Friday, April 22, 2011

1 EMail To Rule Them All

It made no sense to us that the shares of Tricubes, the Malaysian company that had apparently offered to spend RM50 million on the dubious 1Malaysia email project, had skyrocketed from 5.5 sen to 32.5 sen.

Considering that they were listed under GN3 on the Stock Exchange, which means they required debt restructuring, or in layman's terms that they did not have RM50 million to splurge, made the rise in their stock even more strange.

Could it be that they were hoping to recoup their investment and turn a profit by running advertisements on their email site? We doubt it.

Mr.Najib has said that this is a privately funded project and would not be depending on government funds. How then could Tricubes be financing this totally redundant email system?

And then we read, in Malaysiakini, that a Pemandu representative has said that government agencies may be charged $RM0.50 per transaction to send their emails.

So, assuming there are 10 million Malaysians who qualify for this email, that would be RM5 million per transaction paid to Tricubes!

No wonder the stock is flying!

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