The Equine Capital Bhd Crash: Coming Soon to A Cinema Near You
Excerpt: As Businessweek puts it: In 2007, cash reserves at Equine Capital Bhd fell by 15.9M. As a percent of revenues, this was among the worst results by any company in the Real Estate Management and Development industry. This is a story seen many times before. Earlier versions of this story were titled, MRCB, Berjaya Land , RHB etc etc. The storyline was always the same: a) Listed company comes from nowhere, and listed company and/or associate is given prime land to play with (eg Brickfields Railway Yard, Sentul Railway Quarters, land opposite Pudu Prison etc etc) b) Huge billion dollar project is announced, project usually featuring foreign names-or at least foreign sounding names eg "Times Square", "Central", "Sentral"(last example is not meant to be proof that Sdr "Dr" Anwar cannot spell) c) Project appears to commence, but then listed company discovers that dreams are built on cash-flow, of which it has very little. Sometimes one can ge...