On 22 January 2022, ceramic tile maker White Horse Bhd. announced that deputy managing director Teo Swee
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Question:
At the end of September, White Horse had cash and bank balances of RM62.90 million, and RM170.61 million in long and short-term debts. For the cumulative nine months, its interest expenses amounted to RM5.74 million. White Horse has been in the red in the past six quarters.
Filings show that White Horse has been busy buying back its own shares and, at an average of RM1 per share, it would have spent quite a large amount. As at mid-February, the company had accumulated 12.23 million in treasury shares, or almost 5.1% of its share base.
Using a case study technique, advise the board of directors of the company on the best course of action to manage the cash better, instead of buying back its shares, especially when the company is still making losses.
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