PUC

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PUC’s auditor expresses qualified opinion on its FPE2024 financial statements

By John Lai

UHY had expressed a qualified opinion on its audited financial statements for the 18 months ended June 30, 2024 (from Jan 1, 2023 to June 30, 2024).

This came as the external auditor could not find sufficient and appropriate evidence to verify the carrying amount of the group's investment in Pictureworks International Holdings Ltd and its subsidiaries (PW Group), as well as the share of PW Group's loss after taxation for the financial period.

This is because the auditor could not obtain access to the financial information from auditors of PW Group within the audit period. Consequently, it was unable to determine whether any adjustments might have been found necessary to these balances.

Based on the equity method, UHY said PUC’s investment in PW Group had a carrying amount of RM28.59 million on its consolidated financial position, with the group's share of PW Group's loss after tax amounting to RM1.78 million.

In response, PUC said it would work closely with UHY to follow up to obtain clearance from PW Group’s auditors on the audited statements, expected to be completed within financial year ended June 30, 2025.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/733875

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1Q Results:-

Revenue: -68%; RM 4.8m
Profits: -780%; Losses RM 11.4m
Net Asset: RM 0.048

https://www.bursamalaysia.com/market_in ... id=3504885

https://disclosure.bursamalaysia.com/Fi ... TTACHMENTS

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PUC BERHAD (“PUC” OR THE “COMPANY”) (I) (II) PROPOSED ACQUISITION; PROPOSED SIS TERMINATION; AND (III) PROPOSED SIS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)

https://disclosure.bursamalaysia.com/Fi ... TTACHMENTS

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Loss-making PUC Bhd (KL:PUC) is acquiring Alevate Solutions Sdn Bhd (ASSB) for RM100 million, funded entirely by issuing 800 million new shares at 12.5 sen each, a 212.5% premium to its recent closing price of 4 sen.

This deal replaces an earlier RM200 million agreement to buy both ASSB and Alevate Capital Sdn Bhd, which was scrapped over pricing disagreements.

After the acquisition, ASSB's sole shareholder, Tham Lih Chung, will hold a 22% stake in PUC’s enlarged share capital.

Source: The Edge

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PUC drops money lender acquisition, proceeds with digital marketing firm buy for RM100m in all-share deal

By Syafiqah Salim

Loss-making PUC Bhd (KL:PUC) is buying the entire stake in digital marketing and business management consultancy Alevate Solutions Sdn Bhd (ASSB) for a purchase consideration of RM100 million.

The acquisition will be fully financed through the issuance of 800 million new shares in PUC, priced at 12.5 sen each. The shares will be issued to Tham Lih Chung (TLC), the sole shareholder and director of ASSB, according to PUC’s bourse filing.

On ASSB, TLC has also guaranteed that the target acquisition company will achieve a minimum aggregate profit after tax of RM12.5 million for the Jan 1, 2025-Dec 31, 2026 period.

The exercise is expected to be completed by 2Q2025, with TA Securities serving as principal adviser.

As of the end of September this year, PUC’s cash and bank balances, along with fixed deposits in licensed banks, totaled RM1.36 million. The company’s total borrowings amounted to RM4.09 million.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/738077

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Malaysia-based photography company Pictureworks International Holdings files for an $8 million US IPO

December 26, 2024

Pictureworks International Holdings, a Malaysia-based provider of photography services focused on theme parks, filed on Thursday with the SEC to raise up to $8 million in an initial public offering.

The company provides imaging services throughout Malaysia, Singapore, Hong Kong, Macau, and mainland China, with a focus on theme parks, tourist attractions, and pop culture events.

The company captures, processes, and stores images, and distributes them to visitors as souvenirs. The company says it has captured over 30 million images, and has over 3 million registered users on its website and mobile app.

The Petaling Jaya, Malaysia-based company was founded in 2003 and plans to list on the Nasdaq under the symbol PICW. Pictureworks International Holdings filed confidentially on September 26, 2023. Cathay Securities is the sole bookrunner on the deal. No pricing terms were disclosed.

Source: Renaissance Capital

https://www.renaissancecapital.com/IPO- ... dings-file

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PUC’s associate Pictureworks files for IPO on Nasdaq in US

By John Lai

PUC Bhd’s 27.53%-owned associate, Pictureworks International Holdings Ltd, has filed for a listing on Nasdaq in the US. It will utilised 30% of the net proceeds raised from the IPO for business development and operations, and another 30% for research and development.

PUC bought a 33% stake in Pictureworks Holdings Sdn Bhd for RM52.8 million in April 2018. The company also announced a proposal to acquire the remaining 67% stake in Pictureworks for RM167.5 million in January 2019 before aborting in June 2020 due to the Covid-19 pandemic.

Other than PUC, the other major shareholders include PUC group managing director Cheong Chia Chou who owns 35.22% in Pictureworks, followed by Superb Go Sdn Bhd with 16.68% stake, Big Tree Global Network Ltd, Marvelous Culture and Film Ltd, and Winfiniti Group Ltd, each owning 4.9%.

For the six months ended June 30, 2024 (1HFY2024), Pictureworks reported a higher net loss of US$642,770 compared to a net loss of US$226,383 in the same period last year even as its revenue grew 10% to US$1.36 million.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/739149

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PUC changes substantial shareholders

By John Lai

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/739181

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ANNOUNCEMENT ON THE PROPOSED LISTING OF PICTUREWORKS INTERNATIONAL HOLDINGS LIMITED ON NASDAQ

https://disclosure.bursamalaysia.com/Fi ... TTACHMENTS

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2Q Results

Revenue: -20%; RM 5.3m
EPS: Loss RM 6m
Net Asset 0.045

https://www.bursamalaysia.com/market_in ... id=3530128