1st: MAAG not strong enough to give MAAT the edge in the going to open insurance market. It may becomes MBSB (whom not competent enough which always ask money from shareholders). Selling it can avoid this situation.

2nd: If you want to object the near future right issue, one should object in the AGM happen last week which passed the resolution of share buy back and issue and allot share in resolution 9 and resolution 10, not this EGM.

3rd: If this EGM failed to pass the resolution, BOD might take time to re-call again comes out with new proposal or may not ( SC may see shareholder reject the sales of MAAT). If time passed, with the current volatile market and uncertainty, Zurich may call-off the deal. And spend another time and cost to reorganize another EGM just because a few shareholders said they want to take money and go away like no future is not fair to other long term investors as well.

4th: I see this Selling MAAT as a part of MAAG regulation plan. If failed tomorrow, please be remind that Bursa may suspend MAA which the last date for MAA to submit regulation plan is 30th June, this Thursday! And until now Bursa hasn't permit to extend the time yet.

The BEST scenario of vote Yes is you get 35 cent special dividend and future prospect.
The WORST scenario of Vote No is MAA being suspended. Zurich call-off the deal. Another buyer comes in with lower offer price. What you would vote then?

up to this point, i think MAAG BOD do a great job by selling MAA, MAA unit trust and MAA takaful at a good price. They do distribute the profit to the shareholder. They close down losing business in Indonesia and buy a profitable business in Australia.

After disposing takaful and come out from BNM regulation, leaving PN17 is a matter of time. At the same time, privatization becomes possible to the major shareholder but that's another story. For the current affair, I will vote Yes for the two resolutions in upcoming EGM if you really care your investment and read the agenda as like Markus said.

We must Tolak those fallacy : " if you dislike the way BOD done, sell the share lah, why complain a lot? "
We must fight for our right. If we ignore and flinch, then who we expect would stand up and fight for us? I support you Markus and James!

perhaps you should worry about privatization too. With lower price, the "independent" consultant will say the offer price by major shareholder is Unfair But Reasonable and ask the minority to accept the take over. If this so, what is the next action you guys who claim as value investor will do?

Based on multi proposal on 4 May, page 14, the NA after 35 cent special dividend is RM2.01 and the cash and cash equivalent is 59.7% which translate to RM1.20/share after special dividend.
Today closing price of RM1.15 is lower than its cash level.

There is a total of RM290,489,000 cash from the disposal of MAA Takaful is planned for investment in three years (RM196,739,000 must be utilized in 2 years) translate to RM0.99/share. If this RM196,739,000 be keep in the bank for 2 years with interest rate of 2.5%, it would get RM9.95mil interest equal to 3 cent/share.

the lower the mother share price, the fewer ppl convert the warrant thus the more Jcorp save.

Calvin, to show you are not an amateur investor who pck by luck, perhaps the best way is to show your calculation and tell all how much is Kulim really worth. Show your true warrior blood, no jib jib .

before all these dreams coming true, MAA must first get approval from Bursa to extend its PN17 status which is due in 31st Dec.

MAA received all payments and solved dispute with Zurich over the sale of conventional insurance more than 2 years. During proceeding of the payment, it under PN17 and told Bursa wait, wait, wait:" i haven't receive full payment yet". Now, selling Takaful, how long it would take to receive full fund and settle all?

First of all, we must have right mindset. We are investor, the share owner of the company, not beggar waiting for someone generous. We are not fool who need and follow Board of Directors and Banker to tell us what is Fair and Reasonable. Without fighting for our right, do you think Jcorp will volunteer to offer you extra 20 to 30 cents? Do we really can't do anything? Does every minorities in any listed company just a fresh meat waiting to shallow by big fish?

Kulim's cash RM 1,797,225,000 - RM 1,447,653,000 (total liabilities) = RM 349,572,000 = RM 0.269 nett cash/share. (cash from sales of NBPO will gives handsome interest every month)

Fix asset = RM 3.084/share (which land valued in 1997 and not yet include gain from sale of Nexsol)

Trade and other receivable = RM 0.47/share

Nett cash+ Fix asset + trade receivable = RM 3.823.

