https://www.ram.com.my/pressrelease/?prviewid=6125

RAM Ratings assigns final AAA rating to Amanat Lebuhraya Rakyat Berhad’s RM5.5 bil Senior Sukuk

Will scgm distributes the balance cash if it fails to regularise the business within 12 months ?

On behalf of the Board, HLIB wishes to announce that pursuant to the SSA, the conditions precedent have been fulfilled in the SSA and hence it has become unconditional. Both SCGM and the Purchasers have mutually agreed that the completion is effective on 31 August 2022. The Disposal Consideration of approximately RM544.38 million was settled by the Purchasers on 30 August 2022. Accordingly, LSSPI ceased to be a subsidiary of SCGM Group.

Any news on debtholder's EGM ?

Disposal deal is estimated to be completed by end of August. No announcement ??

BOD of litrak trying to be funny saying 15 Aug completion ??

If payment only expected end of August, what is the significance of completion date on 15 August ?

Only for special dividend of 1.85. Capital repayment of 0.36 will have to wait for 9 months

greatwall, I hold more Jaks than Toyo. As of now, Jaks is low risk while Toyo is high risk simply because Jaks' power plant has already began commercial operation and Jaks will have consistent RM150m to RM200m profit sharing annually for the next 24 years, while Toyo is still waiting for Vietnam approval and a formal JV partner to take on the construction of the power plant which will take 48 - 54 months to build. If you are referring to potential return on share investment, toyo which has much higher risk will have much higher return if it is successful in getting the project going failing which your investment may suffer total loss as Toyo has sailang everything on Song Hau 2 power plant project.

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greatwall

Just88@...which is better toyo or jaks?

3 minutes ago

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2669600

I mean whether Toyo applied extension beyond 24 June 2022 as the financial closing was only secured on 6 July 2022.
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ValueInvestor888
Toyo did ask for extension of time. Just they keep very low profile esp CEEC, project partner.

Coward head, if you don't know, do you homework properly. Don't mislead people. Where got 30% free shares for Jaks major shareholder. Total LTIP is 15% of which only 60% can be given free. The rests are ESOS where recipients have to pay at certain prices.
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hng33

The solid toyo major shareholder integrity is upper class if compared to jaks major shareholder. Jaks reward major shareholder himself with free 30% jaks share through incentive share grant, benefit owe at expense of all minority shareholder

Also, did Toyo seek further time extension to secure financial closing ? Why wasn't it granted further time extension ?

Normally, a formal JV with a delivery partner is signed before securing financial closing but not in Toyo's case.

This is the final attempt to get the project going failing which will be devastating for Toyo. While I m optimistic, I always take care of the downside before counting my upside potential gain. My opinion is that the upside potential is huge and the downside is almost total loss, unfortunately. Without much details from the management, I remain skeptical of the success rate of the deal as the project cost is gigantic RM14 billions. Can Toyo realize a project which is 200 times its current size ? I believe many of you are skeptical as well. But I m still hoping for the best.

The Company had, on 29 June 2022, received a copy of Writ of Summons and Statement of Claim dated 27 June 2022 (“Suit”) from one Kazuomi Kaneto and DPI Solar 1 Pte Ltd (“Plaintiffs”) alleging that the Company had, among others, the following:-

procured and induced the breach of fiduciary duties and/or trust of the relevant defendants (not the Company) owed to the Plaintiffs;
wilfully and recklessly failed to make such inquiries as an honest and reasonable man would make of, the dishonest and fraudulent designs of the relevant defendants (not the Company);
unlawfully conspired to injure the Plaintiffs by unlawful means; and
wrongfully and/or unlawfully interfered with the Plaintiffs’ trade.

It would be naive for anyone to believe that the major shareholder who currently owns only 16% shareholdings willing to lend more than RM300m interest free to toyoven for the power plant project, risking its entirety only to be paid back later after the project successfully gets off the ground. Judging by the aborted ICULS plan, the major shareholder is aiming for just under 60% ownership, if not more.

Knilaobu, while toyo has announced that it has achieved financial closing, it is still subject to Vietnam approval. It is important to know that Toyo has very substantial borrowing from its major shareholders for the power plant project of which it has no mean of repayment. Hence, if the power plant project fails, toyo is worthless. Its tiny ink business is not worth mentioning. If the project gets the green light to go on, the debts owed to the major shareholders will be converted into equity resulting in huge dilution for minority interests.

Now that it has secured financial closing (pending vietnam approval), it means everything is set to go. Still waiting for details on delivery partner. Whether there will be any changes to the MOU is still unknown.

Vietnam BOTs especially those awarded earlier on are very lucrative. That is why toyo's major shareholders willing to risk personal funds to get the BOT signed before end of december 2020 in order to avoid the changes due to the new laws on BOT.

There is still at least 5 years before toyo power plant, if successful, can achieve commercial operation.

