Things aren't that bad... Today's CLH price get overreacted because of poor QR couple with poor market sentiments, due to Friday effect and DJIA's -274 pts or -1.24% drop last night...

Public Bank still makes a BUY call but re-valued at Rm1.39. Their parcel delivery business is still at baby stage, so we can't expect any contributions from this new venture, instead, they would have to invest more moolah to grow this business, so it's a long-term investment, not a quickie get-rich-quick scheme as they expect it to be... Or else, tan lucy is right, she can get more fun in 4D bets... :-D

Btw, most retail players have no patience to grow with the companies which have good growth prospects, they only want to join the buffet party when they see glorious foods aplenty on the long table, when the meal is served on silver platters...

Somebody should to go to their AGM n demand this transparency from the Company...

pc_FA, you're welcome... Thank you for your continued efforts to keep us well informed about Tomypak's new development...

"The additional capacity has been fully taken up by existing and new customers,"
-- The Stage#1 new capacity is already taken up, sooner than expected, this is good news.

"The second phase, with similar capacity as the first, is slated to commence operation by the first quarter of 2018"
-- Stage#2 expansion will start in early 2018, to add another 6,000 tons/py new capacity. This will bring up the new factory's capacity to 12,000 tpy by end of 2018, the double capacity expansion plan is well on-track.

"With additional capacity in place, Tomypak intends to expand into other food and beverage packaging segments in which the company currently has no presence."
-- This is another mgmt initiative to expand and diversify into other packaging products, good strategy to utilize their new capacities.

"According to research firm Technavio, global advanced packaging market is expected to exceed $31 billion by 2019, growing at a compounded annual growth rate of 8%."
-- This industry is growing at CAGR 8%, very promising growth prospects, Tomypak makes the right move to double or even triple their capacities in the next 3 years...

"Despite higher capital spending, the company will continue to pay more than 40% of its net profit as dividend to shareholders, Tan said."
-- The company is very generous and sincerely want to benefit their shareholders, Kudos...

fullcreammilk,

One of the reasons I can think of is: The company has revised their expansion plan to have bigger production capacities in their new Vietnam factory and Kluang fabric mill, so the project completion date would be delayed because of additional resources required, including additional machineries, workforces, finance, and time.

Let's hope Prolexus expansion plan will turn up well for all long-term investors like us.

Stock With Momentum: Tomypak Holdings
Asia Analytica / TheEdge Financial Daily
May 22, 2017 10:30 am


Tomypak Holdings Bhd

SHARES in Tomypak Holdings Bhd (fundamental: 2.4/3, valuation: 1.1/3) settled 18 sen or 7.53% higher at RM2.57 last Friday, after 1.28 million shares were transacted. In comparison, the average volume seen in the past 200 days was 323,022 shares.

Tomypak’s net profit for the first quarter ended March 31, 2017 (1QFY17) jumped 78% year-on-year (y-o-y) to RM6.26 million from RM3.51 million, on higher demand from local and overseas customers, improved production cost and lower foreign exchange losses.

Revenue grew 5% y-o-y to RM53.92 million from RM51.36 million. The Johor-based flexible food packaging firm declared a dividend of two sen per share, payable on June 16.

Tomypak said its performance is set to improve, with more advanced and efficient printing and lamination machines being fully operational in the 2QFY17, after its new plant in Senai Industrial Estate was completed at end-March.

This latest "Stock with Momentum" call on Tomypak by Datuk Tong's Asia-Analytica should help to confirm Tomypak is going on a strong uptrend:

http://www.theedgemarkets.com/article/stock-momentum-tomypak-holdings-1

:-)

This "Stock with Momentum" score given by Uncle Tong also should help:

http://www.theedgemarkets.com/article/stock-momentum-century-logistics-holdings-2

This CIMB's analysis seems quite unprofessional and quite prejudice against Tomypak. The Q1 Report page-11 clearly explained on how is the performance of this Q, both on Q-o-Q and Y-o-Y basis. The analyst simply turned a blind eye on these Company provided information, and ignore thefact that the new factory has already started production last month which will beef up their bottom lines in the next Q results.

He is also sceptical about the new factory's doubling their total capacity, without considering the fact that it only have 5000 tons capacity as of now, which should not be so difficult to fill up with new orders. The 35000 tons planned capacity will be installed gradually as the new demand pick up... The Company management are highly experienced in this Consumer-related industry, they know what they are doing.

