 Sime Darby's RM1 B tab, Malaysian Insider's blunder and Pakatan Rakyat's blooper. An early morning Malaysian Insider report that Sime Darby would suffer its biggest-ever loss (of RM 2.5 billion) has punched a RM1 billion hole in Sime's market capitalisation, as outraged Pakatan politicians blindly bayed for blood (read here).
The MI report would have a good April fool pun, but April's long gone. Sime Darby's infamous 'on the ball' board fiddled while shareholders were being burned throughout the day. Sime could have sought a suspension from the market regulator but, instead, it stood still and watched the carnage.
 Sime Darby did, eventually and after the market had closed, issue a statement that it would be posting a profit and NOT a loss as reported by the MI. But by then these bloopers had caused RM1 billion of Sime's capitalisation to be wiped out in just one day. It also allowed some very rich people, who scooped up the shares on the cheap yesterday, to become richer.  |
Sime Darby's RM1 B tab, Malaysian Insider's blunder and Pakatan Rakyat's blooper. An early morning Malaysian Insider report that Sime Darby would suffer its biggest-ever loss (of RM 2.5 billion) has punched a RM1 billion hole in Sime's market capitalisation, as outraged Pakatan politicians blindly bayed for blood (read here).
Sime Darby did, eventually and after the market had closed, issue a statement that it would be posting a profit and NOT a loss as reported by the MI. But by then these bloopers had caused RM1 billion of Sime's capitalisation to be wiped out in just one day. It also allowed some very rich people, who scooped up the shares on the cheap yesterday, to become richer. 