If you don't think Jaks is worth holding, you can forget about toyoven

Jaks only owns 51% of its property business, you cannot count the losses of the MI. Local businesses losses is only around RM10m per quarter and majority are depreciation and interest charges.

Jaks earnings from Hai Duong power plant is RM150m annually and will increase to RM200m in 2024

I m holding toyo but i do not want to lie about facts

Even the financial closing is yet to be approved by Vietnam government

Nothing in toyo's song hau 2 project is confirm yet.

Please provide fact that Jaks local business losses is almost half of its power plant profit

If Jaks, which has already began operation, is not worth buying at current price, then better be careful of toyoven which is still hanging in the air. Toyoven still haven't signed formal agreement with CIEEC.

It has been more than 2 months already. Why still haven't submit the disposal to bursa ?

Knilaobu, you should read the announcement carefully.

HengyuanZai, earnings from DSH is certain and sustainable. However, too dependent on one source of income is risky. DSH is solid under normal circumstances but Laos' currency has dropped substantially recently raising the question of earnings security. If Laos goes bankrupt like Sri Lanka, Laos is likely to delay payments to DSH.

The sovereign risk is real. It is very difficult to remain absolutely confident especially if you have a large investment in MFCB. No one including the management can tell you that it is absolutely safe now.

Since he is selling out, it should be in his best interest to see the deal through.

https://www.ram.com.my/pressrelease/?prviewid=6021

Syarikat Mengurus Air Banjir & Terowong Sdn Bhd (SMART) is among four highway concessionaires in Klang Valley to be acquired by Amanat Lebuhraya Rakyat Berhad (ALR) as part of the government’s plan to restructure Malaysia’s highway sector, as announced on 4 April 2022. While RAM’s cashflow assessment for this review is based on the Sukuk’s current repayment profile and SMART’s prevailing Construction and Concession Agreement (CCA), it is highly likely that the Sukuk will be fully redeemed over the next few months, considering the advanced stage of the sale of SMART to ALR.

As of end-April 2022, supplemental concession agreements (SCAs) had been inked to facilitate ALR’s buyout of the concession companies and is conditional upon the successful fulfillment of the SCAs’ condition precedents, including the concessionaires’ shareholders acceptance of the acquisition offers. The SCAs extend the tenures of the concessions, freeze toll rate hikes and cease government compensation for non-revision of rates. Meanwhile, terms of the draft share sale and purchase agreements have been finalised and are currently pending execution. Nevertheless, our analysis is based on the remote possibility that the ALR transaction fails to materialise and the existing CCAs remain in effect.

Lao kips is dropping at an alarming rate ....

Why do you think WACC of 5% for ALR is not possible ?
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csan

ok pg 7 of the 8jun announcement says ALR estimates their interest rate to be 5%. with this rate that they anticipated earlier, i am 90% certain that the offer price will be reduced but it won't be that much. maybe 10-20sen per share, which is still definitely higher than the current share price.

21 minutes ago

China has announced that there will be no new overseas coal projects. I don't think toyo can still get it going.

Toyo was given 15 months after signing the BOT contract with MOIT to achieve financial close. Now 18 months has passed. Situation seems dire. Stocks trading lower and lower. Those major investors trapped are looking to get out. Toyo will have to write off its huge development investment in the power plant and has no means of paying back the huge loan owing to one of its major shareholders other than settlement via new issuance of shares. This will means huge dilution to the existing shareholders. Beware.

At least Philip put up his rationale for his purchase, whether reason or speculation is up to the readers to decide. Yes, different of opinion is good but not personal attack. There is always a nice way to debate.

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Ans: Have you read Philip's blog on Serbadk and Harta.
What do you think about Philip's blog on Serbadk and Harta, supported with reasons or speculation?

I always welcome different of opinions as its make us think.

Compare Philip to those "sifus" who would tell their followers "just buy, don't ask" and you will see the difference.

Some are here in i3 to learn and gain. Some are here to mislead and cheat. Some are here to hate and irritate. Whether Philip is here to share, teach or boast is his free will. Whether his ideology is agreeable is debatable but certainly not deceiving. Most importantly, he supported his investments with reasons and that is what matters as this helps his readers to make their own decisions. What Philip is doing should be encouraged.

That selling brother is no longer a director. He resigned in Jan due to health issue.

The electricity is sold to cambodia thru EDL, who will collect the payment and pay to MFCB. Any risk ?

Only 195MW out of 260MW is sold to Cambodia. I might be wrong, you can check it up.

https://www.ft.com/content/1f53abbd-2e49-4fe2-809c-f6dde97632fe

Note that the targeted financial close date for the sukuk is 24 June 2022

Question : since they knew they are not able to complete the deal by 30 June, why did they still base their valuation as at 30 June ? If the deal is completed after 30 June, do they have to revise the price up to the completion date ?