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Get in at this price will not regret
xin9999 ( Date: 30-Apr-2013 09:09) Posted:
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Another RTO?
Singapore Stymies Myanmar Mogul Zaw Zaw's Bid for Listing
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The transaction also is subject to Aussino's compliance with the Singapore Exchange's listing rules, but Aussino said Friday its financial adviser believed the company wouldn't be able to comply with them. The company has consistently booked pretax losses in recent years, which landed it on the exchange's watch list for delisting in 2011. It could be delisted if it doesn't return to a profit by September.
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wanna get in just now @ 0.097...finger not fast enough > <
now it is abit too late and risky right...
anyone could advise?
Buy back shares in progress
Channel News Asia report: http://www.channelnewsasia.com/news/business/singapore/sgx-rejects-myanmar-tycoon-s-backdoor-li/658130.html
Any short is an opportunity to long...
Can Aussino take loan to go back to their basic on liner businesses ? So far otang 3 millions after revenue minus all expenses minus total liabilities n make lost on financing lately, so total only 3 millions..Can anyone lend money to Aussino?
U cannot short, very dangerous too, if delisted , u have to pay for the balance too just like long...
ace333 ( Date: 29-Apr-2013 15:18) Posted:
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One of Myanmar's most powerful businessmen lost his bid to skirt international sanctions and tap foreign capital markets after Singapore regulators torpedoed his planned backdoor listing in the city-state, citing U.S. sanctions against the tycoon and concerns over his company's human rights and business record.
Construction and mining magnate Zaw Zaw had planned to merge his gas-station business with Singapore-listed home and bedding retailer Aussino Group Ltd. (A15.SG) through a process known as a reverse takeover. This would have given him control over a publicly traded company in Singapore and access to the city-state's deep capital markets.
His gambit, announced in July, could have provided a blueprint for other Myanmar businesses that want to raise more money to fend off cash-rich foreign companies, which are seeking a foothold in the Southeast Asian nation that has recently emerged from decades of military rule and isolation.
But Singapore Exchange Ltd. (S68.SG) has refused to review the plan " as major issues have not been adequately resolved," Aussino said Monday in a statement.
The bourse cited concerns over Mr. Zaw Zaw's presence on a U.S. sanctions list, and allegations of human-rights violations and tax investigations by Myanmar authorities against the tycoon's Max Myanmar Group of Cos. The exchange also had reservations over Aussino's future access to land critical to its operations after the proposed merger, and the fact that Mr. Zaw Zaw's gas-station company had large cash deposits in the tycoon's own Ayeyarwady Bank, which is also subjected to U.S. sanctions.
An Aussino spokesman and a Singapore Exchange spokeswoman didn't immediately respond to requests for comment. Mr. Zaw Zaw also wasn't immediately available for comment.
Mr. Zaw Zaw's Max Myanmar business empire is one of the country's biggest, with interests in resources, construction, hotels and banking and around $500 million in annual revenue. Like other Myanmar companies, though, it has limited access to capital under Myanmar's antiquated financial system, which also has no corporate-bond market and no major stock exchange.
A reverse takeover, also known as a reverse merger, involves a private company merging with a publicly traded shell to gain access to capital markets. Analysts say reverse mergers can serve as a quicker, less expensive way for companies to go public than an initial public offering and also lets companies avoid some of the scrutiny that comes with a typical IPO.
If Mr. Zaw Zaw's plan had succeeded, Max Myanmar would have gained majority control of Aussino, allowing him to raise cash through share sales in Singapore and fund an expansion of his gas-station network across Myanmar. While Myanmar is considering creating a stock market, officials say that likely won't happen until at least 2015.
It wasn't immediately clear if Mr. Zaw Zaw would try other means to complete the deal, which is conditional upon Aussino's compliance with the Singapore Exchange's listing rules.
Aussino said Friday its financial advisor believes the company wouldn't be able to comply with those rules. The company has consistently booked pretax losses in recent years and faces a potential delisting if it doesn't return to profitability by September.
Mr. Zaw Zaw, 46 years old, was added by the U.S. Treasury Department in 2009 to its list of Specially Designated Nationals, which names more than 100 Myanmar nationals whose assets are blocked by Washington and are barred from doing business with Americans. Many of these businessmen were considered cronies of Myanmar's former military dictatorship and continue to hold influential business positions under the administration of President Thein Sein, a nominally civilian reformist government composed in large part of former generals.
Mr. Zaw Zaw has denied being a crony of the old military regime. U.S. diplomatic cables released on the WikiLeaks website revealed that U.S. authorities believed that Mr. Zaw Zaw sought contracts and permits from the former military government--which had been linked to human-rights violations--by volunteering to work on the regime's marquee projects.
