2. “To keep it going, Empire, in which Lim now controls 84% via Kien Huat Realty III Ltd, has revealed it is in dire need of fresh capital through a cash call, or a restructuring of its whopping debt of over US$400 million.”

Either fresh capital call or with restructuring debt with no cash injection.
Announcing Chapter 11 for easy debt restructuring

3. “Last Friday, debt-laden Empire highlighted to shareholders the option of filing for voluntary bankruptcy in the announcement of its second-quarter financials to the US Securities and Exchange Commission (SEC), noting the option would enable it to easier restructure its borrowings.”

Anticipated Improvement of operation of RW Catskills, present liquidity challenges can be
met.

GENM’s response to the letter from Bursa is as follows:
According to Empire’s 10-Q, Empire stated that it believes that its current cash, cash equivalents,
cash generated from operations and available funding pursuant to KH’s current commitments will
provide sufficient liquidity to fund debt service requirements, Empire’s operations and the expected
costs of developing the golf course (“Golf Course Project”) adjacent to its casino, Resorts World
Catskills (“RWC”), until the first quarter of 2020. Furthermore, based on our analysis from public
filings, we believe that, with immediate improvements to Empire’s operations following an
expeditious consummation of the Proposed Merger, Empire’s present liquidity challenges can be
met.

According to announcement, KH will continue to commit the cash injection as per committed.
KH’s current commitments will provide sufficient liquidity till first quarter of 2020

GENM’s response to the letter from Bursa is as follows:
According to Empire’s 10-Q, Empire stated that it believes that its current cash, cash equivalents,
cash generated from operations and available funding pursuant to KH’s current commitments will
provide sufficient liquidity to fund debt service requirements, Empire’s operations and the expected
costs of developing the golf course (“Golf Course Project”) adjacent to its casino, Resorts World
Catskills (“RWC”), until the first quarter of 2020. Furthermore, based on our analysis from public
filings, we believe that, with immediate improvements to Empire’s operations following an
expeditious consummation of the Proposed Merger, Empire’s present liquidity challenges can be
met.

Below are the commitment fr KH, converrsion price for shares is USD 20.

Pursuant to the Commitment Letter, Kien Huat will subscribe for shares of Series F Preferred Stock on such dates and in such amounts mutually agreed upon between Kien Huat and the Issuer, but no earlier than pursuant to the following installment schedule:

Draw Date No Earlier Than Maximum Funding Amount
11/9/2018 $12 million
2/15/2019 $20 million
5/15/2019 $20 million
8/15/2019 $15 million
11/15/2019 $37 million
3/15/2020 $22 million

https://www.sec.gov/Archives/edgar/data/906780/000090342318000590/kienhuat-13da19_1107.htm

Genting M could write back MYR1.83 billion into the book if the
H.R.312 - Mashpee Wampanoag Tribe Reservation Reaffirmation Act has passed both house and Senate.
Status : Passed House of Representatives and pending Senate vote.

https://www.ggrasia.com/mashpee-land-bill-passed-casino-plan-future-still-unclear/

Samuel Yin Shao Yang, an analyst at Maybank Investment Bank Bhd, said in a note following the move in the lower house of the U.S. Congress: “If a similar bill is passed in the U.S. Senate and President Donald Trump does not veto the bill, the Mashpee Wampanoag tribe can build their First Light Resort and Casino and repay Genting Malaysia.”

Genting Malaysia confirmed to Bursa Malaysia in its 2018 annual results filed in February that it had recorded an impairment loss of MYR1.83 billion (US$440 million) on the group’s investment in promissory notes issued by the Mashpee Wampanoag in relation to the casino scheme.


https://www.congress.gov/bill/116th-congress/house-bill/312

What is the wild card for Resort world Catskills NY - Sport betting license.

4 New York Casinos Can Officially Offer Sports Betting
The four upstate casinos are Resorts World, Rivers Casino, Tioga Downs and Del Lago.
Even Resort World New York (GenM USA) dont have this approval.

https://www.actionnetwork.com/news/new-york-sports-betting-legal-upstate-casinos

Gambling is like that la..
Genting Highland sure earn money one..
those people earn a lot at Casino sure will bet more and expect to gain more...
those people lost money sure will want to bet more with hope to gain back fr lost...
Based on their calculation, each games in long period betting, the winner sure is casino....

You can fill complaint to SC for inaccurate info provided for announcement below

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS

http://www.bursamalaysia.com/market/listed-companies/company-announcem...

