Midas Holdings

[ACTIVIST SPEAKS]

There has been prior warnings on Midas' in SG newspapers which these investors did not heed:

24 Nov 2017:
http://www.businesstimes.com.sg/companie...toric-lows

4 Dec 2017:
http://www.businesstimes.com.sg/companie...idas-curse

SGX also queried Midas on 22 Dec 2017, 15 Dec 2017 and 12 Dec 2017. Did these investors take time to study and consider the facts and implications?

Probably the announcement of large contract win on 3 Jan 2018 embolden some and entrench their hopes in a 'recovery'.

Perhaps we should blame the guy who convinced the world the correct strategy in investment is to be greedy when others are fearful....

[karlmarx]

People want to do what they want to do.

WB is greedy when other are fearful because he has done his homework and knows the value of what he is looking at. Do investors know the value of what they are looking at when they are greedy?

You don't hear of people reading 500 (or even 50) pages of financial reports (or related topics) each day, even though that's what he said too.

[specuvestor]

A group of Midas shareholders have come together to have a collective voice against wrongdoings committed by the management.  Some of them are trying to garner 10% of the shareholdings to requisition an EGM. On a brighter note, THE EDGE has written on 29 Mar 18 saying SGX has promised Nallakaruppan (one of Midas shareholder) that they will request the independent directors to organise a forum to update Midas shareholders on what has happened and what actions were taken so far.

Everyone is pissed with how these Chinese-based companies ripped off Singapore shareholders and getting away scot free.  It has reached a stage that if one, as a S-chip company does not cheat the shareholders, one is an idiot...knowing that Singapore has neither jurisdiction nor extradition treaty with China. Hopefully, this case will not end up like all the previous S-Chips and as a landmark case, the perpetrators are duly punished.

https://www.facebook.com/groups/189238598351734       FB GROUP: MIDAS HOLDINGS SHAREHOLDERS for news update

S-Chips issue has been there for years. Highlighted many times in this forum. I don't understand why people is still so persistent in investing in such companies.
Many of this companies are either incompetent or untrustworthy. For those who are untrustworthy, the reason they give every-time to me is ridiculous. 


Cory

Yet the Financial Times had a story on 11th March 2018 about Singapore Exchange officials making a pitch to lure China IPOs to Singapore from Hong Kong. The story states that Mr Chew Sutat, executive vice-President of SGX, was questioning whether Hong Kong was the best place for Chinese companies to list, because of the influence China has there.  The article states that 'Singapore also is seeking to attract a share of the recent flurry of (Chinese Company) initial public offerings'.

Is that really in Singapore's best interests, and where are they going to find the investors? Or are they hoping that there are a new generation of investors that were not burned in the previous S-Chip debacle?

SGX has to care for its own bottom line  , needs more listings .

To be fair, if Singapore depended on local companies back in 1965 where would we be now?

If SGX fail to increase liquidity and depth of our markets, what will be the impact of Singapore role as a center of finance and capital markets? This may be a case of we may not want what we wish for.

That said I’ve always said I’m wary of s-chip but I don’t write them off. Look for those with actual cash flow or real cash dividends. See if the company or chairman is vested either with listco holding large amount of cash or chairman has assets in Singapore. If regulators can’t make them feel pain, including reputations, then it will just incentivise them to rip off.

That’s why extradition is important

[specuvestor]

https://www.theedgesingapore.com/midas-a...ing-matter

Let's see how much pain (excluding the shareholders) can be extracted

[karlmarx]

http://infopub.sgx.com/FileOpen/NOC%20Mi...eID=495534

Ma and Chen likely to be uncontactable by now.

What will SGX do next after removing them from their positions?

[cyclone]

Shareholders’ Dialogue

We did not receive full co-operation of the relevant staff in Jilin Midas Aluminium Industries Co., Ltd, Jilin Midas Light Alloy Co., Ltd and Jilin Midas Investments Co., Ltd. With the resignation of the former chairman and the appointment of new executive Directors, we expect this to change. The Board will be travelling to China to meet with the relevant subsidiaries next week to obtain the relevant information, including :
a) Cash validation;
b) Litigations; and
c) Undisclosed subsidiaries.

The Company received many emails by shareholders and concerned stakeholders. The relevant listing rules in The Stock Exchange of Hong Kong Limited and Singapore Exchange Securities Trading Limited require the Company to treat all shareholders fairly and equally hence it would be impractical for the Company to respond to each individual email inquiries or requests without making a corresponding announcement. A shareholders’ dialogue shall be planned towards the end of April 2018 to address questions which shareholders may have regarding the Announcements and corporate developments.

BY ORDER OF THE BOARD
Midas Holdings Limited

Tong Din Eu
Executive Director

Date: 6 April 2018

[opmi]

Talking cock and bull story hahahha.

Then how the directors who are also major shareholders been communicating?
Look in the pond like Gollum. Even that also need to make annc, if using the same logic.

[CY09]

http://infopub.sgx.com/Apps?A=COW_CorpAn...7bdb20ab85

Midas has discovered that the actual cash in one of its jv was much lesser than what the auditors have been receiving. Another spanner thrown

[dydx]

What are the lessons we can learn from this case?
How to avoid massive investment failures like Midas?

[yeokiwi]

What are the lessons we can learn from this case?
How to avoid massive investment failures like Midas?

Never buy stocks that clinched awards from SIAS?