that Ms Intan Ng has outlined her plan for the Proposed Payout ahead of the upcoming Extraordinary General Meeting (" EGM" ) of the Company to be held on 20 April 2018, seeking, amongst other resolutions, Shareholders&rsquo support to appoint certain proposed new directors, including Ms Intan Ng (" Proposed New Directors" or " New Board" ). The Board notes that Ms Intan Ng has mentioned that the Proposed Payout would entail, inter alia, a capital reduction to be undertaken by the Company, presumably because she is aware that the Company does not have sufficient distributable profits to return S$70 million cash to Shareholders by way of dividend, and Shareholders would need to approve the Proposed Payout. However, Ms Intan Ng has omitted to mention is that in order to effect a capital reduction, the Company has to convene a general meeting of Shareholders to pass a special resolution, which requires the approval of 75% or more of the votes cast by Shareholders present at the meeting. As at the date of this announcement, the Company has a total issued share capital of 219,074,844 shares (excluding treasury shares), of which Ms Ng Siew Hong, a controlling shareholder of the Company, holds 63,531,705 shares, representing approximately 29.0% of the total issued share capital of the Company, while Ms Intan Ng has a direct and deemed interest in 35,038,133 shares, representing approximately 16.0% of the total issued share capital of the Company. Since Ms Ng Siew Hong holds 29.0% of the total issued share capital of the Company, any proposed special resolution for a capital reduction (requiring 75% approval) may not be passed if she and/or other shareholders who support the business diversification proposed by the current board choose to vote against it. In light of the foregoing, the Board is of the view that it may be potentially misleading or irresponsible not to clarify that any implementation of the Proposed Payout has to be subject, inter alia, to the New Board obtaining the requisite 75% support, including Ms Ng Siew Hong, for the Proposed Payout. " Wow.. haha.. sound threatening man... Return $$$ to shareholders is good thing for shareholders and this new CEO intends to vote against it?? Then use the $$ to buy some small hair product company in Malaysia?? wow.. die die dun want to return $$$ to small shareholders.. aiyo... |
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Starship
Supreme |
10-Apr-2018 15:59
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Wow, wonder why many Zoos choose to list in SGX.................... Nothing Good Looking About Datapulse&rsquo s Diversification Plan Published April 10, 2018By Mak Yuen Teen On April 20, Datapulse shareholders will vote on the proposed removal of the four current directors, the proposed appointment of four new directors, a (not so) &ldquo special dividend&rdquo of 1 cent and the proposed diversification into the consumer and investment businesses. The company had in March 2013 already obtained shareholders&rsquo approval to diversify into the property business. Datapulse&rsquo s previous foray into property development ended faster than most Hollywood relationships and is a source of controversy, which I have discussed in some previous articles. Using shareholders&rsquo money to play the stock market? Let me now turn to the proposed diversification into the investment business. This idea is even worse as it will involve investing and trading in publicly-listed securities and instruments, including equities, funds and debentures. Why do shareholders need the company to do this, when they can easily do it themselves? Bad hair business Finally, we have the diversification into the consumer business &ndash which has already started with the acquisition of Wayco Manufacturing (Wayco) in December 2017. This acquisition, undertaken with minimal due diligence, was first announced the day after the current board was formed. Wayco is a Malaysian company in the hair care business, which was owned by Way Company, which is in turn owned by Ang Kong Meng. Mr Ang and Ng Siew Hong have significant business relationships. By now, those who have been following the saga would be familiar with why this acquisition is highly questionable. Not looking good But that&rsquo s not all. Two of the four trademarks listed as being in use are &ldquo Goodlook Leaf Logo&rdquo and &ldquo GOODLOOK &ldquo Leaf&rdquo Logo&rdquo . Recently, I happened to be at a neighbourhood departmental store and came across a number of &ldquo Goodlook&rdquo products. Their product labels state: &ldquo GoodLook Leaf is a registered trade mark of Wayco Research (UK) Ltd.&rdquo . They further say: &ldquo Under license of Wayco Research (UK) Ltd&rdquo , &ldquo Manufacturer: Wayco Mfg (M) Sdn Bhd, Malaysia&rdquo and &ldquo Manufactured for Way Company Pte Ltd&rdquo . There is no mention of Wayco Research in the circular or any Datapulse announcements. The product labels seem to contradict the circular and announcements which indicate that Wayco owns the &ldquo Goodlook Leaf&rdquo trademark in Malaysia. According to the UK Companies House, Wayco Research (UK) is a private limited company incorporated in UK in 1988 and has been dormant since its incorporation. It has two shareholders, Ang Kong Meng and Ang Ai Chim. Ang Ai Chim is Mr Ang&rsquo s sister. Mr Ang was a director of Wayco Research until he resigned in February this year, leaving his sister as the sole director. The balance sheets available for every financial year since incorporation show that Wayco Research has paid-up capital of £ 100 and assets of £ 100, comprising of cash in the bank (except for a couple of years, when the paid-up capital and assets went down temporarily to £ 2). http://governanceforstakeholders.com/2018/04/10/nothing-good-looking-about-datapulses-diversification-plan/ |
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alexchew
Master |
10-Apr-2018 09:36
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big joke... RM 200K to try to break into this market? lol....
