Astral Supreme
7070 VIZIONE - A Turnaround Company in Affordable Homes
It started off with Astral Supreme entering a JV with Zenith. Where Zenith was and is partnering with chinese counterpart Beijing Urban Construction Group (BUCG). They took on the major project of the Penang state government back in 2013..
2013
Penang approves RM6.3b undersea tunnel project
BY OPALYN MOK
The Malay Mail Online-Oct 4, 2013
GEORGE TOWN, Oct 4 — The Penang state government will sign on Sunday a contract with Consortium Zenith BUCG Sdn Bhd to build the RM6.3 billion undersea tunnel and three road bypasses project off Gurney Drive.
Penang Chief Minister Lim Guan Eng said that the state executive councillors approved the decision to sign the contract today.
“The contract will be signed at noon this Sunday,” he said.
Consortium Zenith BUCG was awarded the project by the Penang state government earlier this year.
The consortium is a joint-venture between Zenith Construction Sdn Bhd and China Railway Construction Co Ltd, together with Beijing Urban Construction Group, Sri Tinggi Sdn Bhd and Juteras Sdn Bhd.
Lim had said the project will help ease traffic congestion and boost the state’s economy although several non-governmental organisations (NGOs) were up in arms against it citing environmental issues that it could cause.
Despite protests against the mega infrastructure project, the Penang state government is going ahead with it and it was included in the state’s transport masterplan.
Last month, Zenith PMC Sdn Bhd signed a joint venture agreement with Astral Supreme Construction Sdn Bhd to carry out a feasibility study and design of the undersea tunnel.
They will also be conducting a detailed Environmental Impact Assessmen (EIA) on the project.
The whole project is expected to take 10 years to complete and it consists of a 4.2km bypass from Gurney Drive to Lebuhraya Tun Dr. Lim Chong Eu, a 4.6km bypass between Lebuhraya Tun Dr. Lim Chong Eu and Bandar Baru Air Itam, a 12km paired-road from Jalan Tanjung Bungah to Teluk Bahang and the 6.5km Penang-Butterworth undersea tunnel.
The project is expected to kick off after the feasibility study and EIA is completed.
In the following year, things did not turn out well on Astral Supreme side. This has led to Astral's directors selling off their entire stakes in Astral and the reshuffling the the boardroom with the appointment of Datuk Eddie Chai as the new managing director.
2014
Major board shakeup at Astral Supreme
March 6, 2014
By P Prem Kumar
KUALA LUMPUR: Astral Supreme Bhd, a sub-contractor of the RM6.3 billion Penang undersea tunnel, has undergone a major boardroom reshuffle led by the appointment of XOX Bhd managing director Eddie Chai Woon Chet as its executive director.
Astral director Cherng Chin Guan and ex-director Ong Tai Chin have also sold off their entire stakes in the company to new shareholders, according to filings to Bursa Malaysia.
Cherng had previously owned 19.01 million shares or 6.59% while Ong had 7.13 million shares (2.47%). Ong had been previously re-designated as non-independent, non-executive director but announced his resignation from the board yesterday.
According to reports, Chai is expected to take up the post of managing director at Astral, replacing Ong.
Other changes include the re-designation of Astral chairman Yap Chi Keong as non-executive director. He is now replaced by Edlin Ghazaly who was previously non-executive director. Another executive director Heng Khen has been redesignated as independent and non-executive member of the board.
According to the filings, an executive director of Consortium Zenith BUCG Sdn Bhd will now sit on Astral’s board as a non-executive director. Consortium Zenith is the main contractor for the tunnel project.
Chai, 36, is the son of timber tycoon Chai Kin Kong, who controls Pahang-based Sanbumi Holdings Bhd. Astral is in the business of manufacturing, assembly and export of electronic products and components.
Its wholly-owned subsidiary, Astral Supreme Construction Sdn Bhd, teamed up with Zenith PMC Sdn Bhd in August 2013 to undertake initial works for the proposed undersea tunnel with a contract worth RM275 million.
Earlier, Zenith PMC had announced that it will be partnering with Astral Supreme Construction in a joint venture to carry out the feasibility study and design of the Penang- Butterworth Sea Tunnel, which will create a third access point linking the island to the mainland.
