Jaks will be a prime beneficiary of the selangor water pipe replacement programs which shall start soon.

He will enter the BOD soon

KYY is now a great asset to Jaks

The management has indicated that a SPAC requires 4 to 6 months to complete a QA.

Newbie8080, Maybe you should go to have a better understanding.

You can monitor the progress via online portals

Extracted from the annual report

Construction of the Hai Duong BOT Thermal Power Plant started in 2016 and is progressing on schedule. To date, the concrete works for the chimney body had been completed and the steel structures for the boiler and turbines progressing well for the next phase of equipment installation works. Works for the jetty, living quarters, administrative building, etc are ongoing and expected to be completed in stages. The first unit is scheduled to commence generation of power in 2020, followed by the second unit in 2021.

Power division - Looking Forward

Vietnam’s robust industrialisation process has fueled a surging demand for energy in general and electricity consumption. According to Vietnam Energy Outlook Report 2017, electricity is taking up an increasing share in the final energy consumption mix, and electricity demand is expected to grow by 8% annually on average until 2035, corresponding to a need for additional 93 GW of power generation capacity during the period. Almost half of the new capacity is supposed to be coal fired, while almost 25% will be renewable energy. Barring any unforeseen circumstances, the 25 years BOT Contract will provide the JAKS Group with a recurrent income stream from the power concession.

New shareholdings @6 April 2018;

Kumpulan Wang Persaraan (Diperbadankan) (KWAP) bought 24,561,600 shares
Great Eastern Life Assurance (Malaysia) Berhad added 10,000,000 shares to 19,000,000 shares
Mohamad Zaidee Bin Abang Hipni bought 8,200,000 shares

Then I wish you best of luck in investment.

Do not mix Investment with Politics. Not the right way.

To Jaks, what really matters is the Vietnam power plant. As the power plant will be 50% completed by this year, Jaks will recognise another 30% construction profit in 2018 which works out to about RM125m or EPS of 23 cents.

KYY is not even a director of Jaks. His personal political preference has no relevance to Jaks and his statements do not represent the stand of the company.

A US fund, FMR LLC, bought into Supermax while EPF was busy selling down after the BOSS turned to support the opposition. The fund ignored the political noises and concentrate on the business. It is eventually proven right as supermax's business delivered stunning results.

CVC do not normally go for 100% ownership. They will let the current management run the business.

4月24日23时50分，公司承建的越南海阳2×600MW燃煤电厂工程取水泵房水下混凝土顺利浇筑完成，浇筑总量约1300立方米，历时16个小时。
　　据悉，此次浇筑的混凝土为素混凝土，由水泥、砂（细骨料）、石子（粗骨料）、外加剂等，按一定比例混合后加一定比例的水拌制而成，对混凝土质量及浇筑技术要求较高。基坑换填分两次浇筑，第一次浇筑至-5.8米,待混凝土凝固后抽去基坑表水进行二次浇注至基础垫层-5.6米。浇筑采用套管法，套管以扣件封闭连接，套头连接至浇斗，套管放置到基坑底部。

I welcome all comments including negative views. However, please comment constructively and provide credible arguments. Check up the facts before laying the comments as they are many unaware i3 readers. I do not wish them to be misled. Let them make decision based on facts.

Had Jaks not being the party who secured the BOT from Vietnam gov't, There is absolutely NO chance of it been given a 30% ownership with option to buy another 10% upon completion as well as another RM400m guaranteed "construction profit" from CPECC.

There are inherent risks in all businesses including Coca Cola & Pepsi, Gillette, and Microsoft. A rocket scientist can never figure out these kind of risks. You have to weigh and take calculated approach to this sort of investment. Don't be greedy. Do not risk what you can't afford to lose.

You can name all the risks in the world, but just ask yourself, given the capability, would you take up the opportunity if you are given the BOT to build a power plant in Vietnam. The most difficult part of the BOT is the financing due to the size of the investment. Jaks' previous 2 partners failed because unable to secure financing. Jaks is probably the smallest foreign companies of all to have secured and started constructing a 1,200MW coal power plant in Vietnam todate. With a market cap of less than US$200m, it is extremely small compared to other foreign licencees. To Jaks, it is definitely a game changer.

Are these bankers stupid enough to lend to another US$1.87b thermal power plant in vietnam ?

Reaction to Munchy's news is due to the fall out of prior optimistic expectation out of the previous star news. Hence, it is obvious that someone had used the public media to cause a stir on Rsena-WA. The current news caused a huge disappointment and thus resulted in panic selling. However, it is known that most warrants were in the hands of retail investors. Why would someone stirred up the price and let the small investors sell out and only to let it fall now. Intention is unknown.

Newbie, maybe you should clarify why you are interested in Jaks and yet you only made negative comments ? Nothing positive ?

CVC cap is a private equity fund. They invest in private firms but normally they don't run the business.

As expected, Munchy just too big for Rsena to swallow.....

Newbie8080, you can't compare Hai Duong power plant BOT with those of malaysia. Just go do more research on the meaning of "capacity charge" and "energy charge", and you will get a clearer picture.

That is payback period of 8 years. Meaning getting back invested capital in 8 years. The power plant will be profitable once start operation.

