PETALING JAYA: Maika Holdings Bhd incurred accumulated losses of RM106.7mil as at Dec 31, 2008 and has been in the red for the past five financial years (FYs) except for FY2005 when it had an extraordinary gain due to a writeback following the liquidation of a subsidiary. In FY08, the group made a loss after tax of RM46mil on the back of RM259mil revenue.
These details on the flagging financial state of MIC’s investment arm was revealed in the offer document for the conditional takeover offer of Maika at 80 sen per share in cash by G Team Resources & Holding Sdn Bhd. Maika’s latest results were based on management accounts as the group had ceased to publish any audited financial statements since Jan 1, 2007.
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