U.S. business leaders have complained that Washington's remaining sanctions on Myanmar are stopping them from investing in one of the world's hottest frontier economies, while allowing European and Asian rivals to steal a march on them.
The U.S. Treasury Department in February eased sanctions against four of Myanmar's largest banks--including Mr. Zaw Zaw's Ayeyarwady Bank--by allowing U.S. financial institutions to do business with these lenders. But U.S. companies are still barred from investing in these banks, or partnering them in joint ventures.
Construction and mining magnate Zaw Zaw had planned to merge his gas-station business with Singapore-listed home and bedding retailer Aussino Group Ltd. (A15.SG) through a process known as a reverse takeover. This would have given him control over a publicly traded company in Singapore and access to the city-state's deep capital markets.
His gambit, announced in July, could have provided a blueprint for other Myanmar businesses that want to raise more money to fend off cash-rich foreign companies, which are seeking a foothold in the Southeast Asian nation that has recently emerged from decades of military rule and isolation.
But Singapore Exchange Ltd. (S68.SG) has refused to review the plan " as major issues have not been adequately resolved," Aussino said Monday in a statement.
The bourse cited concerns over Mr. Zaw Zaw's presence on a U.S. sanctions list, and allegations of human-rights violations and tax investigations by Myanmar authorities against the tycoon's Max Myanmar Group of Cos. The exchange also had reservations over Aussino's future access to land critical to its operations after the proposed merger, and the fact that Mr. Zaw Zaw's gas-station company had large cash deposits in the tycoon's own Ayeyarwady Bank, which is also subjected to U.S. sanctions.
An Aussino spokesman and a Singapore Exchange spokeswoman didn't immediately respond to requests for comment. Mr. Zaw Zaw also wasn't immediately available for comment.
Mr. Zaw Zaw's Max Myanmar business empire is one of the country's biggest, with interests in resources, construction, hotels and banking and around $500 million in annual revenue. Like other Myanmar companies, though, it has limited access to capital under Myanmar's antiquated financial system, which also has no corporate-bond market and no major stock exchange.
A reverse takeover, also known as a reverse merger, involves a private company merging with a publicly traded shell to gain access to capital markets. Analysts say reverse mergers can serve as a quicker, less expensive way for companies to go public than an initial public offering and also lets companies avoid some of the scrutiny that comes with a typical IPO.
If Mr. Zaw Zaw's plan had succeeded, Max Myanmar would have gained majority control of Aussino, allowing him to raise cash through share sales in Singapore and fund an expansion of his gas-station network across Myanmar. While Myanmar is considering creating a stock market, officials say that likely won't happen until at least 2015.
It wasn't immediately clear if Mr. Zaw Zaw would try other means to complete the deal, which is conditional upon Aussino's compliance with the Singapore Exchange's listing rules.
Aussino said Friday its financial advisor believes the company wouldn't be able to comply with those rules. The company has consistently booked pretax losses in recent years and faces a potential delisting if it doesn't return to profitability by September.
Mr. Zaw Zaw, 46 years old, was added by the U.S. Treasury Department in 2009 to its list of Specially Designated Nationals, which names more than 100 Myanmar nationals whose assets are blocked by Washington and are barred from doing business with Americans. Many of these businessmen were considered cronies of Myanmar's former military dictatorship and continue to hold influential business positions under the administration of President Thein Sein, a nominally civilian reformist government composed in large part of former generals.
Mr. Zaw Zaw has denied being a crony of the old military regime. U.S. diplomatic cables released on the WikiLeaks website revealed that U.S. authorities believed that Mr. Zaw Zaw sought contracts and permits from the former military government--which had been linked to human-rights violations--by volunteering to work on the regime's marquee projects.
U.S. business leaders have complained that Washington's remaining sanctions on Myanmar are stopping them from investing in one of the world's hottest frontier economies, while allowing European and Asian rivals to steal a march on them.
The U.S. Treasury Department in February eased sanctions against four of Myanmar's largest banks--including Mr. Zaw Zaw's Ayeyarwady Bank--by allowing U.S. financial institutions to do business with these lenders. But U.S. companies are still barred from investing in these banks, or partnering them in joint ventures.
hopefully not ATAP house trader.....LOL
Faster exit...
hse trader buy and sell at 099c t s
u wan some?....LOL
xxxdeal at 97c t s
those still hold the shares... advice to exit...
this share no hope already
LOL....now can only short till it DIE......
shortist pacnics bombard
Prices was slammed down early in the morning. Very scary.
http://stockmarketmindgames.blogspot.sg/2013/04/the-aussino-slammed-down.html
nvm ....fight another day....LOL
merlin_magic ( Date: 29-Apr-2013 13:33) Posted:
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