4月15日，安徽电力建设第二工程有限公司承建的越南海阳2×600MW燃煤电厂2号机主厂房钢结构顺利开吊，标志着该工程2号机组正式进入安装阶段。
　　该工程2号机组主厂房上部结构为钢结构，安装施工范围为A-D排，固定端到扩建端方向为13-26轴跨度130米,工作量约为7365吨，其中最重件约为40.398吨。

It is rather unusual if the promoters surrender without a fight. Everything is for sale at a price. Quite unbelievable if they can't even find a target until now. Even Hibiscus managed to find a QA despite oil price at US$100 level. F&B companies are not cheap now but there are definitely some willing to sell. I suspect they are purposely delaying the signing of S&P until the last possible moment.

TanChinku, there is no specific time frame between s&p to Egm. But you need to get approval from SC before calling an EGM. In any case, time is running out. They need to act soon. I think if there is no S&P by end of May, it is as good as gone.

completion of QA b4 3 years

Calvin's blind headed attack on KYY ruins his credibility. He needs to substantiate his attack on Jaks. Otherwise, he will soon find nobody listens to him anymore.

Jeffreymib, I favour ordinary shares. Will only look at warrant after seeing the S&P agreement.

The success of SPAC very much depends on the prospect of the industry it is in. Valuation concern is secondary. Take the previous 4 oil SPACs as example, Hibiscus succeeded because oil price was US$100 then, the next 2 failed because oil price plunged and reach energy succeeded partly because of recovering oil prospects. Rsena is in a booming F&B industry, and listed F&B stocks are trading at very high valuation. Even though this make acquisition more difficult, I view this positively as the chance of success will be worst if Rsena is in poor performing industry now eg. property, oil etc. Regardless of valuation, it is very hard to find investors for difficult industries.

Rsena warrant is very high risk. If QA fails, it is worthless. But if it succeeds, warrant can double/triple or more. Only invest with money you can afford to lose.

The promoters are probably courting some big investors to buy out the yield investors now. Time is running out for the paper works.

But I don't think the promoters will lay down without a fight. Although the valuation of the QA target may not be cheap, but it also speaks well of the future prospects of the F&B industry. Good industry prospect is vital to the success of SPAC. That is why we had 4 SPACs listed during the US$100 oil regime.

If Rsena can't find anything worth buying, better don't waste money on all the paper works. If all returned, shareholders can get exta1.8 cents on top of the cash in the trust account.

The Calvin latest article is more of a personal attack on KYY. Super long article but can't find any arguments why Jaks' Vietnam power plant won't be profitable. Making references to failed examples is not convincing. There are lots of successful IPPs.

1. Are you suggesting Nestle is too high to buy now ?
2. Most, if not all, companies have share disposal by directors at some point in time including public bank. Even Facebook directors are selling FB shares.
3. China power is FULLY responsible for the construction of the power plant.
4. Any of the vietnam power plants gone bankrupt ? Vietnam is so hungry for electricity power now.
5. A US power company goes bankrupt. So will everyone else ?
6. Mudajaya has its unique problems especially after change of state government. If mudajaya is role model for IPP, then ALL IPP power plants will fail.

A more direct criticism on Jaks' Hai Duong plant itself will be more informative. Laying out reasons why the US$1.87b power plant cannot be profitable will certainly be a more convincing wakeup call to a lot of readers here causing panic selling.

Jeffreymib, you are welcome

TanChinku, you are welcome

https://www.thestar.com.my/business/business-news/2018/03/31/what-will-lim-do-next/

In short, Munchy is a good QA target. But until they inked the agreement, there is still plenty of doubts in the market.

To Rsena, Munchy as QA, at reasonable valuation, would certainly increase its odd of getting the shareholders' approval. Munchy is still on high trajectory growth path which will attract venture capitals and fund managers investments to buy out the yield investors.

Tan brothers had 30 - 40% revenue growth target for Munchy in 2017. With such high growth rate, I m doubtful, even 15x PE could entice them to part an empire they build for 25 years. They sold 30% ownership each to KWAP and TAP in Oct 2014, later restructured in 2015 to see Double-V Series Sdn Bhd, the Tan brothers’ holding company, owns a 70% stake in Munchy’s with the remaining 30% held by fund investor Tap Crunch Sdn Bhd. In a 2016 report, KWAP said it has a 15% exposure in Munchy. Does it mean that Tan brothers bought back 15% each from KWAP and TAP, or was there a corporate exercise to dilute their shareholdings ? If Tan brothers were increasing their stake in Munchy in 2015, why would they want to sell to Rsena now ?

If Munchy selling just 5 to 8x PE, Rsena's Management should not be worried about the high valuation sought by the seller. Why would Tan Brothers be selling Munchy at such low valuation when it can go for listing at higher than 15x PE, considering the current high PE regime for the listed F&B stocks.

Of course, there are questions to ponder.... eg. why don't munchy go for listing by themselves ?

Bear in mind, all the above are all purely my speculation.

Tap Crunch Sdn Bhd will walk away with RM270m cash.

Maybe RM400m cash + 1.1b new shares at RM0.50 each will make it happen. Tan brothers retain control with 52+% ownership. However, I m not sure whether this kind of arrangement will be approved by the SC.