Will this Impact Time Engineering?

TIME dotCom Bhd (TdC), through wholly-owned subsidiary, Hakikat Pasti Sdn Bhd, has disposed of 27.75 million shares in DiGi.Com Bhd for RM604.95 million, or RM21.80 apiece, via private placement.

CIMB Investment Bhd, in an announcement to Bursa Malaysia on behalf of TdC, said the sale would reduce TdC's interest in DiGi.Com to 27.5 million shares, or 3.5 per cent.

“The disposal will result in an estimated gain about RM5.33 million (before taking into account tax effects, if any) to TdC for the financial year ending Dec 31, 2009,” it said.

It said TdC was also expected to enjoy pre-tax interest savings of RM23.4 million per annum going forward as a result of the full repayment of bank borrowings with the net proceeds from the disposal.

"However, it will no longer enjoy any future dividends declared on the shares disposed," it said.

On the rationale for the disposal, CIMB said market conditions had improved recently, as evidenced by the performance of the FTSE Bursa Malaysia KLCI Index, which has been recording an uptrend since its 52-week low of 829.41 points on Oct 29, 2008 to 1,171.09 points on Aug 25, 2009.

It said the price performance of DiGi.Com shares had improved from their 52-week low of RM17.32 on Oct 31, 2008 to RM21.98 on Aug 25, 2009.

CIMB said given the current improved market conditions and DiGi's share price, and in line with its prudent debt management practices, TdC has decided to fully settle its borrowings which were taken to finance its investments in securities.

"The disposal will enable the TdC group to raise funds to achieve this objective," it said.

So how would this new development going to impact upon a newly restructured Time Engineering Berhad? would its share in TdC be worth much more now?

Genting Revenue dropped by 26%

It was to be expected.

Malaysian conglomerate Genting reported lower second quarterly earnings for 2009 as the economic crisis hit its casinos and palm plantation businesses.Genting is mildly expectant that its casino takings may improve given improved prospects for the economy.

"With the forecast turnaround in the global economic outlook, Genting Malaysia Group is cautiously optimistic (concerning) its prospects," it said in a statement.

However, its casinos in the United Kingdom is expected to remain weak due to the still gloomy economic outlook there, it said.

Second-quarter net profit fell 26 per cent from a year ago to 214.49 million ringgit ($60.86 million).

"The Genting Highlands Resort experienced weaker luck ... in the premium players business" though volumes rose, added Genting.

In the UK, higher revenue was offset by a weakening of the pound against the ringgit.

Analysts in Malaysia do not provide quarterly earnings forecasts, but 20 analysts polled by earnings tracker IBES ahead of the results projected Genting's full-year net profit at 1.02 billion ringgit.

In June, Genting bought a 3.2 per cent stake in MGM Mirage, the biggest casino operator on the Las Vegas Strip, sparking market talk Genting could buy out MGM's stake in its Macau's business.

Its unit Genting Singapore is building Singapore's second integrated casino resort and is also the largest casino operator in the United Kingdom.

Genting also has interests in oil palm plantations, power generation and property development. Its associate Star Cruises is Asia's largest cruise operator.

Genting shares have gained 78 per cent so far this year, outpacing the wider market's 34 per cent gain. They traded up 1.1 per cent ahead of the results announcement.

Bye, Ted!

Teddy Kennedy, the last of the three Kennedy brothers passed on yesterday. He was 77. He could have been a US president but fate dealt him a blow when he had that accident in Chappaquiddick where Mary Jo Kopecne died in the icy waters. His indiscretion of not making a police report on the accident and drowning cost him a great political future. Ted was Senator and a big wig of the Democrats. God bless his soul.

H1N1 deaths marches on unabated....

These days people are more concerned about their health. You see people all masking up when they leave the house either for work or to go to college and schools.The government can do so much. So far, 70 people have succumbed to the deadly H1N1 virus.