6.2 Earnings and earnings per share
The Proposed Transaction is not expected to have any material effect on the consolidated earnings and earnings per share of GENM for the financial year ending 31 December 2019 as the said proposals are expected to complete by the 4th quarter of 2019.


10. AUDIT AND RISK MANAGEMENT COMMITTEE’S STATEMENT
The Audit and Risk Management Committee of GENM, after having considered all aspects of the Proposed
Transaction including the rationale, prospects and risk factors, is of the view that the Proposed Transaction is:
(i) in the best interest of GENM;
(ii) fair, reasonable and on normal commercial terms; and
(iii) not detrimental to the interest of GENM’s minority shareholders.

It will have significant impact since the Empire Resorts considers file for Chapter 11 and GenM has to write off all the Empire Resorts shares purchase fr KIEN HUAT REALTY III LIMITED

GenM did not review the financial position of Empire Resorts for this RELATED PARTY TRANSACTIONS.

Genting group will be more focus on casino licence by the Japanese
Uncle Lim seldom touch Genting to ensure the company compliance to Singapore Strict Casino license requirement.
Odds look good for Genting in Japan
https://www.theedgemarkets.com/article/odds-look-good-genting-japan

Proposed acquisition of Empire Resorts by Genting USA subject to US regulatory approvals.
This acquisition most likely will be cancelled due to Empire Resorts considered filling chapter 11 and debt restructure plan is required for this acquisition...

At this moment, as per US SC filling, Kien Huat still commit to inject further Usd 74 mil as Preferred Stock with conversion price USD 20 per share till Mar 2020 to Empire Resorts.

https://www.sec.gov/Archives/edgar/data/906780/000090342318000590/kienhuat-13da19_1107.htm

Revenue growth for Resort World Catskills in Q3.
Significant jump in weekly gaming revenue fr Q2 to Q3 (up to 4 Aug)

https://www.gaming.ny.gov/gaming/index.php?ID=1
Analysed the Weekly revenue gaming, you should see significant jump in Q3 weekly revenue from USD 4 mil (Q2) to USD 5.1 (Q3 up to 4 Aug) mil per week.

More Revenue started fr this week.
RESORTS WORLD CATSKILLS UNVEILS NEW POKER ROOM
https://rwcatskills.com/news/resorts-world-catskills-unveils-new-poker-room-2/

Lightning strike hits Kerteh gas processing plant
Petronas subsidiaries currently operate two polyethylene (PE) plants in Kerteh, including a 255,000 t/y low-density PE (LDPE) plant and a 250,000 t/y linear low density PE (LLDPE)/high density PE (HDPE) swing plant.

https://www.argusmedia.com/en/news/1941252-lightning-strike-hits-kerteh-gas-processing-plant

Genting Singapore falls after JPMorgan cuts rating

https://www.theedgemarkets.com/article/genting-singapore-falls-after-jpmorgan-cuts-rating

Both corn and Soybean are on bull run this yr.
Both are feedstocks, not good for poultry industry this yr...
Soybeans may be the next market to surge as rain drags on

https://www.chicagobusiness.com/manufacturing/soybeans-may-be-next-market-surge-rain-drags

Jho Low's former superyacht now in Mediterranean; available for hire for RM5 million a week
Anyone interested ?
New business for genting ? Yacht rental...

https://www.nst.com.my/world/2019/06/498228/jho-lows-former-superyacht-now-mediterranean-available-hire-rm5-million-week

Aabar Investments to exit RHB Bank
The sale, to be arranged by CIMB Investment Bank via a book-building exercise, will be priced at a range of between RM5.43 and RM5.54 a share.

Read more at https://www.thestar.com.my/business/business-news/2019/06/18/aabar-investments-to-exit-rhb-bank/#YSb8yPOGTi67A7Gh.99

The Sapura Diamante and Sapura Topazio vessels have charters ending in June and September, respectively.
Contribution for profit fr Brazil JV venture will reduce this yr if no new contract for both PLVs.

Wait till QR and see the result.
Look at the trend of the Oil and Gas sectors QR, quite horrible for Q1....