RM 4.10 is a good price to sell your asset, hmmm.....
.

haha Calvin, seem like you pick share by luck.. Jcorp had announced any dividend distributed during this period will deduct from the RM4.10. where is the cream?

Canvintaneng, are you capable to calculate the value of total land bank of Kulim in hand based on your knowledge in Johor property market?

Well said Kian Leong!

Insurance penetration rate (Life alone) in Malaysia is about 54%(conventional + takaful) till last year and saying insurance industry in Malaysia is saturated not an accurate account if we compare the penetration rate of 80% in developed countries.

In theory, yes we are emerging market with low insurance penetration and young population, but look at how MAA performs in Indonesia, an emerging force in ASEAN with much larger population and lower insurance penetration. MAA is losing money there and have no choice but close shop. Sometimes vision tells you one thing but reality tells you another's.

Saying people choose takaful based on his/her religion and race is a perception too. There are many non muslim buying takaful as well as keep their money in islamic banking or loan from murabahah. Most people buying insurance are based on the package. Innovative, Creative, Good Service, Financial Sound and Strong Network are the elements required in ever competitive environment nowadays. Pool size is one of the critical factors in determine the success of an insurance company.

We can foresee crossover from conventional to takaful and vice versa will be rapid. Transfer or distribute some of the conventional risk (business) to takaful may take place or vice versa. Don't get me wrong meaning it is to combine takaful and convention into ONE.

The difference between you apply the licence by yourself or you buy a license from existing license holder is how much you willing to pay for the Goodwill? In this case, how much MAA values its license in intangible asset if BNM approved two takaful license to MAA? If you read Manulife latest annual report, they have different view on intangible asset in MAAKL .

Again, it is TIMING. MAA applied to separate Takaful license seen the co has a long plan for the takaful. Capital wise MAA was seen has no problem since MAA can distribute dividend and share buyback. But why make a U-turn to sell it? Does BNM not giving approval? Why can't MAA wait until get the license and can sell it at better price?

Investing share must consider recent development in rational. Not because someone has bought it he is singing all the good things and swept all the dirt under the carpet. Not because someone is planning to go in and he said all the bad things to scare people. Come on lah, this forum is help each other not to fall into croc mouth by sharing each thought and discuss pro and con. If we blame those paid analyzers for giving false illusion, we must not join them too.
13/08/2015 00:20

Over the past few years, hospital biz achieves growth yoy while palm oil income drop. It is time to rethink the strategy of the company given the extraction rate of oil now is getting lower in peninsular compare to Kalimantan while the land cost is higher in West Malaysia. Dr Nick is a medical personnel and has palm oil development exposure in Kalimantan. He is involving in two core biz of SAB. Hmm seen Tan Sri is carefully nurture Dr Nick to take over from him to lead the group. The land in Kota Kemuning is the jewel of jewel of SAB property and i wish the new management will utilize it well to generate good fortune for all shareholders.

It is weird that Zurich is sensing its business to buy MAA takaful given the pool size is small and the biz not yet reach self sustainable and scale of economy. Unless Zurich is aiming its takaful license and would like to inject some of its conventional biz into takaful. Once again, the timing of Zurich to enter negotiation is a bit risky in the fact that MAA takaful hasn't get the General Takaful and Family Takaful license separately yet under the new insurance act. Why can't Zurich wait until MAA confirm obtain the two takaful licenses? How Bank Negara will do next? Giving green light to Zurich to acquire MAA takaful and later give general and family takaful license to Zurich? Or giving MAA takaful two licenses and then MAA sells the license to Zurich?

dear all, pls don't shoot Calvintaneng, like him, i too don't have the capacity to buy 30 lots..but this doesn't mean i do not have right to think positive or negative on the stock. Or perhaps I am wrong on Calvintaneng, he has the big fortune to buy 100 lots and more only he needs to think how to sell the big lots unless he has insider news that someone will buy from him. Perhaps Calvintaneng can share more "insider" view on JB properties market up to date as a Johoran?

