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Erratic Company
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WBdisciple
Elite |
26-Jul-2022 10:58
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So high chance that the RTO will happen? I can say with near certainty that the deal is gone case the moment is was announced (personal opinion). Loss making but valued at S$2 billion...wonder how Cheong Wei Xiong and the board can pursue this...warrant more investigation by the authorities. Share price pumped up and down...classic case |
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Stocky901
Supreme |
26-Jul-2022 09:48
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Dropping everyday. Tp 0.036 to 0.038 today. 😏 | ||||
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MakeChanges
Elite |
26-Jul-2022 08:17
Yells: "No price is too low for a bear or too high for a bull" |
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see his face u also know CMI liao. 
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WBdisciple
Elite |
26-Jul-2022 08:07
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Looks like another incredibles/watches.com.. | ||||
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tedlim
Veteran |
25-Jul-2022 20:55
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Cheong Weixiong appointed as CEO on Aug 2009...but look at the company' s share price... |
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MakeChanges
Elite |
25-Jul-2022 08:49
Yells: "No price is too low for a bear or too high for a bull" |
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one who is under investigation. haha. manipulation
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LowLow12
Elite |
25-Jul-2022 08:41
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The main issue is not the deal
The issue is who fry the price from 0.016 to 0.14 Left to right right to left left to centre centre to right And many many rounds And then Cheong but unfortunately found Ceo Surname also cheong So MAS now jam brake But too late alrd because shareholders value has been destroyed. Monies have been earned and spent.
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tedlim
Veteran |
25-Jul-2022 07:43
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Smells FISHY to me...want to sell at S$2 billion valuation but no money for IPO??? More recently on June 23, Sinjia Land announced it has paid US$1 million to Binex Inc, one of the shareholders of Binex Singapore, as a refundable deposit for the RTO.The money, according to Sinjia Land, will be used to fund costs related to the transaction. |
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Joelton
Supreme |
23-Jul-2022 09:34
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Sinjia Land shares continues slide after news of CEO assisting with CAD probe
Catalist-listed Sinjia Land' s group chief executive officer Cheong Weixiong was recently interviewed by the authorities in connection to an offence under the Securities and Futures Act.
NO CHARGES have been brought against any of Sinjia Land : 5HH -4.55%&rsquo s board members and employees so far, including group chief executive officer Cheong Weixiong, the Catalist-listed company said in a statement on Friday (Jul 22).
Mr Cheong, who is also the company' s executive director, was interviewed by the CAD on Tuesday as part of the investigation.
Sinjia Land said in its Wednesday filing that it will cooperate fully with the CAD and MAS, and added that the group' s business and operations will continue as usual.
The investigation will also not affect the management of the group in the discharge of its roles and functions, the company said.
The probe comes as Sinjia Land is undertaking a US$2 billion (S$2.8 billion) reverse takeover (RTO) of Binex Singapore, which plans to start producing sorghum.
Sinjia Land plans to pay for the acquisition by issuing new shares at 35 cents apiece to Binex' s owners. The price is at a 247 per cent premium over Sinjia Land' s volume-weighted average price of 10.1 cents per share as at Jan 28, which is the last full market day prior to the deal agreement.
The proposed deal had drawn queries from the Singapore Exchange, which noted that Binex Singapore had no revenue and a net asset value of $900,000 as at end-December 2021.
Following this, Sinjia Land said in February that the $2 billion price tag may be revised with a new valuation report it had commissioned.
In June, the company said it had paid US$1 million to Binex Inc, one of the shareholders of Binex Singapore, as a refundable deposit for the RTO.
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Alvin2042
Master |
23-Jul-2022 09:06
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There are many shoddy RTOs proposed recently by many desperate listing companies. Their valuations almost always on the billions with no significant current operations, just promises and projections.
Anyway, see if EY Corporate Advisors can come out with what valuations. At least this valuer won't come out with some shoddy valuation that detrimental to their status.
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tedlim
Veteran |
23-Jul-2022 08:46
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Remember this Face and Name, Cheong Weixiong...
FRI, JUL 22, 2022 - 7:14 PM
UPDATED FRI, JUL 22, 2022 - 7:15 PM
Sinjia Land chief executive Cheong Weixiong. The backpacker hostel operator said no charges have been brought against him or any other of the company' s employees.
