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HARISON (5008) : HARRISONS HOLDINGS (MALAYSIA) BERHAD

CNY2012
I am holding this stock also. Very good dividend yield especially last year with the special dividend of 50cents. Hope to get it again this year. HEHE
05 Jan 2012, 10:38 PM
ILoveDividend


Ya..Harrisons is a very good fundamental stock.
It is one of the oldest, largest and most established sales, marketing, warehousing, distribution and services organisation in Malaysia, particularly in East Malaysia where Harrisons has been in business for 91 years and has developed a very good distribution network that ranks amongst the best in the region.

Most of the their customers are the main player in malaysia such as F&N, NESTLE, CARSBEG and etc.

Does anyone here know who is thier competitor? Thanks for sharing your opinion here
06 Jan 2012, 09:03 AM
ILoveDividend
rantrantrant
The Board of Directors of the Company wishes to announce that our wholly owned subsidiary, Harrisons Trading (Sabah) Sdn Bhd had on 21 February 2012 received a letter of demand dated 15 February 2012 from Kastam DiRaja Malaysia demanding payment of the sum of RM91,750,418.99 for purported unpaid:-


i) Import Duty amounting to RM31,452,344.00

ii) Excise Duty amounting to RM54,805,709.42

iii) Sales Tax amounting to RM5,492,365.57

Harrisons Trading (Sabah) Sdn Bhd was given 14 days from date of the letter to respond to the demand from Kastam DiRaja Malaysia.

Harrisons Trading (Sabah) Sdn Bhd does not admit being liable to pay RM91,750,418.99.

The Company is seeking legal advice on the demand and will make a further announcement on this matter after obtaining legal advice.

This announcement is dated 21 February 2012.
22 Feb 2012, 09:53 AM
tzejinlau


day light robbing or they really did not pay....
things to think about....
22 Feb 2012, 12:27 PM
ILoveDividend


One of my favorite counter. Chance to buy? Haha...thumbup
22 Feb 2012, 12:29 PM
gen_hwang
Oversold. Wait for their lawyer advice.
22 Feb 2012, 12:29 PM
ILoveDividend


Never expect HARISON can drop this much...So, it is important to remember not to overweight any of your holding eventhough you think it is the best.
22 Feb 2012, 12:33 PM
tzejinlau

yup,,, one of my list to buy to... but no cash liao now....
22 Feb 2012, 01:51 PM
ILoveDividend
General Announcement
Reference No HH-120227-12ADF

Company Name: HARRISONS HOLDINGS (MALAYSIA) BERHAD
Stock Name: HARISON
Date Announced: 28/02/2012
Type: Announcement
Subject: MATERIAL LITIGATION
Description: Receipt of a Letter of Demand dated 15 February 2012 by Harrisons Trading (Sabah) Sdn Bhd from Kastam DiRaja Malaysia

Announcement Details/Table Section :
Further to the announcement dated 21 February 2012, the Board wishes to announce that Harrisons Trading (Sabah) Sdn Bhd has on the 27 February 2012, written to Kastam DiRaja Malaysia to request a two months extension to reply to their letter.

The Company also wishes to respond to the following queries received from Bursa Malaysia (“Bursa”).

Bursa’s Query (1)

The interest rate on the amount claimed for; if any

Company’s Response

The demand from Kastam DiRaja Malaysia pursuant to section 135(1)(g) of the Customs Act 1967 (the “Act”) does not make any claim for interest. Neither does the Act provide for any interest payable for a claim made under section 135(1)(g) of the Act.

Bursa’s Query (2)

The details of the default or circumstances leading to the filing of the Letter of Demand against the Company.

Company’s Response

The circumstances leading to the filing of the Letter of Demand against Harrisons Trading is in connection with duty free canned beers imported by Harrisons Trading into Labuan which were sold to buyers in Labuan in the course of its business. It is not stated in the Letter of Demand as to how the Kastam DiRaja Malaysia has arrived at the alleged amounts of duties and tax claimed and no details were provided on how these duties and tax arose except that it involves 19,657,715 cans of 320ml beer. The Company is investigating the matter and Harrisons Trading has requested further information from Kastam DiRaja Malaysia.