CIMB analyst :

Tuesday, 23 May 2017

TOMYPAK HOLDINGS BHD

By CIMB Research

Reduce

Target price: RM1.88

TOMYPAK’S first quarter 2017 revenue was up 4.9% year-on-year, while net profit growth rose by a surprising 80% year-on-year to RM6.3mil.

Earnings before interest, tax, depreciation and amortization (ebitda) margin was a strong 18.9% compared with 16.9% in the first quarter of 2016 because of lower cost of production.

“The higher first quarter 2017 ebitda margin was a positive surprise to us as its peer Daibochi Plastic indicated that average raw material prices rose by around 10% year-on-year in the first quarter,” said CIMB Research.

Given the completion of the new factory in Senai, Johor, the research house said Tomypak expected the group’s annual production capacity to rise by 80% to 35,000 tonnes annually.

“We believe it should not be easy for Tomypak to fill additional capacity, given weak domestic consumer sentiment, which would indirectly negatively affect domestic demand.

“In our view, Tomypak must focus on raising export revenue to fill the new factory’s production capacity of new factory and may have to sacrifice margin to this end.”

CIMB Research said Tomypak’s net debt was RM8.7mil or 0.05-times net gearing at end-March 2017.

“Most of the proposed RM80mil capital expenditure (capex) for the company’s first phase expansion was funded by the rights issue in 2016 that which raised around RM54mil proceeds.

“The rest of the capex was funded by internal borrowings.

Even after the capacity expansion exercise, Tomypak’s net gearing was healthy at 0.05 times at end-March 2017

Both wannabeinvestor and Skliew are spot-on...

It's not so much depending on Economic growth of 4.5%/yr, it's the 20~25%/yr growth of Malaysians / ASEAN e-Commerce or online shopping that matters most... From a small base of 0.7% last year, expecting to grow at CAGR 20% for the next 5 years, that will cause this industry to boom at exponential rates...

Mamacat,

The mid or long-term timeframes are quite subjective, it depends on many factors... However, to make it simple, for Tomypak's case, I agreed with Passivein_STOCK, that 'Long-term' means 3~5 years. This is because Tomypak's expansion plan will be doubled by 2018, and tripled by 2021 (fully completed by 2021), which is 2 years and 4 years from now, so the contributions to it's bottomline should be fully reflected in 3-years and 5-years from now.

As for 'Mid-term', it maybe 6 to 12 months from now, because their new Senai factory has already begun production last month, the capacity is about 5760 tons/year on top of the existing factory's capacity at 19,200 tons/yr. The contribution of this new capacity should be reflected in the next Q2 report in August, and then the next Q3 report in November...

Having said that the economic condition is not the key factor here... but the currently slower economy could be an opportunity, it offers the right timing to start a new venture, because it would take 1 or 2 years to build the new business to fully operational, by then when economy pick up speed, the business would be ready to harvest at its full potential...

I am pretty sure that the mid to long-term investors of Tomypak here will have the last laugh, a long-lasting laugh...

littlelolita,

I think you are looking at the wrong picture... The economic condition is the the key factor here, e-Commerce industry in Malaysia is still at infantry stage now, it contributed only 0.7% of total sales in 2016, compare to more matured markets like China and US with over 10% sales online, so it has great potential to grow at CAGR of about 20% p.a., for the 5 to 10 years. Another catalyst for its explosive growth in Malaysia is Alibaba's recent commitment to make Malaysia as their ASEAN region's e-Commerce hub.

No doubt many players are eager to enter and try to carve a slice of pie from this new industry. But most of them will end up as failure or marginalized small outfits, except for those more established ones like GDEX or POS, and those which are fully backed by big players, like Century Logistics, whose major shareholder CJKE is a well established player which commands 40% market share in Korea. The chance of Century's success in this new venture is quite certain with CJKE working behind them...

Hi W16Y,

I think you have misunderstood ampabella... He is a staunch supporter of Tomypak, he was only expressing his frustration at the price trend, which is behaving like a slow tortoise racing with many rabbits in a Bull Run... :-D

PC_FA,

Excellent feedback there, it's very timely to reinforce our confidence in Tomypak management team... Many thanks to your good efforts... :-)

After split & BI, the ex-date price should be based on the closing price X on the last trading-day before the ex-date, not base on 5-day VWAMP. If the price X = Rm2.50, then after the new price Y on the ex-date will open at 2.50/2.5 = Rm1.00. If X = Rm2.30, then Y = 2.30/2.5 = Rm0.92...

