TALAM CORPORATION BERHAD
Symbol & Code : TALAM (2259) Board : Main Industry : Properties
Put aside politics and please do not read this article if you're think I'm into politics. No way!
Taking over Talam by the Selangor Government with Tan Sri Khalid at helm for debt recovery exercise is something unexpected by many quarters.
I was curious during the preliminary stage of takeover of Talam with so much debts, disgruntled buyers of stalled housing projects, negative rumours and speculations, PN17 etc. but yet why did Tan Sri decided that this is fine by his standards? I think everyone knows who Tan Sri is and how vast is his corporate experience in the market (yes, I did take that into account as well - I noticed the familiar management styles are still maintained)
So, I keep monitoring with some assistance from friends (analysts) then, things started to move, I must say, I'm quite impressed - in such a short time - they keep the good things coming, I now see prospects of turnaround.
1) Selangor Government recovered RM50mil of the RM391.7mil owed to Talam and the money will be channelled via Qardhul Hassan Islamic Banking - an Islamic mechanisme to assist the poor among others - teaching them business and managing money via microcredit schemes.
2) 10% set aside for sand mining project
3) Bonus for more than 6500 village heads
4) Efforts to solve problems of abandoned projects by working together with private sector and government and form up a special task force, (some have been solved!! - yes there will still be dissatisfied buyers but at least something has been done which is better than nothing at all)
5) entering agreement with Menteri Besar Selangor (Inc) to settle RM241.4mil owing to the latter via disposal of properties and RM12.7mil cash - settlement is expected within six months.
Ok..is everything in order?
No...not necessarily.
I browse through the corporate website and found out whatever I've written herein or in the dailies are not included in their 'annoucement' (or was it Newsroom?)
I wonder why....news of this magnitude should have been updated in their website as the investors are looking into it but again Talam may have other strategies.
a) Low profile?
b) Sleeping giant awaiting for the right time to wake up?
c) or just too busy to update?
Whatever the case maybe, Talam is worth monitoring.
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