29 May, major shareholder sold 355,000 units, BOD decides to buy 361,700 at RM2.54 to 2.60.

2 Jun, Major shareholder disposed 525,100 units; Kulim buy 892,800 from market at RM2.57 to 2.63

8 Jun, major shareholder let go 111,800 units; Kulim intake 116,600 units at RM2.59 to 2.62

9 Jun, major shareholder sold 15,900 units, Kulim BOD collect 30,000 units at RM2.59 to 2.60

12 Jun, major shareholder KWAP cash in from 200,000 units, Kulim absorbs 96,000 units at RM2.54 to 2.62.

Share changing hand from left to right...Hey guys, any body can confirm does KWAP has any representative in the Board?

Dear Adamolittle, after many days you talk about integrity, now you said you don't understand the topic, Ha3. Well, i try to make it this way hopefully you can understand: is a man position in his job direct proportional to his integrity? means the higher the ranking of the post, the higher integrity he is. What say you?
By the way, please write your opinion in one comment. Sequencing the sentence to several comment is a tactic of washing the comment board which always done by people who wish not want more people know what is talking previously. I guess you are not purposely did so, do you?

Dear Adamolittle, seem you very much understand Integrity since you know it is deep and big...I am very keen to know your point on this topic:" Is a job tittle equal to integrity?" Mind to share?

Dear Adamolittle, the topic we are debate is :" Is a job tittle equal to integrity? ". If you would like to share your point either YES or No, this forum is free for you to express your opinion.

I just disagree the point that a job tittle or paper qualification equal to integrity and am not politicking the topic but giving a most happening, most obvious example of job tittle/past experience doesn't mean of integrity. Afterall, do you think share market can free of political interference?

Dear Yogibear, I agree with you we are here for friendly exchange. I do not know you and have no reason to hate you just because you are expressing your opinion. The bright side of this forum is it provide a close loops for investors to share their thought either positively or negatively about a company. Most of the commentators in this forum only singing the positive just because he/she bought the share and hoping its price up before they can sell in good price. But there are some sincere ppl who too sharing risks they observed which will never publish in newspaper or TV. I would love to see constructive argument like buying share we always consider pro n con before invest in it.

In listed company, we know only director's education qualification and job experience. That's all. We don't know how he/she is in person. Only time will tell but most of the time when it happen it is too late. For SAB case, if a take over offer arise through official channel, a judge too must follow the Bursa and company's rules. As a director, he must follow the procedure too. Legal sometimes doesn't mean it is moral.

Dear Yogibear, as i mentioned before, job tittle doesn't equal to integrity, for instance: a PM gave a false statement in Parliament misleading the public. Isn't he must have the highest integrity? Will all shareholders of the co been guaranteed safe if a PM sit in the advisory board?

Very optimism calculation! This scenario may happen, who knows. I would like to add the 2nd scenario based on this assumption: No revalue of asset for next ten years. Major shareholder privatize it at RM6. The "independent" CONsultant says it is "Fair" n " Reasonable". Small fry bersyukurlah been paid RM6/share.

Dear Kulim shareholder, If you attend tomorrow AGM, please use your vote wisely to object Resolution No (1) Share Buy Back.
The reason I against the Share Buy Back because it doesn't bring value to the company. There are many ways to make use of the proceed from NBPOL but not share buy back. the reason is: If BOD intend to reduce the share capital by cancel out the treasury share, why Kulim keep issuing convertible warranty and ESOS? If the Treasury share reach its max 10% of total share circulate and either being distribute as dividend or cancel out, the small holders will be the main loser. From 10 March 2015 to 8 April 2015, Kulim has spent RM35,448,451 on 12,554,600 treasury share average each cost at RM2.82. Calculate from yesterday closing price RM2.58, the treasury share has a loss of RM3,013,104.00 on book value. During this period, the second largest share holder KWAP is dumping the share. It is hard not to think it is a RRPT seeing the major shareholder is selling and BOD is buying it back through company reserve fund. Therefore, I urge the other share holders would object the renewal of share buyback.

There is no dividend declare in the financial note. The 38 cents is the RM0.3765 dividend distributed in March.

Above is the logic of a man who TTB so desperately want to re-appoint him as Icap director goes as far as spending two meetings to appoint him. For a man who always speak on integrity, would TTB share the same logic with him?

http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=499282:tunku-aziz-worms-out-to-speak-for-najib-macc-cant-probe-pms-wealth-based-on-suspicion&Itemid=2#axzz3YaIpBq32

Declaration of dividend see shift of co policy from share buyback. We can conclude that the management has no new plan for business expansion at the moment. The bright side is the management distribute the retain profit to all share holders instead of holding cash for nothing. Another reason may be is to prevent the co from shark attack.

http://www.thestar.com.my/Business/Business-News/2014/11/24/Pressure-on-smaller-Malaysian-banks-to-merge/?style=biz

Instead of distribute the excess cash to all share holders, the management use it to buy share from major share holders in the name of share buyback. Why dont they wait the fund manager dump all the share before they buy back?

Kulim is doing share buyback while major shareholders are selling, is this a related party transaction?

Finally, given that insurance is one of the most regulated industry in the country, I am more than willing to hold its share in private (if it delisted). Delist is not the end of the world.

Well say Jamesooi! MAA is cash rich, MAA has core business in Takaful. MAA is closing down loss making company and starting turn profit. MAA is given insurance license by BNM and Philiphine gov. MAA management has track record in insurance business. One might ask why it still been in PN17. I think that Bursa know that's all because of Bursa outdated rules which give the name tag PN17 to MAA. That's why Bursa allows extension over extension and they started to collect feedback from industries for its new regulations.

rumah SelangorKu is launch beside Rimbayu, now anybody can tell what is the valuation of SAB land?

List (+) 50% + Delist (-) 50% = say nothing.

KWAP not solely selling, it sell and buy just like EPF, short and cover position or perhaps sell buy sell buy is the appropriate word. What weird things is KWAP is dumping and Kulim is doing share buy back maintaining the price. Could anyone tell the logic?

up to 18th March, Ringgit drops 13% yoy vs USD while KLCI drops 1.27% yoy at the same period.

Share buy back while issuing new share. What is the rational in creating co long term value?

the co is using your money (if you are share holder) to buy back the share. So who is stupid?

looyee, yes the payment is announced received otherwise Kulim wont declare diveden so soon, only question is Sime Darby paid in BP or RM or USD into Kulim's British account or Malaysia's or Caymen Island..hihihi have some laugh during the price dropping day. kiki..someone was shorting the share on 2Mar and ESOS is RM3.05...deep thinking..hmmmm...

in the disposal proposal to shareholder last year, Kulim promised to distribute RM0.78 from the profit of the sale of NBPOL over 2 years period. RM0.376 is a pretty much if the RM0.78 divided by 8 quarters. There will be an addition RM80mil currency gain if calculate the present BP to RM compare to the calculation the sales prospect to shareholder last year. However, if the management do a currency hedging or some agreement within Kulim-Sime on the payment, no more extra will gain. I wonder whether Kulim have received the cash from Sime Darby or not since no announcement on the actual RM income. The share is expected to drop probably to the range of RM3.10 to RM3.05 these few days, wish market prove me wrong. :)

initial announce total of RM0.75 from the sale of NBPOL will distribute through two years. RM0.376 is a surprising much.

In statement released on 26th Feb, there is a paragraph sound:

" The Group reported a lower net profit for the year under review mainly due to the unbudgeted allowance for losses on one major impaired loan account"

Who is the One major impaired loan account? Hope not 1MDB.. :(

no body here say it is wrong to buy.

EPF is a short term player, do not happy when they buy. You can see the record EPF is buy sell buy sell the counter, just wonder if this a manipulate behavior? someone can tell?

fat dividend expecting