Monday 6 February 2023

Revenue Group : All that money makes such a succulent sound

is the only hit song from David & David, who decided to call it quits after their debut solo album. Both the David's would go on to be successful producers in their own right.

THE securities Commission and Bursa Malaysia best keep a close eye on the external auditors of Revenue Group and the external auditors best think very hard before signing off the accounts of the company.

WHY is that so? Well because ;

Welcome, welcome to the boomtownAll that money makes such a succulent soundWelcome to the boomtown
Well the ambulance arrived too late

SO how much of a succulent sound are we talking about here?   To be exact, we are talking about RM73.016 million.

THE problem is all that  money which is  making such a succulent sound, has the potential to vanish under a cloud of bank debts and trade receivables. The bank borrowings stand at RM41 million, while trade receivables is at RM25.49 million.

WHY should investors be worried and pin the blame on the regulators if something evil happens.   Well consider this as at end of June  2022, Revenue Group had  RM82.5 but three months latter, almost RM11 million is gone.

ALL this, against a backdrop of its co founder Ng Chee Siong's shares  being foresold in the open market due to margin calls.

YOU can have a look at the Revenue Group accounts by Clicking Here

YOU can see details of Ng Chee Siong's being foresold by Clicking Here