AFTER the six state elections. And to the boss of the Corporate Mafia, you know the Bangla guy you helped out, the one you are trying to sell one of your companies to? WELL he has sold you off.
I was shocked too, after all you did for him, but today is about specifically about Innov8tif Holdings, which controls Innov8tif Solutions Group and Xendity.
DON'T tell Teleng , but I believe the independent valuer should be shot verbally, because the numbers don't tally, which means Revenue Group is getting a very raw deal.
CONSIDERING, Francis Leong Seng Wui was the sole director in Xendity, he could go to jail, if I am correct that the entire valuation has been COMPROMISED.
LET'S start the story on sometime in September 2021 when READ : Securemetric Bhd bought a ten per cent stake in Innov8tif Soulutions for RM 4 million valuing the company at RM40 million.
DO note at that point of time Innov8tif did not have Xendity just yet.
NOW fast forward to 2023, May 17 to be exact, READ : Revenue Group Says Securemetric Bhd has a 20 per cent stake in Innov8tif which now includes Xendity
AND how much did Securemetric pay for all these ? We must assume its RM8 million for a 20 per cent stake, because there is no statement to the stock exchange to state other wise.
AND how much does Francis Leong wants Revenue Group to pay for a 51 per cent stake? READ : Revenue Group wants to pay RM36 million for a company Hong Seng Comsolidated bought for RM30.5 million in January 2023.
WHICH investment banker told you guys that it is okay for you to pay a premium of 15.27 per cent just because you are the buyer, while the seller is actually desperate to sell because it has no synergy with the sellers business.
FRANCIS Leong Seng Wui, Revenue Group's money is your father's money is it to go out giving a 15.27 atas angin premium to every Hong Seng in town?
IT is not your father's money, and how come you never asked how on earth Securemetric paid RM8 million for a stake in Innov8tif without Xendity , but now ends up having a 20 per cent stake in the holding company which comprises of Innov8tif and Xendity?
OR perhaps Francis Leong Seng Wui, being a former director of Xendity knows something about the company which he is not saying especially with regards to its valuation.
EITHER way Bursa Malaysia should cancle this deal because it looks far worse then a related party transaction.
UMAR Swift & Wahid Omar, can you get off your backsides and stop giving Anwar Ibrahim a bad name with your tidak apa, in action attitude.
