KUALA LUMPUR, April 19 — Tricubes Bhd’s RM50 million contract to develop the 1 Malaysia email service could be the financial lifeline of the information technology firm which is at risk of being delisted from Bursa Malaysia as early as October 29 unless it gets its finances in order.Prime Minister Datuk Seri Najib Razak announced today the company will provide secure email accounts for those above 18 years of age to be used for official communication with the government although many Malaysians say priority should be for utilities rather than an email account
His announcement brought focus on the little-known ACE-listed company, which triggered Bursa Malaysia Securities’ Guidance Note 3 (GN3), paragraph 2.1(f) last year when auditors “expressed a modified opinion with emphasis on Tricubes’ going concern in the latest audited financial statements for the financial year ended March 31, 2010”, according to a filing made by Tricubes on October 29, 2010.
The same filing stated: “If the Company fails to comply with any part of its obligations indicated above, Bursa Securities shall: suspend the trading of the Company’s listed securities on the next market day after 5 market days from the date of notification of suspension by Bursa Securities; and delist the Company subject to the Company’s right to appeal against the delisting under Rule 8.04(6) of the ACE LR.”
Tricubes had earlier tried and failed to get a waiver from Bursa Securities to comply with the GN3 requirements.
As a GN3 company, Tricubes has to submit and implement a regularisation plan, appoint a sponsor until it is no longer deemed a GN3 company, retain the services of a sponsor for three full financial years after the company is no longer considered a GN3 company and announce the status of its regularisation plan monthly.
Tricubes’ latest filing to Bursa Malaysia on April 1 indicates that it is still in the process of regularising its finances.
According to previous filings, there have been “no major developments” since Tricubes was declared a GN3 company, aside from its appointment of M&A Securities Sdn Bhd as sponsor on January 28.
The company was last seen in March bidding unsuccessfully for Khazanah Nasional Bhd’s 32.2 per cent stake in Pos Malaysia. It told the local bourse on April 4 that it won the contract for the 1 Malaysia email service but did not provide details.
The 1 Malaysia concept is a brainchild of Najib to bring unity among Malaysians when he took power in April 2009.
Najib disclosed today the email account will allow direct and secure communication between the public and the government, and is part of a new one-stop web portal for government services.
Najib said the portal will be developed by Tricubes and provide services such as social networking, online bill payment and citizen application development to some 16 million Malaysians.
The Malaysia Insider understands that the 1 Malaysia email service will be using software from Microsoft, the company that now owns the free Hotmail account service that has been eclipsed by another free email provider, Google Inc.
The 1 Malaysia email service is part of Najib’s Economic Transformation Programme (ETP) to achieve developed nation status by 2020. He said today the RM50 million investment will have a gross national income (GNI) impact of RM39 million up to 2015 and will enhance delivery of public services.
Tricube is woned by UMNO. Another project umno for their crony. Korek Korek Korek
ReplyDeleteNot brainchild of najib actually, 'child brain of idea'. For god sake, what in the world of idea is this? Wasting money. Mana ada tricubes biayai sendiri projek ini... org terencat akal saja yg percaya semua ini. 50 Juta masuk poket kroni dan terbazir begitu sahaja. alangkah bagusnya jika peruntukkan 50juta disalurkan kepada sabah utk memperbaiki infrastruktur luar bandar seperti jalan2 balak di pedalaman kami. Sayang seribu kali sayang.
ReplyDeleteWhy should I pay for something I can get for free?
ReplyDeleteThis is unnecessary.
ReplyDeleteKUALA LUMPUR, April 20 -- Prime Minister Datuk Seri Najib Tun Razak today clarified that the 1Malaysia E-mail project is a voluntary private initiative and does not involve public money.
ReplyDelete"Let me clarify that the 1Malaysia E-Mail is a private sector project. No public money is involved, and it's entirely voluntary," said Najib in his Twitter posting early Wednesday.
Najib announced the initiative, one of seven new projects under the Economic Transformation Programme (ETP), at the fifth progress update of the ETP in Putrajaya yesterday.
Under the scheme, Malaysians aged 18 and above will each be assigned a unique e-mail account to receive statements, bills and notices.
The prime minister said in Putrajaya that this would allow direct and secure communication between Malaysians and the government, and enhance the delivery of government services to consumers and businesses alike.
It was reported that Tricubes Bhd would spearhead the RM50 million investment which also includes the development of a web portal as a one-stop centre for government services, providing value-added services such as social networking, checking bills online and payments. -- BERNAMA
kerajaan kena mengkaji semula rancangan ini, adakah ia benar2 perlu dilaksanakan?
ReplyDeleteRM50 million contract to develop the 1 Malaysia email service??That doesn't sound right.
ReplyDeleteHonestly I think its a waste of money to spend that big amount of money to develop 1Malaysia email service. like wth!
ReplyDeleteI hope Najib revise back his plan.There are better things that the government could do with that big amount of money which could really2x benefit the people.
ReplyDelete1Malaysia E-mail project is a voluntary private initiative and does not involve public money.
ReplyDeleteThere are pros and cons. do what is the best for the people.
ReplyDeleteNajib should think twice about this project.Is it really give benefit for the people??
ReplyDeleteTricube is owned by Umno Johor. Why this company going to be delisted and backrupt still can afford to take up this RM50 mil project?
ReplyDeleteWhy not give free Wifi to all the Malaysians? Without Wifi, how can we access email?
Bodoh punya umno.
Now the e-mail 1 Malaysia be the issues..What actually this e-mail for??The explanation must be given..
ReplyDeleteMaybe this good idea but we want to know the function this e-mail for us??what for??People want to know this all.
ReplyDeleteRM50Millions..Is lot of money spend for this e-mail 1 Malaysia..Better give more project give the benefit for people..
ReplyDeletewhat will the protesters say if the fund was not come from public money??
ReplyDeletepenjelasan yang lebih terperinci mengenai projek ini harus dibuat kerana ia agak meragukan rakyat
ReplyDeleterakyat belum lagi memahami sepenuhnya mengenai projek2 ini, penjelasan dan penerangan terperinci bagi projek ini perlu diberikan.
ReplyDeletejika terlalu ramai yang membantah, ada baiknya kerajaan tarik balik cadangan ini.. sia2 sahaja kerajaan membuat penjelasan kerana rakyat tetap tidak akan dapat menerima cadangan ini..
ReplyDeletebaik salurkan 50juta tu kepada macik2 yang jual karipap..
is it (1Malaysia email) necessary?
ReplyDeletebut from what i heard, it is not a must..we can choose to not have the 1Malaysia email.
ReplyDeletemaybe najib should provide more information about the 1Malaysia email..
ReplyDeletejust curious why must Tricubes?
ReplyDeletewhy not give free wifi to rakyat? it is more needed than 1Malaysia email..
ReplyDeletejika majoriti rakyat membantah projek ini,adalah lebih baik ia tidak dilaksanakan.
ReplyDeleteNajib knows well in this thing.
ReplyDeletePM dah katakan bahawa ini tidak melibatkan sesen pun duit rakyat.
ReplyDeleteFolks, don't speculate anything.
ReplyDeleteKerajaan telah mengagihkan sebilangan duit kepada anda, apa lagi nak didebatkan?
ReplyDeleteI bet some of you have never really read the news.
ReplyDelete