Astral was also reported to be close to clinching a multi-million ringgit government property development project.
Chai is involved in various sectors including logging, property, automotive and telecommunications. His most recent appointment was in January as managing director of the only listed mobile virtual network operator, XOX.
He is also an executive director of Lintasan Mayang Development Sdn Bhd and sits on the boards of numerous private companies. Astral closed at 0.225 sen yesterday, a 2.27% increase from Tuesday.
This content is provided by FMT content provider The Malaysian Reserve
Newly-appointed Chai hopes to make impact at Astral Supreme
BY INTAN FARHANA ZAINUL
Thursday, 6 March 2014 | MYT 12:00 AM
![Datuk Eddie Chai [centre]sharing a light moment with Chong Loong Men [right] and Wong Kwai Wah [left] after Astral Supreme Bhd press conference at Eastin Hotel. AZMAN GHANI / The Star](https://images-blogger-opensocial.googleusercontent.com/gadgets/proxy?url=http%3A%2F%2Fwww.thestar.com.my%2F~%2Fmedia%2Fonline%2F2014%2F03%2F05%2F21%2F02%2Fbizd_pc_0603_p3.ashx%2F%3Fw%3D620%26h%3D413%26crop%3D1%26hash%3D99DB0328ED840D3EB4F959B6C87698FFA51D42AD&container=blogger&gadget=a&rewriteMime=image%2F*)
Datuk Eddie Chai [centre]sharing a light moment with Chong Loong Men [right] and Wong Kwai Wah [left] after Astral Supreme Bhd press conference at Eastin Hotel. AZMAN GHANI / The Star
PETALING JAYA: Newly-appointed executive director of Astral Supreme Bhd Datuk Eddie Chai Woon Chet has denied he has any shares in the company but lays out plans to turn around the company with a focus on construction activities.
“I don’t have any stake in Astral Supreme, I was invited by board members to come in,” he told a press conference called by the company.
The company announced five board changes yesterday and, following a special board meeting, it even retracted one resignation.
Earlier yesterday, Astral Supreme said its executive director, Cherng Chin Guan, had resigned from its board. However the company subsequently said that Cherng “has confirmed to the board that he has not tendered his resignation.”
Astral Supreme said the earlier announcement was erroneous and that the board of directors “would like to make an apology for any confusion or inconvenience caused.”
Other changes included the resignation of Ong Tai Chin as non-executive director. Ong, who ceased to be a substantial shareholder of Astral Supreme last month, was the company’s former managing director.
At the moment, the managing director position in the company was still vacant, Chai said.
Another new director to the company is Wong Kwai Wah, who is an executive director of Consortium Zenith BUCG Sdn Bhd, the company that is reportedly the developer of the proposed RM6.3bil undersea tunnel in Penang.
Chai, the son of Sabah timber tycoon Tan Sri Chai Kin Kong, said Astral Supreme’s construction unit had been invited to submit a tender for a RM600mil project by the government under the latter’s Project Perumahaan Rakyat (PPR) plans.
He added that the company was confident of winning the project.
“We have a short deadline to submit our tender, and we are confident of turning around the company via the construction arm,” he said.
Chai said the project would entail the construction of 40,000 units of apartments in Sabah, Malacca, Kelantan and Johor.
It isn’t clear on what basis Astral Supreme has been identified by the Government for this PPR project.
But last August its construction unit, Astral Supreme Construction Sdn Bhd teamed up with Zenith PMC Sdn Bhd to manage, perform and carry out feasibility studies and detailed designs for certain roadworks and the undersea tunnel between Penang island and Seberang Prai.
Astral Supreme reported a net loss of RM10.1mil for its year ended Dec 31, 2013. The company’s main business is in electronic component manufacturing.
Chai made news earlier this year when he surfaced in telecommunications company XOX Bhd. He was made managing director of XOX in January and one report speculated that the Chai family had gained control of the loss-making XOX.
Back then, Astral was still struggling with its financial statements, losses after losses in its quarterly reports. Astral's new Managing Director Datuk Chai has led the company venturing into property construction sector, mainly involving the Project Perumahan Rakyat (PPR) contracts from the government. The board since then has made known of its interest and confidence in turning around the company back on its on feet.
