MMAG Bhd, Whoes Your Daddy, buddy?

I told you so, many times  repeatedly  that MMAG Bhd, supposedly a saviour of Sri Lanka's rat infested airline, couldn't save itself even if it's life depended on it.

CAREFULLY  READ : MMAG, can't save it's own bottomline, even if it's life depended on it, suffering a net income loss of RM111 million for the quarter ended March 2024, while net margin is on the negative side.

I also told you, READ : MMAG's Sri Lanka Airline's take over bid, is an extension of Russell Walter Boyd's Sri Lankan Wet Dream.

NEVERMIND what I said, but here is what MMAG Bhd's auditor Messrs Grant Thornton Malaysia PLT has to say.

THE auditors said MMAG's shareholders’ equity on a consolidated basis is 50 per cent or less of its issued share capital calculated based on the unaudited financial results of the Company as at 30 June 2024.

BASICALLY,   the auditors are concern that MMAG will be able to operate as a growing concern, which means the supposed saviour of Sri Lanka Airlines will need saving as a GN3 Company, with the artificial CONVERSIONS of MMAG WARRANTS into mother shares this year being it's only saving grace since the business itself has nothing to show.

THE MMAG announcement  can be read by clicking HERE