Bina Goodyear

For the past three years, it has been losing money without any sign of a reversal of fortunes. Now its prospects may depend on what its new controlling shareholders have in store.

Early Dec 2011, the controlling shareholders of the property outfit exited, paving the way for new blood to come in. Despite selling the 25.3% equity interest, Wong and Eric were still directors of the company.

It is currently 24.6% owned by Bersatu Jayamaju Sdn Bhd. Bersatu controlling shareholder is Moo Hean Chong. Moo and Eng Kim Leng were appointed director on the private company. Both were appointed directors of Bina Goodyear.

It is not known whether there will be other changes at Bina Goodyear with Bersatu emerging as the largest shareholder. Eng is well known in the property circles. He was previously the COO of Naza TTDI Sdn Bhd and had served under Datuk Johan, the developer’s former MD. He also had a stint with Farlime Group where he was the GM.

Initially it was reported that with Eng’s presence, speculation that Bina Goodyear could possibly be a vehicle for Naza TTDI. But this was denied by parties close to the Naza Group.

As for Moo, ge was experience in the construction, property development and mining sectors. Moo is also understood to be on the board of Australian lied Coal FE Resources Ltd, a company with coal explorations and production projects in Indonesia .

So what the new controlling shareholders of Bina Goodyear plan to do is anyone’s guess. However, Bina’s ailing fortunes could prove difficult to change without an injection of fresh capital or asset.

It has been three years since Bina Goodyear posted profits due to costs incurred completed contracts.

As end Sept 2010, it had net assets per share of rm1.27. Cash and bank balances amounted to rm4.6 million, while short term liabilities came to rm32 million and long term debt commitments stood at rm478000.

The company’s assets include a plant and machinery workshop in Klang, valued at rm1.15 million in 1996.

Hoyt Yung has about 6.37% equity interest and is the only other substantial shareholder apart from Bersatu.