ON hindsight, the valuation of Xendity now looks like a teenage boys wet dream...a lot of hot air, boastful bravado but nothing much to show.
GREEN Packet, lost more than RM10 million with Francis Leong Seng Wui as its executive director when it sold Xendity to READ: to Innov8tif, which is 20 per cent owned by Securemetric Bhd.
GREEN Packet had said that it was selling Xendity because to develop the business would cost a bomb.
FOR the record, Xendity is a loss-making unit that incurred a net loss (unaudited) of RM1.22 million for the 11-month period ended Nov 30, 2022, versus a net loss of RM2.35 million for the financial year ended Dec 31, 2022.
WAHID Omar and Umar Swift, aren't you guys not a bit curious that if indeed Innov8tif is such a great buy to the extent that Francis Leong Seng Wui's Revenue Group is willing to roll over, crawl on two feet and READ : and beg to give Hong Seng a clean RM5 million profit by buying 51 per cent of Innov8tif, why is it Securemetric Bhd which already owns 20 per cent stake didn't snap the shares before Revenue Group dis so.???
ALSO, as you know, Revenue Group wants to do a placement so that it can pay staff salary, so where is Revenue Group going to get the money to develop Xendity and Innov8tif.
FRANCIS Leong Seng Wui, could not deliver the numbers for Xendity when he was helming Greenpacket which has better organisation structure than Revenue Group, yet you two Bursa Boys want us to believe that Francis Leong Seng Wui has suddenly grown a BRAIN.
