| Latest Forum Topics / Best World |
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THE BEST IS YET TO BE
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phongy45
Senior |
03-Oct-2021 21:39
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Thank you
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TraderBen
Supreme |
03-Oct-2021 07:35
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Chinese companies.. | ||||
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TA_Expert
Supreme |
03-Oct-2021 03:10
Yells: "The World has changed" |
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Neither SGX or MAS or even Singapore government can make any company declare dividend. It is entirely up to the company Board to decide. | ||||
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meljohn
Senior |
02-Oct-2021 22:05
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SGX 🦯 😴 😴 . Company management teams haha
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phongy45
Senior |
02-Oct-2021 20:54
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to show those cash is real.. get SGX to make BWL pays dividend????
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Richardlai
Master |
22-Sep-2021 15:12
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Yes sounds insane. Guess they are reserving all the cash for themselves haha ! The Management owe their duty to the shareholders and not the controlling shareholders only. Alternatively the controlling shareholders should privatise the company and make a handsome offer to the rest of the minority shareholders.
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dyingcat
Veteran |
21-Sep-2021 18:56
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that's ridiculous. we should question them in the upcoming AGM.
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meljohn
Senior |
21-Sep-2021 18:25
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Sgx should take action again the company and not continue to let this company to buy time. No fair to small shareholders. |
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1035834
Senior |
20-Sep-2021 00:02
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Fy 2020 top 3 management personnel of BWL total remuneration already exceed sgd 30mil even DBS CEO also can' t have this type of remuneration . But too sad no dividend to shareholders.
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uiop1223
Supreme |
19-Sep-2021 07:25
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Dont spread fake news. Go read up on QnA AGM 2019
< The executive directors? remuneration is based on fixed salary and incentives which are directly linked to the Group?s profitability in accordance with their service contract. As announced in Company's results announcement for FY2020, no dividends have been declared/recommended by the Board for the financial period ended 31 December 2020 as the Board has opted to conserve cash in the face of the Group?s current circumstances and uncertain business climate, taking into consideration short and medium commitments. The Board will review the Group?s dividend policy at a more appropriate juncture. The build-up of our cash buffer will allow the Group to finance the short and medium term commitments such as the construction of our Tuas facility as well as second tranche investment in Pedal Pulses, should the vendors exercise their put option. In addition, the cash buffer will also allow the Group to capitalise on any M&A opportunities that may arise, as the Group is currently unable to raise capital or debt. The Board will continually review the dividend policy and will provide updates to shareholders as and when appropriate. > So its mtgm decision not to declare dividends while millions of salary continued to be paid based on grp performance of which the reliability of the figures still under scrutiny. 👏 👏 👏 👏 |
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uiop1223
Supreme |
18-Sep-2021 20:28
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SGX never disallow dividends. Take note of this. The 2 Ds says want to conserve cash while they take millions in salary and bonus.
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meljohn
Senior |
18-Sep-2021 19:44
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Why SGX does not allow dividend??
Or dividend should give to shareholders not management team if they have issue with company. |
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PhillipTan
Supreme |
18-Sep-2021 02:21
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Best World Q2 net profit up 36.9% to S$39.4mBest World International reported net profits of S$39.4 million for the second fiscal quarter ended June, some 36.9 per cent higher than the S$28.8 million earned in the corresponding quarter last year.This pushed the group' s earnings for the first six months of the year to S$77.3 million, up 83.8 per cent from S$42 million in the year-ago period, the company said in a filing to the Singapore Exchange after market close on Friday. Earnings per share for the quarter came in at 7.24 cents from 5.29 cents last year. The higher earnings for Q2 was due in part to an 8.3 per cent year-on-year increase in revenue from S$138.5 million to S$150 million. The group attributed this to an increase in contributions from its direct-selling and franchise segments. The company also lowered its costs of sales in Q2 by 17.8 per cent - from S$36 million in the year-ago quarter to S$29.6 million - on the back of lower freight and handling charges of goods as well as lower custom duties incurred by its China subsidiary. Share of losses for Best World' s associate company Celligenics also narrowed to S$49,000 in Q2 from S$67,000 in the year-ago period. However, Best World booked a few higher expenses on a year-on-year basis for Q2. Administrative expenses rose to S$24.8 million from S$18.3 million, and distribution costs rose 11.3 per cent to $40.8 million, on the back of higher marketing expenses from the franchise segment and higher freelance commissions for the direct-selling segment. Best World' s board of directors said no dividend has been declared or recommended for the quarter under review the board has opted to conserve cash in the face of the group' s current circumstances and uncertain business climate. In its outlook statement, the company said that all markets in which it operates have not yet shown signs of return to normalcy from the Covid-19 pandemic, despite the rollout of vaccines. Countries that were seemingly well controlled previously have also been affected, it said. Best World added that orders from its contract manufacturers and vendors have been delayed indefinitely, in some cases due to factory closures. IT said: " All these present strong headwinds to the group' s plan to maintain business growth in the next reporting period and beyond. " Barring unforeseen circumstances, the management maintains a very cautious outlook in terms of its performance moving forward." The group warned that other factors such as US-China tensions, the global supply-chain disarray and fluctuations of currencies in its key markets could affect its performance for the next 12 months, as well as the group' s next reporting period. Separately on Wednesday this week, Best World' s independent auditor Ernst & Young (EY) issued a disclaimer of opinion relating to the group' s financial statements for the fiscal year ended Dec 31, 2020. EY said it was unable to obtain sufficient audit evidence to provide a basis for an audit opinion on the group' s business model in China, its relationship with its import agents and marketing agent, and the classification of payments made to promotional companies. These reasons were similar to those in its previous disclaimer of the company' s financial statements in the previous financial year, said EY. Trading in Best World shares has been suspended since May 2019. |
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piscesmonkey
Supreme |
17-Sep-2021 19:25
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21. Dividend No dividends have been declared/recommended by the Board for the financial period ended 30 June 2021 as the Board has opted to conserve cash in the face of the Group?s current circumstances and uncertain business climate, taking into consideration short and medium commitments. The Board will review the Group?s dividend policy at a more appropriate juncture. | ||||
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Joelton
Supreme |
17-Sep-2021 09:46
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Auditor issues disclaimer of opinion on Best World' s FY2020 statements
ERNST & Young (EY), the independent auditor of Best World International, has issued a disclaimer of opinion relating to the group' s financial statements for the fiscal year ended Dec 31, 2020.
In a 50-page report posted by Best World to the Singapore Exchange late on Wednesday, EY said it was unable to obtain sufficient audit evidence to provide a basis for an audit opinion on the group' s business model in China its relationship with its import agents and marketing agent and the classification of payments made to promotional companies.
The auditor noted that these reasons were similar to that of its previous disclaimer of Best World' s financial statements for FY2019.
In its report for FY2020, EY said recent legal advice obtained by Best World " did not clearly conclude" that its franchise business model complies with requirements of China' s laws and regulations.
Citing uncertain evaluation surrounding the nature of the business model, the auditor said it was therefore unable to determine if there were any legal and tax implications for Best World in China - and if any adjustments or disclosures are required for the group' s FY2020 and FY2019 statements.
EY also shared that as with FY2019, it was unable to obtain sufficient audit evidence to establish Best World' s business rationale for the company' s substantial involvement in the daily operations of its import agent and marketing agent, and why it " exercised a certain degree of management oversight and control over" the agents' financial affairs.
Such involvement by the group raises " questions on the commercial substance of the arrangement between the group and its import and marketing agents" , said EY.
Lastly, the auditor highlighted that an entire service fee of about S$13.4 million was classified under " marketing fees" in Best World' s FY2020 profit and loss statement. Best World had previously engaged third party promotional companies to assist in payment of commission to its sales representatives among other services.
EY understands from the group' s management that the service fee paid to the said promotional companies also include " other payments to sales representatives" - but said it was unable to determine if revenue and the related expenses were appropriately classified, presented and disclosed in the income statement.
Shares of Best World have been suspended from trading since May 2019 since the onset of numerous accounting issues. The mainboard-listed beauty products company on Sept 10 announced it had obtained a further extension of time to hold its annual general meeting for FY2020 by Sept 27.
Earlier in March 2021, Best World said its shareholders were unlikely to see the counter resume trading anytime soon, until it can assuage the concerns of the regulatory arm of Singapore Exchange, SGX RegCo, on the legality of its sales and distribution model in China.
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uiop1223
Supreme |
16-Sep-2021 14:36
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Why not? As long as remuneration comm say nothing. And who appoints remuneration comm board members? Who is major shareholders? Who can continue to benefit despite no divdends paid?
I already said they have no incentive to take company private. They can continue to earn big bucks and milk the company. A lot of cai tou and roberts here. Still want dividends? Be happy is can get 10cents per share 😂
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1035834
Senior |
16-Sep-2021 02:07
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Just saw the company released its FY 2020 annual report , if you refer to remuneration bands for two founders have been increased their pay substantially from S$ 5 mil increase to S$12.5 mil , why they can just increased their remuneration by double and no dividend to shareholders ? | ||||
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phongy45
Senior |
13-Sep-2021 12:15
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APPROVAL FROM THE ACCOUNTING AND CORPORATE REGULATORY AUTHORITY OF SINGAPORE (&ldquo ACRA&rdquo ) FOR FURTHER EXTENSION OF TIME TO HOLD THE ANNUAL GENERAL MEETING FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 https://bestworld.listedcompany.com/newsroom/20210910_231538_CGN_KQ07WM49UXAQNI6W.1.pdf |
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zillion
Master |
18-Aug-2021 14:14
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According to sgx site 9 may 2019. If restated way too much can be interpreted as sth scammish.
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prophetjul
Master |
18-Aug-2021 08:57
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How long has this stock been suspended now? | ||||
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