Niki,

JS Goh answered your questions in your 2nd post. Here I try to answer your questions earlier about the "discrepancies" you found on the NTA: I believe it's due to the effects after the RI in June-2016, after taking into account of the funds raised from the RI, the NTA has increased.

The Rm1.33 is the NTA as per the latest QR, whereas the i3's value is based on the last 4Q's weighted average over the 12 months period. Hope this help.

Check out this latest news from Vietnam:

http://vietnamnews.vn/economy/375765/textile-sector-growth-surges.html

The textile and garment sector enters the second quarter (Q2) of this year with promising signs.
Statistics showed that the sector earned US$6.75 billion from exports in the first quarter of this year, growth of 12.4 per cent compared with the same period last year...

This is good news for Prolexus, because their new Vietnam factory will be commissioned by end of this year, their productions will be in time to catch this increasing demand, and should start to contribute positively to the bottom lines...
:-)

This Tomypak really test our patience, its prices already yo-yo for 1 month and still at around Rm2.20... while watching other stocks fly... :-(

The past few weeks seems like accumulation phase, the trading and closing prices fluctuate in very tight range at around Rm2.20+/-, and volume is tapering down, accumulation may be over soon...

I think the long wait will soon be over... The AGM/EGM in 2 more weeks time, the Q1/2017 report also in about 2 to 3 weeks time, and then the ex-date by end of May or early June, especially if the Q1 results is good, all these may help the stocks price to rise up...

Calm before the Big Storm...!!!

pc_FA,

Thanks for your "Like"... :-)

I hope another forummer who is a packaging expert can comment or add more on this subject.

Omigimnoob,

I am not a packaging expert, but I can try to give my 2 Sen's opinions on your concerns on paper packaging substitute and policy to reduce plastics usage.

For food & beverage packing, compare to high-grade plastics, papers may not be suitable because of it's higher air permeability, higher moisture absorption, lower oxidation resistance, etc., these would cause lower shelf lifespan, or even food degeneration into undesirable and harmful matters. Unless the paper is coated with extra layer(s) of materials such as plastics or heavy wax, etc., in that case, the cost would go higher, so better to use plastics or metalized plastics packing.

About policy to reduce plastic wastes, the problem is not the use of plastics, it's the problem of how to collect and recycle them to minimize environmental pollution. In the advanced nations, the collection system is quite established, the plastics collected can be reused for making other useful products, or use as feedstock for producing hydrocarbon fuels, etc.

The use of plastics is ever increasing in our modern lifestyle, and the plastic materials are evolving and improving, new plastics are produced, more and more plastics will be used in more areas, these cannot simply be replaced by papers...

@ ozzie75,

How I wish what you said Rm3.30 will happen after share-split & BI, that would make this stock become a super multi-bagger... :-D

Ok... jokes aside, in my post above I said, "... So the EPS should increase 50%, and if PER valuation remain the same, the share price should rise by 50% to Rm3.30 (base on yesterday closing price Rm2.20)... "

For FY2016, the Company's Q4 report stated EPS 13.28 sen (based on weighted share base), so the PER is about 16.57 at Rm2.20. If the FY2017 EPS increased 50% to 19.92 sen, assume that the valuation would stay the same at PER 16.57, then the price should be increased to Rm19.92*16.57 or Rm3.30. Based on new share base after Share-split & BI, then the new price would be Rm3.30/2.5 = Rm1.32...

pc_FA, very good information on your comparison of Tomypak's Share vs WA. :-)

I have both shares and WA, here I try to give a stage-by-stage estimate to show that it's very worthwhile to hold WA because of it's higher upside potential if the expansions succeeded.


Stage-1 @ 2017 : New total capacity 24,960 tpy (tons per year) at 80% utilization rate (given by Company) or 19,970 tpy, compare to old factory's capacity 19,200 tpy at 70% utilized or 13,440 tpy, the expected new production will be 49% higher. With the new factory's more advanced machinery and production process has higher efficiency, less wastage, lower energy consumption, give better quality products, etc., we can conservatively assume 50% higher revenues and net profits. So the EPS should increase 50%, and if PER valuation remain the same, the share price should rise by 50% to Rm3.30 (base on yesterday closing price Rm2.20). That means the WA should be about Rm1.00 if traded without premium. Since the Share/WA prices will still has a Leverage ratio of about 2:1, and maturity date still more than 3 years, it should trade with a premium, assume it will be 20% instead of 35% now, then the WA should be Rm(3.30*1.2 - 2.30) = Rm1.66. So the WA has 129% upside potential vs 50% upside for Shares, after Stage-1 has succeeded.

