Dear Friends of i3 Forum,

Looks like Interest is returning to Palm Oil Theme again

It started with TOK MAT's remarks on BPLANT

See again

BPLANT (5254) A STARTLING REVELATION BY TOK MAT ( There are assets such as those of ‘planting trees on a gold mine’) Calvin Tan

Asked if the restructuring would involve divesting Boustead Plantation Bhd or Boustead Petroleum Marketing Sdn Bhd (BHPetrol), Tok Mat, as he is fondly known, said “in business, what is important is that we make money; we do business to get returns”.

“There is no point in retaining business if you are going to lose money. It doesn’t mean that the privatisation of Boustead [Holdings Bhd], that’s the end of it. We want to re-position ourselves.

“The important thing is to look at our assets. There are assets such as those of ‘planting trees on a gold mine’, so we have to unlock that because this is the process for adding value,” he added.

Now we shall look at IOI CORP's Assets

Please refer to Bursa Saham Official Website and search for IOI CORP

Then scroll down all the way near the bottom to PROPERTIES OWNED BY IOI CORP

Now look at this piece very very very carefully

See page 130 IOI CORPORATION BHD

D. OTHER PROPERTIES

Lots 429, 432 & 434

Bukit Sebukor

Bukit Baru, Melaka Tengah

Melaka

Freehold.  19 hectares.  

Future Development Land

Year of acquisition 1990

Book Value: Rm1.2 Millions

Ok from the above we get very clear details

IOI CORP owns lands in Bukit Sebukor, Bukit Baru, Meleka Tengah (Central) in 3 plots

All freehold and under "FUTURE DEVELOPMENT LAND" which means it has been converted from agriculture.

Bought in year 1990 or 33 years ago

The Book Value is Rm1.2 Millions

From above we can see 19 Hectares of Freehold land with cost only Rm1.2 Millions

Now convert to Acres by multiplying 19 hectares by 2.471

= 46.949 acres (almost 47 acres)

To get per acre cost divides Rm1,200,000 by 46.949

= Rm25,809

Lest divide Rm25,809 by 43,560 further for per sq ft cost

= 59 sen psf

This is even cheaper than buying carpet or floor tiles per sq ft!

About normal value for most Freehold Palm oil Lands in Peninsular like others

BUT WHY THIS PIECE IS DIFFERENT?

Why?

Check the Map

​

​

We can SEE Bukit Baru is right near the Center of Melaka Historic City 

Now what is the Current Market Value for this 33 years old Land right in Melaka City Center?

To get an example we refer to Ornapaper recent purchase of lands in Melaka and then WE CAN SEE THE DIFFERENCE

Again go refer Bursa Announcement by Ornapaper

Announcement details

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS ORNAPAPER BERHAD ("ORNA" OR "THE COMPANY") - ACQUISITION OF TWO (2) PIECES OF LEASEHOLD VACANT LAND BY ORNAPAPER INDUSTRY (M) SDN. BHD., A SUBSIDIARY OF THE COMPANY

ORNAPAPER BERHAD ("ORNA" OR "THE COMPANY") 
- ACQUISITION OF TWO (2) PIECES OF LEASEHOLD VACANT LAND BY ORNAPAPER INDUSTRY (M) SDN. BHD., A SUBSIDIARY OF THE COMPANY

The Board of Directors of ORNA wishes to announce that Ornapaper Industry (M) Sdn Bhd (“OIM” or "Purchaser"), a wholly-owned subsidiary of ORNA, had on 20 July 2023 entered into the following Sales and Purchase Agreements with Faithview Group Development Sdn Bhd (“FGD” or "Vendor") for the proposed acquisition of two (2) pieces of the following leasehold vacant lands (”Proposed Acquisition”):-
(i) A sale and purchase agreement with FGD for the proposed acquisition of a leasehold land held under PN 67963, Lot 23933 (previously known as HS(D) 85476, PT 12084), Mukim Krubong, Daerah Melaka Tengah, Negeri Melaka measuring approximately 6.144 hectares in land area (661,320.25 square feet) (“Land 1”) for a purchase consideration of RM18,516,967.10 (“SPA 1”); and
(ii) A sale and purchase agreement with FGD for the proposed acquisition of a leasehold land held under PN 67964, Lot 23934 (previously known as HS(D) 85477, PT 12085), Mukim Krubong, Daerah Melaka Tengah, Negeri Melaka measuring approximately 4.059 hectares in land area (436,897.61 square feet) (“Land 2”) for a purchase consideration of RM12,233,133.05 (“SPA 2”).
(Collectively, Land 1 and Land 2 shall hereinafter referred to as “the said Property” and SPA 1 and SPA 2 shall hereinafter referred to as “the said SPAs”). 
Please refer to the attachment for the details of the Proposed Acquisition.
This announcement is dated 20 July 2023.
Please refer attachment below.

From above we can see

Ornapaper buying leasehold lands

6.144 hectares for Rm18,516,967

4.059 hectares for Rm12,233,133.05

Now let's do a breakdown

6.144 hectares convert to acre by multiplying by 2.471

= 15.181 acres for Rm18,516,967

or Rm1,219,746

About Rm1.219 Millions just for one acre leasehold land???

Or next piece

4.059 hectares for Rm12,233,133.05

or 10.029 acres for Rm12,233,133.05

= Rm1,219,775

or Rm1.219 Millions an acre

Note again

IOI CORP book value

46.949 acres for Rm1.2 Milions

or only Rm25,089 per acre

So how much More the Cost

Divides Rm1.219,000 by 25,089

= 48.58 X (Times) or 4,858% more

divides by 33 years

= 147% per year

That is how fast IOI CORP's Bukit Baru Land gone up in 33 years

How nice to see 147% growth yearly in investments.

Now take another look how prime is IOI Corp freehold land in Bukit Baru compared to Ornapaper's leasehold lands in Krubong

See

18 min (13.9 km) via Jalan Tangkak - Durian Tunggal/Jln Tunku Abdul Rahman

THIS IS IT!

IOI CORP planting "ON GOLD HILL"?

Too precious now

We are sure IOI people are also aware of TOK MAT's reference on Bplant planting on "gold mine"

So what?

Are IOI PEOPLE GOING TO BUY MORE OF THEIR OWN GOLD MINE SHARES?

See

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : INTENTION TO DEAL DURING CLOSED PERIOD

DATO

LEE YEOW CHOR

Others

Group Managing Director / Chief Executive

Ordinary Shares

DATO

LEE YEOW CHOR

Others

Group Managing Director / Chief Executive

Ordinary Shares

MR

LEE YEOW SENG

Others

Non-Independent Non-Executive Director

Ordinary Shares

1. Dato' Lee Yeow Chor's indirect interest in Progressive Holdings Sdn Bhd ("PHSB") is pursuant to Section 8 of the Companies Act 2016 (the "Act") and also interest in share of his spouse, Datin Joanne Wong Su-Ching under Section 59(11)(c) of the Act.
2. Mr Lee Yeow Seng's indirect interest in PHSB is pursuant to Section 8 of the Act.
3. The percentage of issued shares of the Company is calculated based on the total number of shares with voting rights of 6,203,697,295 as at 24 July 2023.
This announcement is dated 24 July 2023.

Announcement Info

INTENTION TO DEAL DURING CLOSED PERIOD???

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : INTENTION TO DEAL DURING CLOSED PERIOD

MISS

WONG YIN LING

Others

Senior Financial Controller of IOI Acidchem Sdn Bhd

Ordinary Shares

Changes in Sub. S-hldr's Int (Section 138 of CA 2016)

Particulars of substantial Securities Holder

Details of changes

Shareholding percentage is based on the voting issued shares of 6,203,697,295.

Announcement Info