Post Reply
1181-1200 of 1524
https://www.tremeritus.net/2023/09/14/olams-50b-fraud-in-nigeria-false-or-auditors-in-sg-hq-blur/ The Daily Nigerian is the single original source. On Sep 11 Olam Group Singapore has spoken out [LINK]. It refuted the report as fake news, that there was no investigation of their operation in Nigeria, that Olam Nigeria never has the huge turnover anywhere near US$50b.
Everyone has got it wrong ? The Daily Nigerian, Olam Singapore, and just about everyone who has pushed the story. SSS was not investigating Olam Nigeria. It was investigating Central Bank of Nigeria (CBN).
Everyone has got it wrong ? The Daily Nigerian, Olam Singapore, and just about everyone who has pushed the story. SSS was not investigating Olam Nigeria. It was investigating Central Bank of Nigeria (CBN).
Both Olam and Temasek will definitely have much more information on the situation than all other shareholders. Whether this information would be defined as price sensitive is a bit grey.
In this context, it may be dangerous for Temasek to buy shares itself. If it did so, and it turns out that this Nigeria rumour is nothing and the share price bounces back to S$1.50, then those who sold at a big loss may feel aggrevied and take Temasek to court for profiting off inside information. This is not to say that they will succeed in such a move of course, but only that they might try..
In contrast, it is much safer for Olam to be doing the share buying. Given Temasek' s shareholding in Olam, effectively it is buying 1 share for every 2 Olam is buying back, without facing the same risk.
In this context, it may be dangerous for Temasek to buy shares itself. If it did so, and it turns out that this Nigeria rumour is nothing and the share price bounces back to S$1.50, then those who sold at a big loss may feel aggrevied and take Temasek to court for profiting off inside information. This is not to say that they will succeed in such a move of course, but only that they might try..
In contrast, it is much safer for Olam to be doing the share buying. Given Temasek' s shareholding in Olam, effectively it is buying 1 share for every 2 Olam is buying back, without facing the same risk.
T bought shares to increase its stake
limkt009 ( Date: 15-Sep-2023 16:27) Posted:
|
What action you think they should take?
eddyeddy ( Date: 14-Sep-2023 19:38) Posted:
|
T still not taking any positive action ?
Sbb continues , 1m today
Better finger cross that the director won' t escape on bail. 😜
SBB by Olam is only to make sure there are enough tresury shares for options to be exercised by the management at low prices ... if they have cash for SBB ... the same can pay off some debt and reduce gearing. But that wouldn' t get them shares at these levels.... TH should bulldoze the management to give back share options and put a moratorium on shares vesting for 5 years with strict conditions. Else the same saga of misleading about IPO x 4 or 5 times, Debt etc etc will continue. Sadly, should have seen through their game plan soon, vested.
Must company share buy back if not sure cannot tong liao
If approval is granted, can just go ahead.
FrancisLim ( Date: 14-Sep-2023 11:49) Posted:
|
What happens to its Olam Agri IPO?
Olam shores up with buybacks Union Steel insiders in the market
This past week, shares of Olam Group have been hit by reports that the company&rsquo s operations in Nigeria are allegedly under probe for a &ldquo mega economic fraud&rdquo of over US$50 billion ($68.1 billion).
The reports, which have been denied by Olam, surfaced over the weekend.
Despite the denial, Olam shares plunged when a trading halt was lifted on Sept 11, ending the day 8.59% lower at $1.17. The fall might have been heavier if Olam had not bought back one million shares of its own shares at an average of just over $1.17 each from the open market on the same day.
The following day on Sept 12, Olam shares extended its losses to close at $1.15. Its share price dropped yet again on Sept 13 to close at $1.10, after the company confirmed that it posted bail for a director of its local subsidiary.
Similarly, Olam bought back another 360,000 shares at just over $1.17 each on Sept 12 and 2.5 million shares at $1.08 on Sept 13. Before these allegations, Olam had been actively buying back shares from the open market, which is down by around a fifth year to date.
For example, on Sept 6, 7 and 8, Olam had acquired 500,000 shares daily at between $1.27 and $1.28 each. Together with the buybacks on Sept 13, Olam has bought back a total of 17.1 million shares under the current mandate, equivalent to 0.4458% of its share base.
In 1HFY2023 ended June 30, Olam reported earnings of $48 million, down 88.8% y-o-y. Revenue was down 13.2% y-o-y to $24.7 billion. The company attributes the lower earnings to a one-off exceptional loss on lower almond yields in Australia as well as &ldquo sharply higher&rdquo interest costs.
Olam, a leading supplier of agricultural products, counts Temasek Holdings as its largest shareholder with its stake of 51.15%, according to its most recent annual report for FY2022.
In its Sept 11 denial, Olam compared its cumulative turnover of US$14 billion from its Nigerian operations between FY2015 and FY2022 to the alleged fraud of about US$50 billion as claimed by the reports, saying the numbers mentioned are &ldquo manifestly inaccurate and designed to be misleading&rdquo .
Steeling for higher demand
Lian Bee Metal, which emerged as a substantial shareholder of Union Steel Holdings recently, has been scooping up more shares of the latter. Both companies are in the business of supplying steel.
Privately-held Lian Bee on Sept 11 acquired 10,000 shares at about 93.2 cents each, raising its stake to 1.99 million shares or 5.06%.
Lian Bee emerged as a substantial shareholder on Sept 4 when it acquired 43,000 shares at 89.5 cents each. Lian Bee bought again on Sept 6, acquiring 6,000 shares at 90 cents each and on Sept 7, acquiring 5,000 shares at 91.4 cents each.
Besides Lian Bee, Ang Yew Chye, an executive director of Union Steel, increased his stake in the company with a series of purchases on the open market over the past fortnight.
The most recent was on Sept 12 when he acquired 45,000 shares at 95 cents each. This followed an acquisition of 41,500 shares at 90 cents each on Sept 5. Ang now holds 4.35 million shares, or 11.04% of the company.
In FY2023 ended June 30, Union Steel reported earnings of $11 million, up 55.5% y-o-y. Revenue was up 33.9% y-o-y to $107.3 million as the company saw greater demand for scaffolding as construction activity picked up. Union Steel plans to pay a final dividend of 5 cents per share, versus just 1 cent in FY2022.
While Union Steel is enjoying a pick-up in its traditional markets, it is expanding into new markets too. Specifically, in FY2022, it made a series of acquisitions that will give it access to the offshore, marine and oil & gas industries.
Avoid.......penny stock soon........
Will tank below 80cents.......
DYODD
Will tank below 80cents.......
DYODD
SSB 2.5m shares today .
One man' s poison is another man' s meat. Who is eating the meat?
Good info, so olam nigeria does not produce cocoa and coffee?
ahbui8 ( Date: 13-Sep-2023 15:08) Posted:
|
This is a corrupted place to do biz , as long as money can solve this problem , it should be ok
ysh2006 ( Date: 13-Sep-2023 15:28) Posted:
|
Like for passed cases Kep or Sembmarine a heavy fine will do : the person involved Mr Kanth maybe take some months leave (unlike Sg no mentioned name) only....Share price resumed trading sideways a while than continues go up ?( I think only)
Even if it is true , will a fine can settle this ?