Immediately on 1st March, the ompany came out with an assurance to stem the tide of selling panic.
It draw attention to the technical reason that Ramunia was classified under PN17. The PN17 criteria was triggered resulting from Ramunia's auditors expressing a modified opinion with emphasis on Ramunia's going concern in the Company's latest audited consolidated financial statements for the financial year ended 31 October 2009 and Ramunia's shareholders’ equity on a consolidated basis is less than 50% of the issued and paid-up share capital of Ramunia. However, the group’s NTA remain positive.
In the notification, not withstanding Ramunia’s current PN 17 status, the disposal of the Teluk Ramunia Fabrication Yard is ongoing and is expected to be completed by April 2010.
Upon completion of their disposal, the group’s NTA is expected to remain positive and improve to a net cash position. The group has started exploring and considering options to revive and reorganize its core businesses and as part of its regularization plan to address its PN 17 status.
Well, hopefully this announcement will douse the fires of panic selling yesterday. It recovered 3 sen to 23.5 sen today. Unless ,there are still more weak-kneed sellers in the woodwork,hopefully it can recover at least another 10 sen before the week is out.
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