SINJIA LAND
NO CHARGES have been brought against any of Sinjia Land : 5HH -4.55%&rsquo s board members and employees so far, including group chief executive officer Cheong Weixiong, the Catalist-listed company said in a statement on Friday (Jul 22). This comes after the backpacker hostel operator announced earlier this week that Cheong, who is also the company&rsquo s executive director, was interviewed by the Commercial Affairs Department (CAD) in connection to an offence under the Securities and Futures Act. Responding to queries from the Singapore Exchange (SGX), Sinjia Land said that it as far as it is aware, no other employees or board members have been asked to assist with the authorities&rsquo investigations. No individuals were named in the letter dated Jul 19 from the CAD and the Monetary Authority of Singapore (MAS) either. Aside from asking the company to provide certain documents, no further information was provided by the authorities on the investigation. CAD and MAS also did not state who is the subject of the investigation in its letter addressed to company, said Sinjia Land. While there have not been any restrictions or conditions imposed on Cheong as part of the investigations, the chief executive had surrendered his passport to the authorities on Jul 21, said the company. Asked whether Cheong is suitable to continue in his post as chief executive, Sinjia Land said the nominating committee has &ldquo assessed the present situation and notes that the investigations are still ongoing&rdquo . Stay updated with
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MakeChanges
Elite |
22-Jul-2022 09:59
Yells: "No price is too low for a bear or too high for a bull" |
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Sgvale
Supreme |
22-Jul-2022 09:50
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issuing 5.7 billion new shares at 35 cents each.This price is at a 247% premium over the volume-weighted average price of 10.1 cents.
Xiao bo?
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easywin
Supreme |
22-Jul-2022 09:47
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Take back something better than none
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ThankYou
Supreme |
22-Jul-2022 08:42
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It was a scam stock to start with. It should go back to around 2 cents. When all is forgotten, there will be another round of skyrocket pump, maybe another 2 years later.
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tedlim
Veteran |
21-Jul-2022 22:37
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Hope others heed my advice in June to aviod when share price is 8 cents...all the best.
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Joelton
Supreme |
21-Jul-2022 15:05
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Sinjia Land CEO, in midst of executing US$2 bil RTO deal, assisting with CAD and MAS probe
Cheong Weixiong, executive director and CEO of Sinjia Land, has been called to assist in unspecified investigations by the authorities.
In an SGX filing on July 20, the company, which operates hostels, says Cheong was interviewed by the Commercial Affairs Department on July 19.
The company has also received a letter dated July 19 from the CAD and the Monetary Authority of Singapore to provide &ldquo certain information and documents&rdquo for a probe into an offence under the Securities and Futures Act.
Sinjia Land says it will provide full cooperation to CAD and MAS.
&ldquo The group&rsquo s business and operations have not been affected and will continue as usual. The investigations will also not affect the management of the group in the discharge of their respective roles and functions,&rdquo the company adds.
SinJia Land is in the midst of executing a US$2 billion reverse takeover deal with an entity, Binex Singapore, that will be in the sorghum-growing business.
Sinjia Land plans to pay for the acquisition by issuing 5.7 billion new shares at 35 cents each.
This price is at a 247% premium over the volume-weighted average price of 10.1 cents per share as of Jan 28, which is the last full market day prior to the execution of the sale and purchase agreement on Jan 31.
The proposed deal drew queries from the Singapore Exchange then, which noted that Binex Singapore has no revenue and had a net asset value of US$900,000 as of Dec 31 2021.
In its response made on Feb 5, Sinjia Land stated that the US$2 billion figure is a minimum consideration that Binex Singapore hopes to attain.
The figure, it adds, is based on a preliminary valuation carried out by an independent reviewer last July, which appraised Binex Singapore at US$2.515 billion to US$3.148 billion. As such, the acquisition at US$2 billion would be at a discount.
More recently on June 23, Sinjia Land announced it has paid US$1 million to Binex Inc, one of the shareholders of Binex Singapore, as a refundable deposit for the RTO.
The money, according to Sinjia Land, will be used to fund costs related to the transaction.
Sinjia Land shares closed at 5.3 cents on July 20, up 3.92% for the day &ndash and down by nearly half since the proposed RTO deal was announced.
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TheMatrix
Elite |
21-Jul-2022 13:30
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One brave soul short 300 lots. | ||||
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trader1970
Elite |
21-Jul-2022 12:45
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better run road and cut lost before is too late.. Last chance....Once halted and suspended, cry dad and mum no use.. Whatever corporate actions done or pending will all go down the drain.... Smelly and ll take a long time to unravel...Could be another nutry farm..... sigh ...
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tankoksee
Supreme |
21-Jul-2022 11:52
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restricted stock now...can buy with $$ cash upfront..
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