Stage-2 @ 2018: New total capacity 35,000 tpy (doubled capacity) at 70% utilization (assumed) or 24,500 tpy, compare to old factory's 13,440 tpy, production will be 82% higher. If we conservatively assume 82% higher revenues and profits, the EPS will increase 82%, if PER remain the same, the share price would rise by 82% to Rm4.00 (base on yesterday price Rm2.20). That means WA should be at least Rm1.70 if without premium. Since the Leverage ratio will still be about 2:1, and maturity date still more than 2-years, so it should trade with a premium, assume it will be 10%, then the WA should be Rm(4.00*1.1 - 2.30) = Rm2.10. So the WA has 190% upside vs 82% for Shares after Stage-2 has succeeded.

Stage-3 @ 2021: New total capacity 52,500 tpy (tripled capacity) at 70% utilization (assumed) or 36,750 tpy, compare to old factory's 13,440 tpy, production will be 173% higher. Conservatively assume 173% higher revenues and profits, the EPS will increase 173%, if PER remain the same, the share price would rise by 173% to Rm6.00 (base on yesterday price Rm2.20). That means WA should be Rm3.70 if zero premium. Since the Leverage ratio will only be about 1.5:1, and coming to maturity date, so it should trade without a premium, or even negative premium, assume it will be -5%, then the WA should be Rm(6.00*0.95 - 2.30) = Rm3.40. So the WA has 370% upside vs 173% for Shares after Stage-3 has succeeded.

But of course the WA has its disadvantages, if the share will give higher dividends inline with higher profits, WA lose out by xx sen per year for 4 years, maybe 40 to 60 sen in total if the new dividends will increase from 8sen/yr to 10-15 sen/yr...

The share-split & bonus-issue will be completed by Early-June (if everything go smoothly) :

ESTIMATED TIMEFRAME FOR COMPLETION AND TENTATIVE TIMETABLE FOR IMPLEMENTATION

Barring any unforeseen circumstances, and subject to all required approvals being obtained, the
Board expects the Proposals to be completed by the 2nd quarter of calendar year 2017.

The tentative timetable for the implementation of the Proposals is set out below:

Month -- Events
18 May 2017 -- Convening of the EGM to obtain the approval of the shareholders of Tomypak
for the Proposals

End-May 2017 -- Announcement of the Entitlement Date for the Proposed Share Split and
Proposed Bonus Issue

Early-June 2017 -- • Entitlement Date of the Proposed Share Split and Proposed Bonus Issue
 • Listing of and quotation for the Subdivided Shares, Bonus Shares and
Additional Warrants on the Main Market of Bursa Securities
 • Completion of the Proposals

@ sosfinance,

I don't really understand how you arrived at Century's fair value at about Rm5.25 per share, can you share your estimation with some details?

15/04/2017 12:24:
"If they can achieve half the size of GDex, revenue of RM110m by 2020, it's achievable. So, we add in RM1.6b, or maybe say 30% discount, RM1.1b. Fair value is about RM1.53b or RM5.25 per share"

@ ampabella,
What you said is quite true for most Malaysian retailer investors...
So based on that, Tomypak price should breach Rm2.50 before ex-date, after that trade at Rm1.00 and beyond if the next QR results is very good...

In my encounters with Koreans, they are like the Japs, they don't speak a lot, maybe it's due to their English oral skills? Or maybe because they are still new here, so they let the local guys do the PR talks...

About the Nestle case, I believe it's no longer affecting Century's business, as shown in the last Q's results, with marked improvements over the preceeding Qs before the dispute was amicably resolved. If the cost of settlement out-of-court was not deducted, the profits and NPM was actually pretty good considering the industry's tough environment...

@ pc_FA,

Management's comment on the Company's Prospects: "The operating environment in the forthcoming year is expected to continue to be difficult and challenging given the continuing uncertainties in the global economy as well as the volatile foreign exchange rate.