Should be more than 5.5 %.
Latest Yinson Sukuk bond is 6.8%.
Yinson is oil and gas sector which can use as reference...
https://www.theedgemarkets.com/article/best-nonipo-fundraising-sukukbond-yinsons-rm950-mil-perpetual-sukuk-first-oil-and-gas

Serba Dinamik Holdings Berhad’s $300 Million High Yield Sukuk Offering
Not sure how much yield for this Sukuk bond..
http://www.globallegalchronicle.com/serba-dinamik-holdings-berhads-300-million-high-yield-sukuk-offering/

Armada need capital for new project but no more loan fr bank to support new project.
Anyone know where armada will get capital for this project?

i will wait for KWAP and EPF stop kacau Serba.

Substantial shareholder Shahril dumped 3.76% stake in Sapura Energy or 600 mil.shares at RM 0.31 
So co-incident with contracts won announcement.
Hope that PNB who owned 40% of shares will not dump at this price...

Sapura Energy Bhd’s second largest shareholder Tan Sri Shahril Shamsuddin and family sold 600 million shares, or 3.76%, in the oil & gas group @ 31 cent.

https://www.theedgemarkets.com/article/substantial-shareholder-shahril-sells-376-stake-sapura-energy-while-being-granted-more-esos

Cautiously optimistic on oil but not too optimistic..

Potential global recession poses major threat to oil market
https://themalaysianreserve.com/2019/04/05/potential-global-recession-poses-major-threat-to-oil-market/

Break even point for rig utilusatio is 77%.
As reference , When the utilization above 77%, then the quarterly result will be profitable..

From Maybank.

“We posit its profit and loss (P&L) break-even to be at an estimated 77 per cent utilisation. While this is a positive, DCRs are likely to be unchanged, at US$68,000 to US$70,000.”

Who disposed 210.8 million of Sapura Energy shares on an average of 25.5 sen per share.

https://www.theedgemarkets.com/article/offmarket-trades-asia-media-group-sapura-energy-inix-technologies-holdings-united-malacca

Armada problem is not industry problem, instead is isolated company & Management problem.
oil and gas sector will do well this yr but Armada will not able to enjoy the benefit of it.
The biggest problem for Armada now is debt and kraken FPSO.
Armada will not able go up further without clear picture for both issues solved.
Even the oil price going up but not much impact to Armada...
Even there is new project for FPSO, debt problem limit Armada persuade for new project.
Buy rate at 73% so high still not able to push up the price mean there is resistance for Armada share price to go up further... IMO.

While some expert here talking about good cash flow for Armada, may be you can focus some attention on current liabilities for short term borrowing with RM 7 bil at balance sheet.
Those with good understanding about account and CFA should know what it mean for current liabilities with borrowing RM 7 bil.. focus on cash flow is one side good news, include balance sheet analysis will tell you the whole story...

Just kidding lah.. relax..

Sapura E no longer a trading stock but a investable stock.
Dont trade sapura, invest at sapura is ok.

http://www.theedgemarkets.com/article/gauging-og-recovery

Govt in talks with Gamuda to acquire four highway concessions to abolish tolls.
Hope that Gamuda wont write off like when Government took over water at lower than book value...

http://www.theedgemarkets.com/article/govt-start-talks-gamuda-acquire-four-highway-concessions-abolish-tolls

1 reason to sell hibiscus and buy sapura..
Limited upside for hibuscus and more upside for sapura.
Mr Koon collect hibuscus at cheap price, pp help him to push up the share price.
Mr koon is waiting to dump hibuscus to small retailers...

Sapura E, dark horse for year of pig ?
开年了?

Sapura - one of the dark horses in yr of pig.
Eight stocks that could turn out to be 2019’s dark horses

http://www.theedgemarkets.com/article/eight-stocks-could-turn-out-be-2019s-dark-horses

US sanctions for Venezuela...
Price oil shoot up more than 3%.
Usd 62.84 +2.00  +3.29% 

https://uk.reuters.com/article/us-venezuela-oil-sanctions/us-cracks-down-on-foreigners-dealing-in-venezuela-oil-idUKKCN1PQ4PB

Oil ends higher, with Venezuela turmoil, OPEC output cuts feeding a weekly gain

https://www.marketwatch.com/story/us-oil-dips-but-brent-gains-as-survey-shows-opec-cut-output-by-the-most-in-2-years-2019-02-01?mod=pulse_full_story

OMV and Sapura Energy close agreement to form new partnership - officially OMV deal completed on 31 jan (Q419).

https://www.oilfieldtechnology.com/special-reports/01022019/omv-and-sapura-energy-close-agreement-to-form-new-partnership/

Google's CEO Had to Explain to Congress Why Searching for 'Idiot' Shows Donald Trump
Trumpmalysia - no trading tmr, klse market not open...
Trade in your own..

http://fortune.com/2018/12/12/googles-ceo-had-to-explain-to-congress-why-searching-for-idiot-shows-donald-trump/

See you self how astro rewards you when it record low price in dec2018..
Record low price provide you good return for good company...
I bought some astro at record low price when pp scare..
This is call opportunity...