Besides, Astral has also taken action on its former Managing Director Ong Tai Chin @ Wong Tai Chin for a sum of rm15.51 million losses.
Astral Supreme sues ex-MD over RM15.5m losses
Posted on 15 August 2014 - 05:38am
Lee Weng Khuen
sunbiz@thesundaily.com
PETALING JAYA: Astral Supreme Bhd, which is conducting a second investigative review of its financial statements for the past three financial years, is suing its former managing director Ong Tai Chin @ Wong Tai Chin for causing the company to suffer a total of RM15.51 million losses.
In a filing with the stock exchange, the firm said it had filed a legal suit against Ong last Tuesday for breaching fiduciary duty and duty of care under Section 132 of the Companies Act, 1965 after an investigative review the company had commissioned on May 2, 2014 following the qualification of its audited accounts for Dec 31, 2013 by its auditors.
"The losses were discovered by Messrs. Morison Anuarul Azizan Chew, the statutory auditors and Messrs. PKF Advisory Sdn Bhd, the special auditors for the company's annual audited accounts for its financial year ended 31 December 2013," Astral Supreme added.
Following the adjustments and reclassification of items based on the transactions identified by the statutory auditors and special auditors, Astral Supreme suffered losses of RM15.51 million.
Astral Supreme claimed that Ong, who had been serving the company for nearly three years, has breached his fiduciary duties and not carried out his duty of care during his tenure as managing director of the company.
Astral Supreme said the group is not expected to incur any further losses arising from the writ and statement of claim.
The investigative review announced on Aug 8, 2014 is a follow up of the review commissioned on May 2, 2014, which will include the retroactive review of transactions, company records, management accounts, perceptive interviews, personnel files of selected staff, which will start on August 18 and is targeted for completion within two months.
For the financial ended December 31, 2013, Astral Supreme saw a 154% deviation between its audited and unaudited accounts loss, from net losses of RM25.59 million from RM10.08 million in its unaudited accounts.
Astral Supreme, which has been in the limelight in recent months, appointed Datuk Chai Woon Chet as the new managing director effective March 5, replacing Ong who disposed of his last block of 2.38% stake in Astral Supreme for 22 sen per share on the same day.
Ong joined Astral Supreme on September 20, 2011 and saw its shareholding in the company reach a peak of about 23% back in 2012, a period when the trading in penny stocks heightened.
The emergence of Chai in the company early this year saw the departure of Ong.
Chai, the son of timber tycoon Tan Sri Chai Kin Kong, is also the managing director of XOX Bhd and making a bid to gain board control of Harvest Court Industries Bhd.
No doubt, due to the disruption of the board the company could not fulfill the expectation of the agreement in the joint venture, hence they lost the Penang state undersea tunnel job.
Astral Supreme loses Penang undersea tunnel job
Posted on 18 August 2014 - 05:37am
sunbiz@thesundaily.com
PETALING JAYA: Zenith PMC Sdn Bhd has terminated its joint venture with Astral Supreme Construction Sdn Bhd (ASC), a wholly-owned subsidiary of Astral Supreme Bhd, to carry out a feasibility study and design of the ambitious Penang-Butterworth undersea tunnel, after it failed to secure consultants who could undertake the project within the budget and the funding requirements.
In a filing with Bursa Malaysia on Friday the group said its subsidiary had failed to obtain an extension of the time to start the project from Zenith PMC.
"Zenith PMC has to meet the milestones set by the Penang State Government in regards to the feasibility studies and design for the project. ASC's appeal for further delay in the commencement of the project was declined by Zenith PMC and hence the termination. With the termination of JVA, ASC shall not be able to derive contributions from the guaranteed profit under the JVA as announced on Aug 15, 2013.
The news comes just days after Astral Supreme announced that it had started legal proceedings against its ex-managing director Ong Tai Chin @ Wong Tai Chin for causing the company to suffer a total of RM15.51 million losses.
Astral Supreme also will start a second investigate review on the group this year today, this time around focusing on retroactive review of transactions, company records, management accounts, perceptive interviews and personnel files of selected staff. The review is to be completed in two months.
The stock closed 5% lower on Friday at 18 sen.
In 2015, Astral has seen another change in its board with the appointment of a new Managing Director. Nevertheles Datuk Chai is still an executive director of Astral. Besides, Astral started to make recovery from questionable sales transactions and impairment loss in 2013..