Nevertheless, with the impending completion of the new plant in Senai, the Board expects to deliver better results in the forthcoming financial year as the Group commissions its new, more efficient and advance plant and equipment, providing the Group with the appropriate platform to grow and sustain the Group’s business and meets increasing customers demand from the growing food and beverage and fast moving consumer goods sectors."

The first paragraph is a CAUTIOUS statement, to cover themselves just in case the next QR results cannot meet market expectations. But the second paragraph shows the Company is OPTIMISTIC about the new factory (operations commenced in Q1_2017) capable of delivering better results for this year, because of the new factory's advanced technology that can increase productivity at lower costs, less wastage, higher products quality, etc., meaning HIGHER NET PROFIT MARGIN. The last sentence shows that the customers demand is increasing due to growth in this sector.

So the Company is CAUTIOUSLY OPTIMISTIC about this year's performance... This is a great company to invest in and good to hold for mid/long-term period, with high upside potential...

ampabella,

Don't mind sharing with us why you are so super-optimistic about Tomypak's prospects...? :-D

Like GDex having a Japanese shareholder who is a market leader in Japan, CL has an added advantage of having Korean market leader CJKE as their major shareholder leading the charge. CJKE will implement their proven TESS model on CL, so that it won't be learning in the dark from Ground-Zero. This should enable CL to grow quickly into one of the market leaders in this industry...

Hi SOS, in terms of IT related businesses such as e-Commerce, 4 years is a very long time, if one is slower than others, he would probably miss the plane... The e-Commerce plane would carry only First-Come-First-Serve passengers, so those who play safe and act too slowly, will either miss out or can't make it big... I think CJKE would act fast to seize a good percentage of market share and establish CL's as their ASEAN region's hub as planned by them.

Nikicheong is not wrong to use a strict rule of "Buy with a 35% margin of safety" to make sure he would not lose money in his stocks, he is following the golden rule of stocks guru B. Graham.

But because of obeying this strict and conservative rule, he often missed his opportunities on buying good stocks and could only look at these star performers' prices flew up high, and felt many regrets. That's the hidden price to pay for not to lose money but couldn't make money.

Like the old saying in investment: "No risks no gain, high risks high gain", this is especially true during a bull market. When market is bearish, it's better to be more conservative so that you buy at low prices with big safety margins, so that the price won't go lower by too much. But in a bull market, if you still strictly obey the 35% rule, you usually end up regretting that the stocks you wish to buy but didn't because it didn't drop to your target buying price, and then keep flying up up and away...

The main reasons why CJKE had chosen CL are:
1. CL has a vertically integrated business in this industry,
2. CL is based in Port Klang (also in Johor Port), the biggest port in Malaysia and one of the largest in ASEAN, as larger parcels must be delivered by shipping in order to be cost competitive.
3. CL has a new and modern multilevel warehouse ready by Q2-2017, and add 20% capacity for future growth.
4. The future Alibaba's HQ in Aeropolis-KLIA is nearby Port Klang, so CL can easily have an office near Alibaba to handle small parcels by air, so CL location is ideal for both air and sea delivery mode.
5. The valuation of CL compared to other rivals is actually undemanding even at 60% premium, and so happened the founder Dato' Phua wanted to exit from his business, so the deal was sealed.

In Sept.2016, CJKE paid Rm175M to own 31.5% or 120.54423M shares in Century Logistics (CL). At Rm1.45/share they paid about 60% premium above the market prices before the deal was inked, it must be for a good reason, we can easily figure out why. I think they have a great plan to capture the e-Commerce boom in ASEAN region because they knew about Alibaba/Lazada going to go big into Malaysia/ASEAN region (see news link below, before they acquired CL, they already negotiated with Alibaba/Lazada for ASEAN region), so they had a business plan in-place for CL/CJKE to get up to speed quickly in order to seize on this opportunity.

