六月的业绩应该还好。七月之后的刷卡机和支付方面可能会有波动，很多企业撑不住了和人民都没闲钱了。

Revenue is short term play now. Shouldn’t hold beyond once mainboard transfer is done.

Their app looks amateur despite the so-called digital eco-system in the making. Last update was 2 months ago and there isn’t much update since, and looks like lot of work need to be done and they need to work harder on its app development just to be on par with the big boys, and operations will be another challenge.

There is a lot of new kids on the block with those e-com platform, even traditional retail is also doing their own website to get into online. So the competition just get more intense.

It is not easy to maintain a wallet and also ecom platform, needs to burn a lot money just to compete with the established players. No discount, no rebates, no benefits then they will not follow. So FY22 the financials should be affected by those money burning cost and will eat into its profit.

I think the key point is whether Nexia in Malaysia have the necessary O&G industry experience. And with Bursa dictating the independent reviewer must have oversea presence, it means that Bursa will require more work to be done not only locally, it may covers overseas as well in term of the statutory audit.

@宏云，好贴切的比喻。赞！

@Ivan. Welcome.

Again, i have to stress im not here to pick side, Im just trying to share some facts/info so that everyone can be better equipped in picking stock to invest.

@Kenapa. Agreed. I’m also speaking from “all valid” point of view. Even if partial, it is also a daunting task to re-instill the investors confidence. But personally, I feel the company still can be saved, just whether their current advisors/strategists can play it out well. But definitely not the current chairman.

Could not paste the link. But do google this “What is a PN17 company? Do you sell or buy its shares”.

I would recommend to google and find out more on this “Cockroach Theory”. I remember seeing someone giving a very detailed explanation on the PN17 in the forum and they mentioned about this Cockroach Theory and the effect on the share price and the suggestion to deal with it.

It depends on the magnitude of the financial impact to the company.

If the figure is too huge and need to impair, it may trigger a few criteria under PN17, like qualified opinion by the auditor, going concern issue, banks may demand repayment of the borrowings because the debt servicing ratio drop below the agreed ratio and if can’t pay, will default on the loan payments, then also if the shareholder funds may dip below 25% of the paid up capital. Under PN17, they will need to regulate their business plan and need Bursa approval. Won’t delist immediately. If they can’t get themselves out from PN17, then will be delisted. Due to the on-going covid, Bursa have relax the classification of PN17 and also giving more time to those affected.

However, the biggest challenge pose will be someone may need to go to jail (assume there is really fraud and manipulation), so the key management may not be there to run the show and business operations may suffer.