Shareholders
Name Equities % Valuation
BOUSTEAD HOLDINGS
1,286,135,900 57.42 % 400 M RM
KUALA LUMPUR KEPONG
808,491,666 36.09 % 251 M RM
Lembaga Tabung Angkatan Tentera
237,206,100 10.59 % 74 M RM
On Chong Yiew
20,003,800 0.8930 % 6 M RM
Government of Malaysia
12,348,000 0.5513 % 4 M RM
Dimensional Fund Advisors LP
10,720,159 0.4786 % 3 M RM
UNITED OVERSEAS AUSTRALIA LTD
7,700,000 0.3438 % 2 M RM
NEGRI SEMBILAN OIL PALMS
7,400,000 0.3304 % 2 M RM
Lodin bin Wok Kamaruddin
6,695,000 0.2989 % 2 M RM
CHIN TECK PLANTATIONS
5,600,000 0.2500 %

VIRTUAL FORUM FOR MULPHA INTERNATIONAL BERHAD UNCONDITIONAL VOLUNTARY TAKE-OVER 01.11.2022

mswg virtual fprum sign up

https://mswg.us2.list-manage.com/track/click?u=4a355ee54242dde846acc9c42

Old news but as u know.. its a cheaper way to invest in Oz rather than actually buying properties there!

Mulpha ramps up development as Hayman Island, Sanctuary Cove rebound
Martin Kelly
Martin Kelly
Property Reporter
May 12, 2021 – 4.19pm

Save

Share
Property and hospitality company Mulpha Australia has unveiled a $360 million Australian development pipeline as its Queensland resorts Hayman Island and Sanctuary Cove rebound after a tough 2020, when both were hit hard by border closures.

Chief executive Greg Shaw said occupancy rates at Hayman Island, which underwent a $135 million redevelopment in 2019, now average 80 per cent and are better than they were before COVID-19.


International travel bans have benefited Hayman Island in far north Queensland, which is seeing consistently high demand from domestic travellers.

“We’re getting more consistent demand coming through than before,” he said.

“We’re not seeing the seasonality that we had previously seen and that’s clearly because a lot of those people from southern states are choosing Hayman as a luxury destination now they can’t go overseas.

“It’s really positive after a lot of ups and downs the prior year.

“We would have had just phenomenal trading over Christmas but the borders into Queensland closed.”

As for international border closures, which federal budget papers revealed could last well into the second half of 2022, Mr Shaw supports the government’s approach.

“I think you just have to take a very balanced view,” he said. “I think we’ve seen the countries that have got it wrong and it just extends the recovery.

“We think the government is doing a good job and that they are balancing risk well.

“From our point of view a lot of stimulus is going into the economy. It’s clearly helping Australian businesses recover strongly and we’re taking advantage of that.”

Mr Shaw said the increased demand at Hayman had spurred the construction of 12 beachfront pavilions to supplement existing accommodation.

In addition, Mulpha has begun developing 21 residential lots it owns on the island and is marketing a small upmarket development of homes, with prices starting at $4.7 million.

Sanctuary Cove has also rebounded, Mr Shaw said, but not to the same extent. Occupancies are averaging between 60 per cent and 70 per cent because of its greater dependence on groups and events.

However, property sales at Sanctuary Cove are well up with more than $40 million in land sales so far this year,

Other new Sanctuary Cove developments include 47 waterfront apartments, called Harbour One, near the marina. Work on these is due to start in June, while a further 23 homes are being built in a precinct called Spyglass Hill.

In Sydney, rather than fight the inevitable, Mulpha is redeveloping the 500-plus room InterContinental Sydney at Circular Quay, at a cost of $100 million.

“We saw COVID as a real opportunity to drive change and improvement in the business,” Mr Shaw said.

Took opportunity to redevelop
“We had been contemplating a redevelopment of InterContinental Sydney for some time, working up the design, and when COVID hit, we thought it was a fantastic opportunity to move very quickly and commit.

“It’s been an incredibly successful hotel over the years and we’ve traded on very high occupancies over an extended period of time and we thought if there’s ever a time we can get in there and fully redevelop the site, this is it.”

Work is well under way and will be finished by next March.

In other developments, Mulpha continues to build out Norwest – a former quarry covering 300 hectares in Sydney’s Hills district it bought in 1993.

Construction has started on The Bond, a seven-storey, cross-laminated timber building that will cost $40 million to develop and house a range of medical businesses when complete.

Nearby, Mulpha is planning The Greens, a residential and retail community encompassing nine high-rise towers across the 22,000sq m site.

It has lodged a development application and Mr Shaw said work was expected to start on the first two towers by the end of the year.

Norwest will also house a new golf and lifestyle concept Mulpha has developed called Swing City, featuring 40 golf driving range bays, mini-golf, food and function facilities.

He said work will begin in July on a 60-room hotel at Mulpha’s Hunter Valley winery, Bimbadgen Wine Estate, to capture strong domestic demand from the Sydney market.

Mr Shaw said Mulpha will continue to diversify, increasingly into businesses it can operate such as Swing City.