So, we have to take care of ourselves. Currently there are H1N1 vaccine kits sold for RM180. It is not expensive. We should avail ourselves to them. We can never get enough of protection. It's good to have the seasonal Influenza A shot just to boost our antibodies to face the current potential onslaught of the H1N1 virus.

Soil-less Planting of Vegetables and Fruits.

A new device may soon come into the market which will enable you to grow your own fruit and vegetables without using any soil.As such you can possibly reduce your grocery bills if you want. Through this manner of growing, you dispense with the slugs, dirt and physical labour of planting, not to mention freeing you tiem to do other things.

This scientific method, via a machine called the Power Plant, grows crops and flowers without any soil.It is a NASA technology used by by astronauts to grow fresh fruit and vegetables while in space. Here,seeds are placed on to a 'grow sponge' and a mains-generated microjet system sprays them with oxygenated, nutrient-rich water.

The device can be used to grow fruits such as strawberries and small vegetables such as beans and peas, and is also perfect for herbs such as basil and coriander.

Just fancy that! Hope it hits the market soon!

That Extra from Wal-mart.....

This is one funny joke. Do laugh at glee speed and at a few octaves higher!

One day, in line at the company cafeteria, Joe says to Mike behind him, ‘My elbow hurts like hell. I guess I'd better see a doctor.' 'Listen, you don't have to spend that kind of money,' Mike replies. 'There's a diagnostic computer down at Wal-Mart. Just give it a urine sample and the computer will tell you what's wrong and what to do about it. It takes ten seconds and costs ten dollars . . . A lot cheaper than a doctor.'

So, Joe deposits a urine sample in a small jar and takes it to Wal-Mart. He deposits ten dollars and the computer lights up and asks for the urine sample. He pours the sample into the slot and waits. Ten seconds later, the computer ejects a print-out:

'You have tennis elbow. Soak your arm in warm water and avoid heavy activity.It will improve in two weeks. Thank you for shopping @ Wal-Mart.'

That evening, while thinking how amazing this new technology was, Joe began wondering if the computer could be fooled. He mixed some tap water, a stool sample from his dog, urine samples from his wife and daughter, and a sperm sample for good measure. Joe hurries back to Wal-Mart, eager to check the results. He deposits ten dollars, pours in his concoction, and awaits the results.

The computer prints the following:

1. Your tap water is too hard. Get a water softener. (Aisle 9)
2. Your dog has ringworm. Bathe him with anti-fungal shampoo. (Aisle 7)
3. Your daughter has a cocaine habit. Get her into rehab.
4. Your wife is pregnant. Twins. They aren’t yours. Get a lawyer.
5. If you don't stop playing with yourself, your elbow will never get better!
Thank you for shopping @ Wal-Mart.

A Funny Thing Happened on the way to.....

Well, the proxy papers did not arrive. A lady at the registration counter promised to help us perhaps by putting us on the invitee lists, if the Directors should have no objection. Then came the Company Secretary. With her stern countenance, she satred at us and disagreed. so, do not only expect only bureaucracy and inflexibility in the government service. They are inflexible in public listed companies too. I then asked her who I can talk to to resolve this problem. He pointed me to someone in a black suit-I think he could be the Chairman. He listened to my tale of woe but stood his ground. It was a negative. No proxying without proper forms formally lodged.I told him I am not interested in breaking the rules of his company as well as the Companies Act. All I asked was for him to help save the situation as suggested by the Secretary that we be placed on the Invitee List. This did not cut either. It was a flat No! So, we requested if he could resolved our car-park payment as it has cost us money just to come for the meeting from so far away. I guessed he felt that he did not want any more hassle or trouble from us. He then quickly fished out RM10 from his wallet to pay for the parking charges. I guess it was his way to summarily get rid of us! That he succeeded!

I do not blame QL for the trouble we were in this morning but I thought the Chairman or whoever he was, could have save us the day by making us invitees.

After all, there were not many who were in the same quandary as us this morning! Sadly, it was just poor goodwill on his part. A shame, I would say for a company that made RM1 billion+ per year!