The Company will disclose more information when it is in a position to do so.

Bursa’s Query (3)

The financial and operational impact of the Letter of Demand on Harrisons Holdings (Malaysia) Berhad group.

Company’s Response

The potential financial impact on the Group would be the alleged claim of RM91,750,418.99 by Kastam DiRaja Malaysia. The Company and Harrisons Trading do not admit being liable to the alleged claim and do not know how the amount of the claims are arrived at.

Based on its current operations, the operations of the Group are not expected to be materially impacted by the alleged claim.

Bursa’s Query (4)

The expected losses, if any, arising from the Letter of Demand.

Company’s Response

At the present time, the Company is unable to comment on the expected losses, if any, arising from the Letter of Demand as its investigations are still ongoing and the Company is awaiting further information on the matter from Kastam DiRaja Malaysia.

The Company will disclose more information when it is in a position to do so.

This announcement is dated 28 February 2012.
28 Feb 2012, 01:25 PM
DSKH
I am holding the stock too. Heard from a reliable source the top management in the branch (Labuan) is heavily involved in personal businesses relating to smuggling of beers. Most have their own private companies handling these business. Something that the top brass should seriously look into the future health of the company.
29 Feb 2012, 01:35 PM
ILoveDividend


Hope this is the reason behind, so that HARISON business & reputation are not badly hurt by this event. What a good company and what an unexpected event? rant
29 Feb 2012, 01:39 PM
ILoveDividend
HARRISONS HOLDINGS (MALAYSIA) BERHAD (HHMB OR THE COMPANY)
- PROPOSED FINAL SINGLE-TIER DIVIDEND OF 20.0 SEN PER ORDINARY SHARE OF RM1.00
EACH IN RESPECT OF THE FINANCIAL YEAR ENDED 31 DECEMBER 2011
You are advised to read the full contents of the announcement or attachment at
http://www.bursamalaysia.com.
02 May 2012, 09:21 AM
Francisleong
I am thinking of buying this stock. At 3.60. if the dividend is 80cts per per year, it should be in great demand.
04 Sep 2012, 12:11 AM
ILoveDividend
Any latest news on the court case? notworthy
04 Sep 2012, 10:17 AM
Asriel

The latest I found was only their reply to Custom explaining why they shouldn't be liable to pay the sum demanded by Custom under MATERIAL LITIGATION on 6th June 2012, that's all. No further development so far. Any other people has any other news?notworthy
19 Sep 2012, 02:51 PM
Asriel
This counter has been very illiquid lately. Only open half day most of the time
~few weeks already. The lastest three business days, while the market is up trending, tutup kedai terus........rant Anybody knows why?star Please don't tell me they will open up only when the market is crashing down huh!! or they are waiting for the market crash then they open!!!doh
19 Sep 2012, 02:56 PM
Asriel

Material litigation (Custom demand) news has finally released today. The case would probably be brought to court later on, please read at http://www.bursamalaysia.com/market/listed-companies/company-announcements/1069293sweat
20 Sep 2012, 03:34 PM
ILoveDividend


It is given 14 days to settle the RM91mil, otherwise Kastam will bring this case to court. doh
21 Sep 2012, 09:10 AM
Asriel
What I feared previously has already been proven true now. dohThis counter has purposely waited to throw us out. It opened only when the market was down trended. Yesterday, it threw many of us away~down by -4.088% and this morning, no need for the market to go down, it has its own problem, down again by -2.95%.cry So, brothers, if you own any of its share, throw them all away before too late!! Anyway, u can also see its technical chart, it is on its way down now. So be careful...shutup
21 Sep 2012, 09:33 AM
Johntks
My company had a similar unfortunate problem with the Custom Department. My experience with them is that they will blacklist all the Directors. It is almost 100% effective in collecting on their claim. No need for them to sue for payment in court. Most probably all their Directors are blacklisted by now. The company should report such material event to the BursaMalaysia. All Directors cannot leave or enter Malaysia now and this would have a material effect on their business.
03 Feb 2013, 10:17 AM

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