Deceiving Edge : An IPO that does not exist but shaped as one living on real time.

TRUST/ confidence are manna for spin doctors to build narratives  to imprison users, with news controlled bu users with a high threshold  of self interest.

TAKE for instancev theedge reporting on the Datuk Madani Sahari money laundering and corruption trail, where Hong Seng Consolidated  Bhd's name was left out while its executive directors name misspelled. READ : Narrative in check , smooth sailing all the way.

THE almost successful  attempt to keep Kenny khow Chuan Wah, a named nominees of Victor Chin Boon Long, seems to have given the Edge a boost in inventing stories into news report which on the surface looks and feels authentic. 

READ :  1 Doc International Bhd’s plan for a September listing on Bursa Malaysia’s Main Market has been delayed. The article goes on to say that some private equity is also keen in taking a stake in 1 Doc International  Bhd.

HOW on earth did the edge come up with this self made story is beyond me.  Some parts of the story are pure fabrication.

PLEASE go to the Securities Commision website, and note what the SC states on the 1 Doc International bhd's prospectus. READ : The prospectuses published here have not been registered with the SC under Section 232 of the Capital Markets and Services Act 2007 and is solely for the purpose of seeking comments from the public.

BASICALLY,  the I Doc International Bhd  Prospectus hasn't moved into anything concrete , or are even close to the build up to a fully approved Prospectus by Bursa and SC.

YET for reason known only to the editors of the edge, they jumped the gun, in a manner where 1 Doc International Bhd looks respectable while hard facts points to something rotten, maybe from the state of Denmark with a capital S for SINISTER. 

Beyond Skin : The Unforgiven.

EVERYBODY deserves, a second, third ..an unlimited amount of opportunities to come good morally, and ethically,  however, the world is such not everyone can be given a free pass.

IF a lawyer, F's up, second chances are a plenty but if a medical doctor were to screw up, I am sorry the buck stops right there.

DOCTOR'S  is the plus factor in recovery , but if greed is placed above the well being of a human being, I am so sorry to say, you shall be UNFORGIVEN.

HAVING two major stakeholders illegally using medicine for commercial advantage is a big red flag. The flag gets much bigger, that these boys are still in it only for the money via their intention as stated in prospectus, to not only sell their shares to selected Bumiputra investors, but also give themselves a bumper dividend up to RM75 million in the event the ipo is on.

THE RM75 million is way above then what I Doc International Bhd earned last year.  

ANOTHER question that keeps ringing a questionable bell is why come out with a draft prospectus before the Malaysian Medical Council have decided on the severity of the punishment that must be imposed on them?

Beyond Skin : A Question of integrity, the I Doc Int IPO

RECENTLY, there was an article in theEdge which stated that 1 Doc International, might be calling off its IPO, because it wasn't happy with the investment community's valuation.

IN good consciousness, I hope theedge article was written with integrity, because on a purely journalistic view point, there were so many questions on why a sound minded person would wish to part their monies for a minority stake in the company.

CONSIDERING ;

1.JOEL Yap Jiang Feng (pls refer to page 75 and 76 of the I Doc International Prospectus on SC website), had faced two criminal charges, that were subsequently dropped for setting up illegal clinics.

NOW why were these charges were dropped were not stated. Potential investors deserve the rights to know if there charges were dropped because Joel Yap Jiang Feng was not guilty or were they dropped because Joel Yap Jiang Feng had paid a generous fine.

2.ONG Hong Keat and Chin Boon Keat are two men who have not been renewing their annual license to practise medicine for years now, which is very strange if you are in the medical field.

THE answer to these question, is vaguely answered in page 76 of the I Doc International Bhd Prospectus, whereby it is stated : "the Malaysian Medical Council (“MMC”) is holding an

inquiry against Ong Hong Keat and Chin Boon Keat for infamous conduct in a professional respect under Section 29(2)(b) of the Medical Act 1971 for allegedly practicing aesthetic medical practice and/or performing aesthetic medical procedure using laser-based aesthetic device or equivalent on a

client/patient in the premises of One Doc. The MMC has fixed the inquiry against Ong Hong Keat and Chin Boon Keat on 26 June 2026."

WHERE is the most reliable place to download I Doc International Bhd Prospectus  to cross check if my facts are spot on? Look no further than the Securities Commision Website at 1 doc international bhd prospectus

To be Continued : Why these men matters.

Beyond Skin : Big Bomb in 1 Doc International Bhd goes kaboom.

SILLY me for thinking, the fault lines in 1 Doc International Bhd, was on the directors lack of class, coupled with a shylock attitude of squeezing every penny out, prior to the IPO.

THOSE are mere after thoughts now, when one considers the core reasons why the larger and reputable funds, aren't  even interested in reading the info memo of the prospectus.

ON private equities moving into place to replace a share sale exercise, bankers say, the word on the grapevine is everything is possible but for now  there is no replacement plan.

THE 1Doc International Bhd, IPO looked  problematic and  deeply concerning that there were  no banker, underwriter or even an angel investor , brave enough to underwrite 238,980,000 shares being offered to institutional funds and  Bumiputra Investors.

THERE is apparently,  a reason merchant bankers have decided to take a cold shower .

IT has very minimal business, on the normal risk assiciated with an initial sale. Rather the decision to abstain, has it's roots in shocker ; Criminal Minds and acts by as many as three board members of 1 Doc International  Bhd.

TO BE Continued....

Beyond Skin : 1 Doc International Bhd IPO is priced to sell

 1 DOC International Bhd, is not my cup of tea because, apart from wanting to cash out some of the money in the company via a bumper dividend, the major stakeholders seem to be in a hurry to cash out.

