4 then; it loved institutional ownership with significant holders in international pension money and insurance money (AIA); it was an area of the FTSE Singapore Index. It had been a semi-blue chip. In retrospect, the hastiness to create a platform for repeated earnings, coupled with bad timing, led to the downfall. Year 25M the following.
That was about half its equity. 20M worth of bad receivables in its declining Russian operations badly. Then in 2000, the ongoing company announced that it could convert itself into an online company, planning to spin off or close down existing non-internet operations. Over 2001 till now, the mixed group has been loss-making. It would appear that from a case of extraordinary losses in 1998 (because of the Russian rouble debacle), corporate provisions and write offs associated with its various diversified investments had become recurring items on the P&L statement. In Russia, it discontinued its restaurant operations, as well as consumer car and plastics garage area functions.
In Australia and Singapore it turns off switchboard factories and digital distribution companies. It also had to scale down its tooling and plastic molding procedures eventually, shutting down the plant life in Malaysia and Mexico after many years of continual loss without turnaround around the corner. And the last few years were bull years! 500-600M in the mid-1990s. 50M. That is clearly a drop by more than 10 times, arises from rights concern notwithstanding. For the last lesson Now. Acma was one of Oei Hong Leong’s investments; OHL is recognized as the man with the Midas touch and there are many who aped his buys.
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But the media will publicize his successes (Natsteel, Jurong Engineering), but his investment losses are obviously less newsworthy, thus leading to the general public understanding of his infallibility. China Strategic, OHL’s investment vehicle, through the year as the group announced their Internet ventures bought into Acma in middle-2000 and continued to accumulate. By the next couple of years China Strategic had sold-out at huge losses. Probably it cost him several million dollars.
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