LITTLE did I know then, how notoriously dumb, Velocity Capital would turn out to be, with their inexperience providing those who want to see Anwar Ibrahim fail, with ample ammunition.
WORST still the entire deal, reflects badly on NGA Kor Ming, the DAP man of the moment, who happens to be the Housing Minister.
CONSIDER the following, Velocity Capital Partners basically financed VIEW : Farhash Wafa Salvador's purchase of 462 million MMAG shares via an off market deal.
BASICALLY, with a ten per cent discount to the closing price of 69 sen a share on the day of announcement, this translates to (462 million MMAG shares times 0.621) to RM287.026 million , given by a Kreditkomuniti firm licensed by the Housing Ministry to Farhash Wafa Salvador to acquire the shares.
NOW, don't forget a year ago, Velocity had already given LEONG Seng Wui and friends VIEW : some RM14 million to buy more than 32 million SMI Bhd shares at around 30 something sen per share.
AND then since Velocity is banking on Leong Seng Wui taking SMI Bhd private at about READ:45 sen a share, basically there is another RM40 million more outlay by Velocity if the privatisation exercise goes through.
NOW remember the following numbers RM287.026 million for Farhash Wafa Salvador plus RM40 million for Leong Seng Wui and friends, rounds up to RM327.026 million.
AS at December 30th 2024, VIEW : Velocity Capital using the Kreditkomuniti license had lent out RM330.75 million, Velocity's exposure to the stock market is now at a very dangerous RM301.026 million (RM287.026 million plus RM14 millon).
THE housing minister should clarify if in the history of Malaysia, has a single Kreditkomuniti license holder given out RM301.026 million to merely to entities to go buy stocks on Bursa Malaysia.
DONT we have stockbroking firms and merchant banks to finance such RM300 million deals?
WHY is Nga Kor Ming allowing this to take place, doesn't he know, when shit hits the fan, (and it will eventually) it's the DAP brand name built by Lim Kit Siang which is going to go down the toilet bowl?