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Stanton
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10-Apr-2018 09:34
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Learning from Yuuzoo hơ to make catchy news targeting India and Africa. Might as well team up with Yuuzoo to sell Goodlooks on Yuuzoo?s social ecommerce platform and their new Digi logistics distribution system. Btw, Middle East is so rich, you think they buy US/Euro brands or Johor brand shampoo?
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ccakg88
Member |
09-Apr-2018 20:37
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The article below was dated 21 April 2004. According to the company circular, " For the financial year ended 31 December 2016, the net profit before tax of the Wayco group of companies was S$658,809" After more than 10 years, only make such a meagre amount of profit. This kind of LOUSY business want to inject into Datapulse... That' s why we say NO way to such a terrible diversification! Since Ng Siew Hong/Low Beng Tin and gang have 35 million to buy a 29% stake in Datapulse, why don' t they use the money to INSTEAD invest and grow Wayco USING their OWN MONEY, rather than forcing such a lousy business onto Datapulse shareholders! Datapulse shareholders (big or small) should stand united and REJECT such a lousy diversification plan and REMOVE the existing board led by Low Beng Tin and his Rainer Teo, Thomas Ng, Wilson Teng!!!
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tonylim70
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09-Apr-2018 14:57
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https://www.thestar.com.my/business/business-news/2004/04/21/wayco-sets-sights-on-more-overseas-markets/Wayco sets sights on more overseas markets
By ZAZALI MUSA In Johor Baru
WAYCO Manufacturing Sdn Bhd is targeting India, and countries in Africa, and the Middle East as its next export markets. Assistant general manager Teo Lay Chye said the company would start exporting to the United Arab Emirates in June - its first foray into the Middle East. He said the shipment would comprise Wayco' s beauty and hair care products manufactured in Johor under its in-house brand Good Look. 
&ldquo The strong euro has forced distributors in the Middle East to look elsewhere for hair-related products,&rdquo Teo told StarBiz. He said Malaysia would benefit from the move as local makers of such products still offered quality items at competitive prices. Teo said although consumers in the Middle East had been exposed to European brands for years, he believed that Malaysian products could also make it big there. &ldquo We will be going to Africa, probably South Africa, and India within the next 2 years,&rdquo he said. Teo said these markets were important as the company&rsquo s 2 brands namely Good Look and Glorin were aimed at low- to medium-end users. These 2 brands targeted general consumers while other brands - Creatic, Designa, Dalen and Selecin - were for salon use, he added. Set up in 1985, Wayco produces about 300 beauty and hair care-related items at its 20,000 sq ft plant at Dewani industrial area in Tampoi. The company also provides contract packaging or private label services for general consumers or salon use. Wayco exports 70% of its products to Brunei, Hong Kong, Indonesia, Macau, Myanmar, the Philippines, Sri Lanka, Singapore and Vietnam. It recorded RM10mil in sales last year and is looking at 20% growth this year. It spends about RM200,000 on advertising and promotion activities yearly. Read more at https://www.thestar.com.my/business/business-news/2004/04/21/wayco-sets-sights-on-more-overseas-markets/#TRtLFyt4H1T8BcG5.99 |
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