2015
Change in Boardroom
| ASTRAL SUPREME BERHAD |
| Date of change | 08 May 2015 |
| Name | DATO' NG AUN HOOI |
| Age | 53 |
| Nationality | Malaysia |
| Type of change | Redesignation |
| Previous Position | Independent Director |
| New Position | Executive Director |
| Directorate | Executive |
Change in Boardroom
| ASTRAL SUPREME BERHAD |
| Date of change | 29 May 2015 |
| Name | DATO’ NG AUN HOOI |
| Age | 53 |
| Nationality | Malaysia |
| Type of change | Redesignation |
| Previous Position | Executive Director |
| New Position | Managing Director |
| Directorate | Executive |
Change in Boardroom
| ASTRAL SUPREME BERHAD |
| Date of change | 29 May 2015 |
| Name | DATUK CHAI WOON CHET |
| Age | 36 |
| Nationality | Malaysia |
| Type of change | Redesignation |
| Previous Position | Managing Director |
| New Position | Executive Director |
| Directorate | Executive |
Astral Supreme makes recovery from 2013 unusual transactions and payments
BY M. HAFIDZ MAHPAR
Wednesday, 24 June 2015 | MYT 11:01 PM
KUALA LUMPUR: The process has taken a long time, but Astral Supreme Bhd has started recovering back its money from the questionable sales transactions and impairment loss carried out for the 2013 financial year.
The Kulim-based electronic and electrical product maker told Bursa Malaysia yesterday that unit Singatronics (M) Sdn Bhd (SMSB) had collected RM1.22mil as of May 31, 2015, from the reversed sales transactions of RM4.82mil made for the financial year ended Dec 31, 2013 (FY13).
The sales transactions were reversed as the veracity are questionable and could not be reasonably determined at the time of the statutory audit.
Astral Supreme had also recovered RM2.4mil from the RM7.62mil declared as impairment loss on certain accounts in FY13.
The company is also making some recovery for payment of RM4.36mil (made back in 2013/2014) to a foreign bank for loans of RM7.75mil defaulted by associate firm Sing Guan Silk Screen (Cambodia) Co Ltd, which has ceased operations. Solicitors are in the midst of executing the transfer of eight land titles in favour of Astral Supreme, and the indicative value of the said property is RM1.5mil.
The total collection of RM3.62mil so far plus the recoverability of RM1.5mil arising from thetransfer of property will be treated as income for the financial period ended May 31, 2015.
Of the RM3.9mil payment to lawyers for an aborted property purchase in Kulim, RM3.75mil has been refunded to Astral Supreme between March 17, 2014 and May 31, 2015. The company expects to receive the balance of RM0.15mil after deducting legal fees.
However, Astral Supreme may also need to fork out some money, It said it might have to provide for contingent liabilities of RM1.54mil if SMSB loses a suit in Penang filed by Sweng Maju Sdn Bhd.
The latter is claiming for recovery of the balance sum for the supply of machinery and equipment to SMSB - RM1.537mil - plus interest at a rate of 5% per annum from April 7, 2014 to the date of judgment of the legal suit.
To recap the background, Astral Supreme’s external auditors Morison Anuarul Azizan Chew had given a qualified opinion on the company’s audited financial statements for the financial year ended Dec 31, 2013. The auditing firm highlighted, among others, the “unaudited unusual large payments amounting to RM12.84mil alleged to be made by a former managing director (later identified as Ong Tai Chin) during the financial year.”
Astral Supreme then announced to Bursa Malaysia a deviation of about 154% between the group’s loss after tax and minority interest for 2013 as stated in the unaudited 4th quarter results report and the audited financial statements for 2013. Instead of a RM10.081mil loss, the loss ballooned to RM25.587mil due to the adjustments made on the exceptional items of possible irregularities pursuant to the investigative audit conducted by PKF Advisory Sdn Bhd.
On Aug 8, the company appointed CH International Advisory Sdn Bhd to conduct an investigative review on the financial statements of the Astral Supreme group for the financial years ended Dec 31, 2011, 2012 and 2013.
