LET'S not debate on the factuality of the statement but rather on the credibility of the man who said it ; WAHID OMAR.
WAHID Omar was appointed chairman of Bursa on April 2020, so let's have a look on how Bursa Malayia has performed say for a threw year period starting from July 6 2020 until July 10 2023.
AS can be seen clearly, Bursa Malaysia under Wahid Omar guidance had been on a one way ticket downward, losing some 12.27 per cent of its value.
DURING the same period, the Singapore benchmark index was up by 15.67 points while the Dow Jones was up by 23.74 per cent.
SO, Wahid , why did the stock market go to sleep when the rest of the world was in the midst of a history defining bull run?
WAHID Omar before you blame others on why our stock market has no takers despite trading at a P E of 12, which is way below the index average PE of 16, ask your self about the events leading to your appointment. READ : Shireen Ann Zaharah Muhiudeen's appointment as Bursa Chairman REVOKED by Minister Of Finance on Governance Issues
YES, you were brought in to tighten the operational level governance on how Bursa Malaysia is run on a day today basis and not to set up a governance platform that looks good only on paper but in practise have no value .
THE poor state of the stock exchange over a three year period is testament, that under Wahid Omar's personal priorities have taken over national interest priorities.
CONSIDER the following, is it in the interest of Malaysia or even in the interest of the Malaysian stock exchange, for a company which has publicly stated the following READ :
YET, Revenue Group has seen RM55 million pumped into the company this year alone, via a one for one warrants conversion priced at 75 sen per conversion at a time when the mother share is trading at the 26 sen range.
DEI, Wahid Omar for RM55 million, one can buy about 211 million Revenue Group Bhd shares or 38 per cent of the company, effectively taking over Revenue Group.
THE current two substantial shareholders, namely Francis Leong Seng Wui, who is fronting for the Victor Chin Boon Long Group and Teh Chee Hoe who is fronting for Hong Seng Bhd only own 55.30 million shares combined
THE REVENUE GROUP Bhd warrant trades makes no economic sense, but under Wahid Omar, Bursa Malaysia has been turned into a washing machine for people to make traders that makes no sence, and then cash out the money as respectable income.