As we now know, in September-2016 in a week after CJKE acquired Century Logistics, CJKE signed a deal with Lazada which was acquired by Alibaba just before that, the coincidence of timing of both deals clearly revealed CJKE's great plan to use CL as their regional hub for e-Commerce parcel delivery business in this region.

http://www.businesskorea.co.kr/english/news/industry/15815-strong-presence-malaysia-cj-korea-express-acquires-malaysia%E2%80%99s-2nd-largest

http://postandparcel.info/75552/news/lazada-using-cj-korea-express-as-delivery-partner/

The agreement is that CJKE/CL will handle the parcel delivery of goods and services from South Korea to Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam (collectively known as ASEAN region). With the current popularity of K-pop and Hanryu, Korean products for example Samsung electronics & electrical products, CJKE/CL will be assured of securing a sizeable pie quickly in the parcel delivery business, and to grow quickly on this base portion of business. The Rm100M revenues should be achieved in the short-term, and the management's objective of Rm200M revenues by 2020 may not be too high, given the expected explosive growth of e-Commerce in ASEAN is happening as we speak now...

Good news, Bursa Securities has just approved Tomypak's share-split & Bonus-issue:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5397197

It only took 1 week to get this approval. Next will be EGM for Shareholders approval, then set the ex-date. Looks like it will be fast-track to complete the exercise...

Another positive news is that: the ratio of existing : new shares will be exactly 1 : 2.5 after exercise completion, and the warrant conversion price will be 92-sen instead of 93-sen...

Si Min, that's Steven Teow the MD, not Edwin Yeap. See below:

http://www.thestar.com.my/business/business-news/2016/09/12/century-logistics-md-to-stay-on/

Today Manulife (Canada) and yesterday EPF both announced they bought some more Prolexus shares, now Manulife overtakes EPF with 5.27% : 5.21%, looks like both are still accumulating more Prolexus shares, ahead of the 2 new factories start-up by this year-end...

Hi Leslieroycarter, don't worry about the short-term weakness, it's simply a Technical Correction after the big run up until the announcement on 5.4.2016 and the big volume traded on the next day. Fundamentally it's unchanged.

Tomorrow or day after may see the end of selling pressure, after that it should stabilize and move on to it's next stage of run up...

Hi pc_FA, the AGM will be in JB, too far for me to go, so you plan to attend? Hope you can give the AGM's feedback for us here if you go...

Btw, good efforts you made here to keep us updated... :-)

The Q-o-Q results showed better performance despite concerns on UA's underperforming earlier, this may be due to UA's much smaller market share compared to Nike's, and Nike has shown increased performance lately, thus Nike's orders should be more than makeup UA's reduced orders...

Furthermore, latest economic data show that US and EU countries get better than expected GDP growth rates, this should translate into higher demands for Prolexus products...

It's a Catch-22 situation, if the next QR result show lower performance, then price should come down again to Rm1.36 or lower, but by then the valuation may also drop, and become less compelling still... But if the QR result is better, than price get higher some more, and become even more expensive to buy, and may become a frustration later.

So if we don't look at short-term ups and downs, look at longer-term future prospects instead, then the decisions to buy should become easier... Most investors can't buy at the lowest price, also, stock gurus say don't try to time the market...

namaste, patience is required for fundamental growth stocks like Prolexus...

Yes, your bad experience like this often happens to many investors including myself. One way to minimize such frustrating experience is that, when you lost patience, sell some but keep some and wait longer. Unless the stock's fundamentals turn weaker, don't sell all of your shares...

Although the 315,000 units of Treasury shares is a small no., but the sell off is beneficial to all the shareholders, because:

1. Company made a tidy profit of Rm221,445, and get Rm724,827 cash from the sale. If they cancelled the shares instead, it would make only tiny effects on the share base and EPS,  

2. If the treasury shares are retained, it would cause the share split and BI exercise to result in odd lots for all the shareholders, as the final ratio would become 1 : 2.4990526508 instead of simple ratio at 1 : 2.5. If the ratio is rounded up, it would cause some shareholders to get more share units while others would get less. Nobody wish to get less...

3. If the final ratio is at 1 : 2.4990526508, the warrants conversion price would be adjusted from Rm2.29 to 92.035 sen, rounded up to 93 sen, and the ESOS price would be adjusted from Rm1.50 to 60.023 sen, rounded up to 61 sen. In both cases the holders must pay +1sen/share, this would be unfair to the warrants and ESOS holders. 

4. The complicated ratio at 1 : 2.4990526508 would create too many odd lots with funny no. of units to all the shareholders, with much more administrative headaches in future. 

So the Company made a wise decision to sell them off and solved the problems.

Hi PC_FA, not my share, it's the Company's Treasury shares, 315,000 units all sold off by them...

Small but tidy profits, with 44% gain from buying in at Rm1.589 ~ 1.607, since October-2016.