By November last year, CH International found that the subsequent collection review for the nine-month period ended Sept 30, 2014, the proposed audit adjustments and/or sales reversal proposed by the external auditors for the FY 2013 were fairly provided. By then, the company had obtained judgment against the former managing director from the Kuala Lumpur High Court to recover RM15.5mil and other damages.
On March 2 this year, at the request of Bursa Malaysia Securities Bhd following meeting with the company’s audit commitee to extend the scope of the investigative review, the Astral Supreme board wishes to announce that the special auditor, CH International Advisory Sdn Bhd had completed their investigation based on the extended scope of review for the three financial year.
In October last year, Astral Supreme obtained a High Court judgement against Ong for breach of fiduciary duties amounting to RM15.51mil.
Astral Supreme made an unaudited net profit of RM668,000 in the 12 months ended Dec 31, 2014, against a net loss of RM25.6mil in FY13. In November last year, the board announced that the financial year end would now be May 31.
Astral Supreme closed at 17 sen on Tuesday. There was no trade on Wednesday.
With the new Managing Director Dato Ng, Astral went on to secure more PPR projects in Sabah after its first PPR in Malacca..
Astral Supreme wins RM80.5mil People’s Housing job in Sabah
Tuesday, 3 November 2015 | MYT 7:08 PM
KUALA LUMPUR: Astral Supreme Bhd has received a RM80.53mil subcontract job to undertake the main building works under the People’s Housing Programme (PPR) in Kota Belud, Sabah.
The electronic product maker, which has begun diversifying into construction, told Bursa Malaysia that its unit Astral Supreme Construction Sdn Bhd (ASC) had received the letter of award (LOA) for the job from Kuasa Lumpadang Sdn Bhd.
ASC is expected to make a gross profit of RM5.48mil, or a margin of 6.8%, from the job.
Under the agreement, ASC will supply material, labour, and equipment to design, build and deliver 900 units single-storey terrace house and other related works at Ulu Perasan, Kota Belud.
It will undertake the main building works (except for earthwork) including structure, architecture, and mechanical and electrical works complete with ancillary building, landscaping and infrastructural works.
ASC ventured into the construction sector in March last year when it began construction activities by undertaking two subcontract works worth RM105mil for design and build and associated works for a PPR project in Ayer Panas and Paya Rumput, Malacca.
The Malacca projects are expected to be completed by the first quarter of next year.
Astral shares shed half a sen to close at 12.5 sen on Tuesday.
The efforts made has started to bear fruits.. Astral now sees a turnaround in FY16.
2016
Astral Supreme sees turnaround in FY16
Posted on 14 January 2016 - 05:38am
Wan Ilaika Mohd Zakaria
sunbiz@thesundaily.com
SHAH ALAM: Loss-making electronic and electrical product maker Astral Supreme Bhd (ASB) expects to return to the black for the financial year ending May 31, 2016 (FY16), with the help of its diversification into construction, property development and property investment activities.
Its newly appointed managing director and executive director Datuk Ng Aun Hooi told reporters at its EGM yesterday, the group intends to cease its electronic manufacturing services (EMS) division and focus on its new business going forward.
“Manufacturing is a sunset business and has actually become a liability to ASB. We are now waiting for the answer from the authority and expect to complete the process within three to four months,” said Ng.
He noted that the group’s order book currently stands at RM110 million, comprising 80% of the construction contracts with the government, that will keep it busy until 2017.
Ng said the group is also tendering for six private and government projects, which is worth more than RM350 million.
“With all of these (projects) in, we should not have any problem to turnaround. And we are expecting more (projects) to come,” Ng added.
For the first quarter ended Aug 31, 2015, ASB made an unaudited net loss of RM833,000, due to lower sales and performance of its EMS segment, acceleration of work done in the previous quarter under the work programmed for construction projects, and higher administrative expenses.
The group made revenue of RM10.25 million during the quarter, mainly contributed from its construction activities, which makes represents approximately 98.87% of the total turnover.
In March 2014, ASB ventured into the construction sector via its subsidiary Astral Supreme Construction Sdn Bhd (ASC), by undertaking two subcontract works worth RM105 million for design and build and associated works for a Projek Perumahan Rakyat (People’s Housing Programme or PPR) project in Ayer Panas and Paya Rumput, Malacca.
Ng said the PPR project in Malacca will be completed within the next two months.