CASHING out during the IPO process is normally through shareholders offering their own shares for sale.

CEO Ong Hong Keat, COO Joel Yap Jiang Feng, CLO Chin Boon Keat, and investor Teoh Hui Sim will be selling off a chunk of their shares.

IN total some 238. 98 million shares , account for shareholders cashing out or about 41 per cent of the entire IPO. New shares to be issued are a mere 341.40 million shares.

HISTORICALLY, two-thirds of new listings, with huge offer for sale shares , eventually falls below their offer price, largely because a majority of these companies reported lower net profits post-listing READ : Offer for sale powered IPO, are a bad omen

DATA indicates since 2020, 96 out of 213 IPOs on Bursa Malaysia featured Offer for Sale (OFS) portions making up 30 per cent of total proceeds, have fared poorly.

IN plain English, the I Doc International IPO, is one priced to sell and not perform, banking on the old saying a sucker is born every second.

Beyond Skin : 1 Doc International IPO heading for the dogs.

SIR Alex Ferguson , took the words right out of my mouth ; Class is permanent, form is temporary. 

 1 Doc International Bhd, initial public offer, partially managed by Malayan Banking Bhd, may be on form to be a listed entity, but it's directors intentions ; point to a lack of class.

GOING through the draft prospectus of 1 Doc, one cannot escape from feeling that Maybank, the lead underwriter for the Big Caring goliath September bound listing is banking on a a free flow of goodwill from the Big Caring IPO.

THERE is no Creador in the Puchong based 1 Doc, to attract even a sniff of an interest from a serious fund.

NOT having Creador as an investor is a BIG MINUS for 1 DOC, because Creador would have definitely been able to impart some ethical philosophy into I Doc Caring's management team.

This is not a case of the barbarians waiting at the gate, but rather, we have here are vultures demanding the very last piece of meat, knowing fully well by doing so, they will be causing extreme pain for future would be minorities.

THE 1 DOC board, mostly made up of friends have a huge pile of related party transactions, which the company shamelessly admits were nor transacted at on an arms length basis or that it cannot determine if they were transacted on an arms length basis.

THOSE sorry details are on pages 226 to 248 of the company's prospectus, but that's not really the story here.

THE story is about not having class, and 1 Doc doesn't dissapoint on this front, where basically investors are told that the company intends to pay out more than it earned in 2025 to current shareholders in the event the IPO is approved.

``We also intend to pay additional dividends of up to RM75 million in respect of FYE 2025 to the respective shareholders prior to our Listing, using our Group’s internally generated funds," as stated on page 14 of the draft prospectus.

For the record, prior to this FYE2025, 1 Doc has already paid out RM40 million from the profit after tax it earned amounting to RM67.60 million. [Page 13 of draft prospectus].

WILL 1 Doc be as generous as now, if it gets listed on Bursa Malaysia? Well the company has a big CAVEAT , stating it will be at the discretion of the board.

BUT that's not all....wait for the next part.

*IF you require to fast check any of the above figures on 1 Doc's lack of class, READ: you can download the prospectus at the SC website.

Beyond Skin : All that glitters....

MALAYSIA's biggest initial public offer (IPO) this year, will have an aesthetic theme to it, with the potential listing of Big Caring Group Malaysia Bhd.

ABOUT a third owned by private equity firm, Creador, the Big Caring Group, whoes mainstay is its wide network of pharmacies, 626 stores all in all, across the nation .

REPORTED as a landmark IPO, Big Caring, among others also sells health products and vitamins - supplements, vitamins, herbs, as well as beauty and dermatology products - skincare, dermatology cosmetics.

MUCH has been, written on the nearly RM3 billion, Big Caring intends to raise, there is negligible literature, on why the IPO, is a test tube landmark share sale.

TO put matters into perspective, the Big Caring IPO is built on a foundation that requires new investors forking out RM140, for every RM1 earned by the company.

WITH a valuation which stretches towards the RM20 billion point, investors buys the shares will be doing so at a time, when the FTSE Bursa Malaysia KLCI, trades at price to earnings of 17.05 times.

THE broader Malaysian market has a PE of 13.10 times, against a less than flattering backdrop , which has seen Malaysia’s share in the MSCI Emerging Market fall to 1.21 per cent last year from a base of 33.78 per cent in 1988.https://theedgemalaysia.com/node/800874

AS a sector, the aesthetic business have the hallmark of a winner, though the caveats are too bold to ignore; all that glitters isn't gold.

PUBLICLY traded companies listed on Bursa Malaysia, involved in this sector either as pure plays or partial ones, seem to be cursed with the same malice; inconsistency in making a profitable buck.

EVEN in the case of In Nature Bhd, the leading retailer of Body Shop products, consistency is an archilies heel due to challenging retail environments and heavy investments in regional expansion and brand diversification.

SIMPLY Wall Street hits the nail to the coffin with its observation; "Earnings have declined by 19% per year over the past 5 years".https://simplywall.st/stocks/my/retail/klse-innature/innature-berhad-shares

LYC Healthcare Bhd, an operator of confinement centres and aesthetic clinics, appears to be facing significant challenges after years of  losses, crashing it's dream of a Nasdaq listing to much more humble realities.https://www.thestar.com.my/business/business-news/2026/06/13/lyc--from-nasdaq-dreams-to-gn3

At end-May 2025, LYC was classified as a GN3 company, a status that applies to financially distressed ACE Market companies. Based on its filings with the stock exchange, LYC has about four months to submit its regularisation plan.

TO make matters worst,Messrs Crowe Malaysia PLT quit as auditors over a dispute on how much it's services should be priced at.https://theedgemalaysia.com/node/794520

.