MAHB management should investigate why such critical project was awarded to a company with no proven track record in the first place, why no financial close affirmed by pestech upon commencement, why MAHB not coming in earlier for delay encountered etc etc..too many why's...country image at stake..#MACC
IJM offer still in paper work, nothing is nailed. Question now what are IJM next move? Revise lower or retract it, as what stated in proposals, few key assumption, rationale & benefit no longer stand.
i- In rail systems, PESTECH Group has a proven track record and an experienced engineering team with the requisite technical expertise ii - It is envisaged that PESTECH Group’s outstanding order book of RM1.56 billion as of 31 March 2023, as well as future projects, will contribute positively to IJM Group. iii- The entry of IJM as a strategic investor in PESTECH Group, pursuant to the Proposed Subscription will enable them to pursue tenders for future infrastructure projects in Malaysia, such as the KVDT 2 System, Mass Rapid Transit Line 3 (MRT 3) and the Penang LRT System as well as the Southeast Asia (“SEA”) region.
Many of these are gone and Pestech execution ability are tainted, not once (termination on Gemas-JB EDTP with YTL) but twice in a row (aerotrain with MAHB). With such bad track records, IJM will hv bad start in tendering if still go with Pestech.
IJM most likely review the offer currently, as Pestech obviously become a liability to them for upcoming rail projects bidding.
It is surprising despite the termination of the MAHB contract, i was expecting the share price to drop at least 10-15% but yet there is buying support. It is intense. Maybe i am wrong. I wonder if there is fund managers support. I doubt if retailers would jump in knowing the history of this stock. Your thoughts??
Quite clear, "based on the article from leak source lately", IJM actions are telling aerotrain portfolio fr Pestech are among most important to them, took action even before secured ownership in Pestech officially on paper. However, based on news flow and timeline, their visit at first week of Aug, but MAHB still proceed with termination on 3rd week of Aug after their proposal. and Pestech response with potential legal response at worse after the termination announcement. And news flow followed by MAHB are invite participants for the tender early this week (4th week of Aug). So this "source" are publicized "proposal" as public pressure to MAHB as final attempt?
The airport train project is lost and recovered? It is rumored that Pestech is looking for Ipoh engineering help (Kuala Lumpur, 25th) According to rumors, Pestech International (Pestech, 5219, motherboard industrial product service group), which was canceled at the airport train contract), will suggest that the major shareholder Ipoh Engineering (IJM, 3336, Main Board Construction Group) will form a joint venture to promote This project strives to complete 3 months in advance to fight for the project restart. The "Star" quoted people familiar with the matter and said that the senior management of Ipoh Engineering and Pestech International has met with the management of the Malaysian Airport (5014, Main Board Transportation Logistics Group), and proposes a proposal for the airport train project worth RM743 million. Pestech International has obtained the airport train project through the wholly -owned subsidiary Pestech Technology Personal Co., Ltd.. According to the above proposal, Pestech International recommends transferring 50%of Pestech Technology to the joint venture company, and changed from the Ipoh engineering leading airport train project to ensure Can be completed as scheduled. The original proposal of the airport train project was March 2025. The person said: "The airport trains have been fully closed. If this advantage is used well, the new project will be completed in December 2024, which will be compared to the original date. Completed 3 months in advance. "It is reported that Ipoh Engineering and Pestech International guaranteed to Malaysia Airport at the conference that because the airport train project has completed about 40%of the project, it is only about two months. "Upper" progress. Lin Peichuan, director of Pestech International, told the Star that after the airport train project was canceled, the company and Ipoh's engineering had indeed made new proposals to Malaysian airport management, but he refused to disclose more details. On August 16, Pestech International received a notice from Malaysia Airport to terminate the airport train project. According to rumors, Malaysia Airport is considering launching restricted bidding activities, and only allows other companies such as MMC institutions (MMCCORP) to participate in the progress of airport train projects.
I believe this company will be interrupt by continuous impairment for coming few quarter. this will causing management team lost focus on project delivery and possible impact other healthy project's progress.
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