atans1

Asiasons: Hero to Zero to …

In Financial competency, Private Equity on 08/05/2014 at 5:13 am

I looked at it when it fell to 40cents. But decided to give it a miss as its financial statements didn’t help me understand the company. A few weeks ago, I tot of buying a few hundred thousand shares at 5 cents on the premise that nothing could go wrong given that chairman and one of the controlling shareholders  Mohammed Azlan Hashimwho is also a director of Malaysian sovereign wealth fund Khazanah. Mohammad Azlan is also the former executive chairman of the Kuala Lumpur Stock Exchange*.

I also had a lot of respect for the guys behind the co based on their actions: see above link.

But I was in no hurry: didn’t see the stock going anywhere. I’ll let yesterday’s BT take up the story:

Asiasons Capital shares have suffered much pain but, unlike many of its penny stock cohorts, the private-equity firm and its top executives are not being investigated by Singapore’s white-collar crime buster for possible breaches of securities laws.

After getting battered to a low of 3.8 cents on Monday, Asiasons shares gained some ground yesterday, ending the day some 5 per cent higher at four cents, still a far cry from the high of $2.83 it hit last October days before the stock came crashing down.

Amid the penny stock controversy surrounding trading in its shares and investigations into several firms linked to it by the Commercial Affairs Department (CAD), one of Asiasons’ founders and chairman, Mohammed Azlan Hashim, has called it a day at the firm.

On April 28, the firm said the 57-year-old, a prominent corporate figure in Malaysia, had volunteered to retire as non-independent and non-executive chairman, a post he had held for seven years.

He now only has a 3.8%  direct interest in Asiasons. Previous in addition to this he had deemed interests of 50% (along with others) via other vehicles. Ng Teck Wah,  one of the joint MDs too is resigning, though he retains his deemed interests.

This leaves only Datuk Jared Lim Chih Li is a co-founder and Joint Managing
Director of Asiasons Capital Limited and also a director of
Chaswood Resources Holdings Ltd. Datuk Jared was formerly
a Non-Executive Director of ISR Capital Limited and he
retired on 25 April 2013.
Datuk Jared is the visionary behind the setting up of an
Asian-owned and Locally-grown private equity fund and
conceptualized Asiasons’ investment model of combining
traditional value enhancing exercises with branding, design
and online strategies.
Prior to the formation of the Asiasons Group in 2007, Datuk
Jared was an investment banker with Avenue Securities and
was responsible for the setting up of the corporate finance
unit, eventually building it up to a 40 man strong unit with a
strong track record in Equity offerings, Restructurings, M&A
and Bond Issues. Datuk Jared built a niche in Malaysia in cross
border equity offerings involving PRC enterprises, which
eventually led to his conviction that it was timely to start an
Emerging East Asian private equity model.
Datuk Jared is also a successful entrepreneur and is the
Chairman of the privately owned Be Group in Malaysia. The
Be Group is a boutique style Property and Lifestyle Group
comprising award winning properties and award winning
lifestyle brands in food and beverages and Wellness.
Datuk Jared has a Bachelors degree in Economics and
Accounting from the University of Bristol and obtained a First
Class in Masters of Finance from the University of Hull and
the Chartered Financial Analyst (CFA) qualification.
(From 2013 annual report)

Is he worth a punt?

——

*Dato’ Mohammed Azlan is the co-founder and Chairman of
Asiasons Capital Limited and also the Chairman of Chaswood
Resources Holdings Ltd. He is the senior statesman in the
Asiasons Group and is an established corporate figure with
interests in Malaysia and Singapore. He is instrumental in
building Asiasons’ relationships with government authorities
and large corporates across the region and provides Asiasons
with strong governance credibility given his previous tenure
as Executive Chairman of Kuala Lumpur Stock Exchange and
current quasi governmental roles.
He has extensive experience in the corporate sector
especially in financial services and investment management.
Aside from his tenure as Chairman of the Stock Exchange
in Malaysia, he also served as Group Chief Executive of
Bumiputra Merchant Bankers, Group Managing Director of
Amanah Capital Malaysia Berhad.
Dato’ Azlan is currently a Board Member of various
government and government related organizations including,
Labuan Financial Services Authority, Khazanah Nasional
Berhad (the investment arm of the Government of Malaysia).
He also serves on the Investment Panels of Employees
Provident Fund of Malaysia and the Malaysian Government
Retirement Fund Incorporated. He is also currently Chairman
of various public listed entities in Singapore, Malaysia, and
United Kingdom, including D&O Green Technologies Berhad,
SILK Holdings Berhad, Aseana Properties Limited, Scomi
Group Bhd and Deputy Chairman, IHH Healthcare Berhad.
A Chartered Accountant by profession, Dato’ Azlan
graduated with a Bachelor of Economics from Monash
University, Australia. He is a Fellow Member of the Institute
of Chartered Accountants, Australia, Malaysian Institute
of Directors, Institute of Chartered Secretaries and
Administrators, Member of Malaysian Institute of Accountants,
and Honorary Member of Institute of Internal Auditors
Malaysia.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: