1 Doc International Bhd, initial public offer, partially managed by Malayan Banking Bhd, may be on form to be a listed entity, but it's directors intentions ; point to a lack of class.
GOING through the draft prospectus of 1 Doc, one cannot escape from feeling that Maybank, the lead underwriter for the Big Caring goliath September bound listing is banking on a a free flow of goodwill from the Big Caring IPO.
THERE is no Creador in the Puchong based 1 Doc, to attract even a sniff of an interest from a serious fund.
NOT having Creador as an investor is a BIG MINUS for 1 DOC, because Creador would have definitely been able to impart some ethical philosophy into I Doc Caring's management team.
This is not a case of the barbarians waiting at the gate, but rather, we have here are vultures demanding the very last piece of meat, knowing fully well by doing so, they will be causing extreme pain for future would be minorities.
THE 1 DOC board, mostly made up of friends have a huge pile of related party transactions, which the company shamelessly admits were nor transacted at on an arms length basis or that it cannot determine if they were transacted on an arms length basis.
THOSE sorry details are on pages 226 to 248 of the company's prospectus, but that's not really the story here.
THE story is about not having class, and 1 Doc doesn't dissapoint on this front, where basically investors are told that the company intends to pay out more than it earned in 2025 to current shareholders in the event the IPO is approved.
``We also intend to pay additional dividends of up to RM75 million in respect of FYE 2025 to the respective shareholders prior to our Listing, using our Group’s internally generated funds," as stated on page 14 of the draft prospectus.
For the record, prior to this FYE2025, 1 Doc has already paid out RM40 million from the profit after tax it earned amounting to RM67.60 million. [Page 13 of draft prospectus].
WILL 1 Doc be as generous as now, if it gets listed on Bursa Malaysia? Well the company has a big CAVEAT , stating it will be at the discretion of the board.
BUT that's not all....wait for the next part.
*IF you require to fast check any of the above figures on 1 Doc's lack of class, READ: you can download the prospectus at the SC website.