Short term traders and speculators will care about short term price.
If you are mid term investors,buy and keep and you will see reward in 3 months.

Next 6 months... oil price will be bullish due to venezuela and iran sanction and opec oil cut effect.

Oil rises as Saudi Arabia cuts supply to U.S., Venezuela struggles to keep up exports
https://www.reuters.com/article/us-global-oil/oil-rises-as-saudi-arabia-cuts-supply-to-us-venezuela-struggles-to-keep-up-exports-idUSKCN1PP05G

No worry lah.. look at how IB pushed the armada share to 0.15 and scare the small investors and they collected it at cheap price.. it only took one week for them to push up once they collect it enough.

Sapura completed 2 events and raised RM 8 bil, and current market capital is only RM 4.4 bil at RM 0.275.

With yearly saving of interest translate to 2 cent EPS, sapura is profitable for coming FY.

Try to repeat the success at Armada in Sapura..
Buy and keep in the fridge for 3 months.
Sapura is a safer play compare to armada now.

Most of new right issue shares hold by big guys provided lower free float of shares in the market ...

火中取栗拼油气(下) 菜鸟必学7招/冷眼
(4) 尽量选购本身拥有油田，同时也从事油气业支援服务的公司。
(7) ）多读股票分析师的分析，比如沙布拉能源于本月7日宣布标得7亿6000万令吉的新工作，各股票行的分析师于8日就发表了分析报告。

https://klse.i3investor.com/blogs/cold_eyed_step_by_step/190441.jsp

You should see cold eye name in the top 30 shareholders in the 2019 annual report...

火中取栗拼油气(上) 高风险高回报/冷眼 
从国民投资机构的角度看，该机构是根据沙布拉附加股说明书，乘机将在沙布拉能源的股权，由12%提高至48%左右（包括优先股及凭单转为普通股）。该机构此举，一方面稳定了沙布拉能源的财务，一方面也为属下的土著单位信托，取得了一家大马跨国油气企业的控制权，可谓一箭双雕。 

犹记在1998年的东南亚货币风暴中，该机构亦以此法，控制了股价跌至30仙的合顺（UMW），此次注资沙布拉，只是重施故技而已 

Sapura, UMW 的下给 版本? 

https://klse.i3investor.com/blogs/cold_eyed_step_by_step/190119.jsp

Velesto active, up 8.11% on positive technicals
On the way towards 0.30

http://www.theedgemarkets.com/article/velesto-active-811-positive-technicals

The oil market should prepare for a bullish surprise from OPEC in January, according to a former Saudi Aramco executive
Same for Sapura E in 2019...

https://www.cnbc.com/2019/01/03/opec-is-cutting-more-oil-than-it-planned-says-former-aramco-executive.html

Steady, 2019 will be show time for oil..
Crude oil futures rocket higher as Saudi exports plunge; ICE Brent up at $55.56/b, NYMEX WTI $46.84/b

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/010219-crude-oil-futures-rocket-higher-as-saudi-exports-plunge-ice-brent-up-at-5556-b-nymex-wti-4684-b

Ended a bad year in 2018, looking forward for better yr in 2019....

Sapura & OMV deal almost completed, it should be completed by end Jan'19.
OMV like sapura mainly on its production asset mainly in natural.gas where demand for natural gas still growing due to China and India use more natural gas for power generation which is cleaner than coal. Sapura will book in ~ RM 2.7 bil profit for this deal...

OMV deal not just able reduce debt and interest of sapura, it also reduce capital expense for gas production development in future. With interest expense saving and less capital expense, sapura will focus more on E &C to generate more income with latest contract win..

It is not because of right issue shares, it should be at 0.8 now. With right issue, the price should be at 0.5 as per IB target price.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6016705

Bumi Armada CEO and CFO struggling to settle the short term debt at current situation where oil price is low and USD interest rate is high. Right issue is not an option due to current low price.
EPF also keep dumping Armada share at current low price...
What can Armada do and CFO plan to do with no debt extension from financial institutions for remaining overdue USD 380 mil debt in Q1'19...
Armada has no strong backing like PNB for the debt restructuring and right issue...