Last year, ASB commenced work for three subcontracts worth RM119.03 million for PPR projects in Tawau and Kota Belud, Sabah, which is expected to be completed within 24 months.
Based on the contract value of the PPR projects of RM224.03 million, the group expects the PPR projects to contribute 25% or more to its net profit in the future.
Going forward, Ng said the group is looking to acquire more landbank in Kelantan and Sabah area.
Ng however, declined to disclose the group’s total landbank currently.
Astral failed to secure the Nilai project, but they came back with a JV for the rm152 million Seri Kembangan project.
Astral Supreme to undertake RM152m Seri Kembangan high-rise residential project via JV
The Edge July 01, 2016
KUALA LUMPUR (July 1): Astral Supreme Bhd is planning to undertake a high-rise residential project with an estimated gross development value of RM152.22 million on a leasehold plot in Seri Kembangan, Selangor, via a joint venture with the soon-to-be owner of the plot, Paragon Residencia Sdn Bhd.
Astral Supreme's wholly-owned unit, Astral Supreme Development Sdn Bhd (ASDSB), inked a heads of agreement today with Paragon Residencia to express the parties' intention to enter into a JV to undertake the proposed development, a bourse filing from Astral Supreme showed.
The development is a 28-storey apartment with 256 residential units. The plot of land on which it will be built measures 3.2 acres, and is currently listed for agricultural use.
The project is now at its initial conceptual planning stage to determine the best type of development, costing and pricing, as well as operational considerations, said Astral, which is primarily involved in the manufacturing of electronic and electrical products.
The project's gross development cost is estimated to be RM123.99 million, which will yield a gross profit of RM28.23 million, it said.
Paragon Residencia, which is set to acquire the land from its holding company, Paragon Mastery Sdn Bhd, will receive 20% of the GDV (approximately RM30.45 million) for its entitlement as the landowner of the land under the JV, it added.
The project should commence in the first quarter of 2017 and be completed in five years.
Astral Supreme expects to use up to about RM32.6 million of the proceeds to be raised from its proposed rights issue, for the JV.
The proceeds were originally intended to jointly develop shoplots on a 6.7 acre tract in Nilai, Negri Sembilan, but the plan fell through mid last month.
However, the group said it will not take up the Sri Kembangan project, if the proceeds raised and allocated for this purpose is less than RM18 million.
“In such [an] event, the proceeds will then be utilised for other property development projects to be identified by the group,” it said.
The proposed rights issue with warrants — that it expects to raise up to RM80.9 million — entails the issuance of two rights shares for every one share held by shareholders, after the completion of a proposed par value reduction. The cash call comes with one warrant for every two rights shares subscribed by shareholders.
Astral Supreme's shares closed 0.5 sen or 4.17% higher at 12.5 sen today, valuing the group at RM36.48 million.
http://www.theedgemarkets.com/my/article/astral-supreme-undertake-rm152m-seri-kembangan-high-rise-residential-project-jv
Now Astral is ready to go forward putting the past behind them. A capital restructuing corporate exercise is underway. They have changed its name from Astral Supreme to Vizione.
Astral Supreme plans par value reduction of its shares
Saturday, 10 September 2016
KUALA LUMPUR: Astral Supreme Bhd plans to undertake a corporate exercise involving a par value reduction of its shares to 10 sen from the current 20 sen each.
In a filing to Bursa Malaysia, Astral Supreme said the exercise would give rise to a credit of between RM29.19mil and RM36.58mil, which it plans to utilise to set off against accumulated losses.
“The renounceable rights issue of up to 731.627 million together with up to 365.813 million free detachable warrants will raise a minimum of RM9mil and up to a maximum of RM73.163mil for the group’s funding requirements.
“The renounceable rights issue with free detachable warrants would be on the basis of two rights shares for every one existing share held together with one free detachable warrant for every two rights shares subscribed at an entitlement date to be determined later,” it said.
Barring unforeseen circumstances, the proposed rights issue with free detachable warrants is expected to be completed by year-end.
Astral Supreme, which will also change its name to Vizione Holdings Bhd, received the green light from its shareholders for the corporate exercise at an Extraordinary General Meeting today.
