The four firms are Selinsing, Good Hope, Indo Malay and Shalimar, the Group said in separate stock exchange filling.
“The firms also seek Securities Exchange Commission approval to remain listed without the qualifying minimum public float for a further year from 31 December,”
“SEC rules require listed firms to have minimum of 15 percent public float with 500 shareholders.’
Carsons said past three years have seen a slowdown in global economic outlook presenting multiple challenges to the palm oil industry.
“The global commodities market has witnessed a downturn along with a sharp decline in crude oil prices. Crude palm oil prices too have seen a similar trend with prices reaching a five year low,” it added.
“As a result of these volatile macroeconomic and industry conditions, returns for shareholders of the firms have gradually declined over the past four years as already indicated in Annual Report of the companies.”
(also note the companies in Malaysia states that there is no more land for them to plant any more palm trees as price have come down and massive urbanization taking place in Malaysia.)
Is this the beginning of the end of these companies high profitability ??????
GAINER PLS COMMENT as you were writing many articles about them in the last months...it will be good for others too.