Chairman and independent non-executive director Datuk Dr Raman Ismail said that the rights issue with free detachable warrants would strengthen the company's financial position and facilitate its growth plans without incurring high borrowing costs.
“It would also enhance the liquidity of the company's shares and provide an opportunity for existing shareholders to increase their equity interest,” he added. – Bernama
ASUPREM - CHANGE OF NAME
| ASTRAL SUPREME BERHAD |
Kindly be advised that the aforesaid Company has changed its name to Vizione Holdings Berhad. As such, the Company’s securities will be traded and quoted under the new name with effect from 9.00 a.m., Friday, 23 September 2016.
The Stock Short Name will be changed as follows:-
| Old Name | New Name | Old Stock Short Name | New Stock Short Name |
| ASTRAL SUPREME BERHAD | VIZIONE HOLDINGS BERHAD | ASUPREM | VIZIONE |
| ASTRAL SUPREME BERHAD – ICULS 2011/2021 | VIZIONE HOLDINGS BERHAD – ICULS 2011/2021 | ASUPREM-LA | VIZIONE-LA |
| ASTRAL SUPREME BERHAD – WARRANTS 2013/2018 | VIZIONE HOLDINGS BERHAD – WARRANTS 2013/2018 | ASUPREM-WB | VIZIONE-WB |
However, the Company's Stock Numbers remain unchanged.
Shot in the arm for affordable housing
Saturday, 22 October 2016
BY JAGDEV SINGH SIDHU
Housing
There was an expectation that the Government would do something to help property developers. With so much literature on what that group of businessmen wanted the Government to do, Budget 2017 delivered for the disenfranchised segment of the property market – affordable housing.
The Government gave out money for the bottom 40 and to repair the People’s Housing Programme in urban and suburban areas.
Vacant government land will be provided to build affordable houses under the 1Malaysia People’s Housing Programme or PR1MA and by government-linked companies.
The second concept is to build houses that will be rented out to the youth at below market rates. That will allow the youth with jobs to save money for a downpayment for their own houses after five years of renting.
Furthermore, a complete exemption on stamp duty for first-time buyers of affordable houses of up to RM300,000 for the next two years will help, as buyers are the ones who will have to pay the stamp duty when they buy a house. As a chilling reminder, the Government increased the stamp duty by 1% on houses that cost more than RM1mil. While that is a small sum of money for people who can afford to buy a house costing more than RM1mil, it does serve as a reminder of the direction the Government is taking when it comes to housing.
That was emphasised when the budget spoke of an end-financing scheme for PR1MA houses where between 90% and 100% financing can be given with much reduced loan rejection rates.
Now Vizione is a property construction and development company with the past record of Projek Perumahan Rakyat (PPR) with a property development JV in hand for the future.
Vizione is damaged on its Balance Sheet due to the past bad management. In order for it to wipe the past away, it has to undergo a corporate exercise whereby a capital restructuring to bring down its retained losses by parring down its par value. The reduction of par value has no significance to its business. Shareholders since 2013 when the par value was rm0.20 and its share price was higher will definitely loose out on this. But new shareholders will not be affected by this.
Basically what this spells is this: Vizione is as good as a new start to a new company with a new management team and a new business. New investors are investing in new Vizione, nothing to do with the past.
Since 2014 Vizione started off with its priority in Affordable Homes from the Malaysian government. Now in October 2016, in the Budget for 2017, the government is stressing on Affordable Homes. This shows that the management has set its foot right before the time has come. Vizione if assumed to mean "Vision", i guess the management does have a good "Vizione" after all.
Two years have passed since the start to turn the company around. Vizione share price was around rm0.20 back then. Currently Vizione share price prior to the Corporate Exercise is hovering around rm0.11 - 0.15. If things go well with more contracts coming from the government, the Corporate Exercise should turn out well and its share price should break out from current range. Qoq will turn to profitable from the red. And that will mean a turnaround.
So with more affordable housing projects in the pipeline, how far will Vizione stand to benefit from it?
- A Turnaround, indeed.
http://landofinvestments.blogspot.my/2016/10/vizione-turnaround-story.html
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7
Axcapital's investment blog
KAB - Executing its way to a record quarter. Could more Petronas contracts be coming?
8
BFM Podcast
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Gummy88
Vizione.. Fly fly fly
2016-10-23 22:12