Ya.. Ask independent directors to help minority else big boss just said co doing buybacks and helping himself more when he privatise!

In the meantime, the Group continues its operations on a ‘Business as Usual’ basis - till we meet again at the 2020 AGM.

Shareholders were happy that the SCR was unsuccessful. However, they were left pondering whether the present Board will be able to deal with the conundrum.

By Quah Ban Aik

31 May 2019
ANALYST'S MESSAGE

MAA Group Berhad’s Shareholders have their say - AGM/EGM

29th May 2019, (Wednesday) was the day shareholders will decide whether to accept the offer via Selective Capital Reduction and Repayment Exercise (SCR) by Melewar Acquisitions Limited (MAL) and Melewar Equities (BVI) Ltd (MEL), the interested directors namely Tunku Dato’ Yaacob Khyra (Executive Chairman) and Tunku Yahaya @ Yahya bin Tunku Tan Sri Abdullah (Executive Director).

The venue Mutiara Complex, Jalan Ipoh, Kuala Lumpur on the 4th Floor is the meeting room and many shareholders have started dropping in since as early as 9 am for the AGM and EGM at 10.30 am and 11.30 am respectively.

At 10 am in front of the meeting room, I can see that many shareholders have gathered near the meeting room where the registration process was going on smoothly. There was also a room for shareholders to sit and tea/coffee was served but no breakfast since the Company has provided meal vouchers.

Many of the shareholders were more interested in the EGM and were seen discussing the merits of accepting the offer. Some were adamant that it is not fair and should not be considered at all. One shareholder in the group’s discussion asked a question “Why not propose to the Board to call off the meeting, so that a better offer can be considered by the offeror?”

Another suggested, if the offer was revised from RM1.10 to RM1.30, that would appease shareholders to accept the offer. Without realising, the clock is now 10.25 am, and all shareholders were requested to enter the meeting room, so that the AGM can commence.

The Chair, Tunku Dato’ Yaacob called the meeting to order. Since the notice and its formalities were in order, he proceeded to table the Audited Financial Statements for discussion, if any.

He then informed that the Company will address the questions raised by MSWG before allowing questions from the floor. The key focus was mainly on its Restructuring Plan to address its PN 17 position since 2011. The Chairman and some of the Board members shared their views that they have indeed carried out some reviews of certain businesses but were not able to agree on the price, risks and terms of the targeted investments. Some of the proposed investments failed to meet the requirements set by Bursa, thus negating the prospective deals.

Many were unconvinced with the explanations and justifications given by the Board. They were also left perplexed as to the strategic direction or focus of the Group. Given that its core expertise is in the insurance and financial services industry, shareholders were sceptical, when the Chair mentioned “Oil and Gas, Plantation, etc.” Is the Board and Company equipped or ready to venture into these areas?

Some of the shareholders were also questioning the decision of the Non-Interested Directors to even consider the SCR at the Board level and to proceed and call for the EGM for the consideration of Non-Interested Shareholders.

To most of them, it was really an “unfair deal” and the technical jargons used by advisers, investment bankers and the independent adviser (IA) on “fair and reasonable or unfair and reasonable” mean nothing to them when the offer price is far below the net asset value! Worse still, on the question posed and answered by the Audit Chairman, the cash per share is worth RM1.31. Given the scenario, some even suggested, and supported by many, - “Why not liquidate the Company and return all the cash to shareholders?” This would be much better than the SCR and fairer to all shareholders.

Sentiments were not in favour of the recommendation by the Non-Interested Directors to vote for the SCR, some even questioned their roles to protect the interest of the minority shareholders. Shareholders, in general, were also not satisfied with the explanations given by the Non-Interested Directors.

One point, to be fair to the Non-Interested Directors, is that they have written to the Non-Entitled Shareholders on 26 March 2019 on the views and feedbacks received from shareholders on the offer price. The Non-Entitled Shareholders remained firm on their decision not to revise the offer price.

At the EGM, the suggestion to call off the meeting or adjourn was getting loud and clear. However, the Chairman of the EGM, Mr Onn Kien Hoe explained that all the Non-Interested Shareholders are given the opportunity to decide on the merits of the SCR and he, as the Chairman, had received proxies appointing him to vote in favour of the SCR. The main adviser and the IA were also present to answer any questions by shareholders on the SCR.

At the AGM, the shareholders’ displeasure was clearly demonstrated when they rejected the “Proposed Renewal of Shareholders’ Mandate for Recurrent Related Party Transaction – Resolution 7.

At the EGM, the SCR was rejected as well.

At the end, shareholders were left with uncertainties, and no comfort, as to whether the Board can resolve the PN 17 position or worse still, whether the PLC will be suspended and delisted.

In the meantime, the Grou

The only way to get a better price is to reject offer by as many as possible. United we stand else cheap sales..Go for EGM... make ur voice heard else give someone else ur proxy!Less than 1 mth to organise ourselves!

Comments by MSWG on Suiwah ongoing SCR

SUIWAH CORPORATION BERHAD

PART A - CIRCULAR TO SHAREHOLDERS IN RELATION TO THE PROPOSED SELECTIVE CAPITAL REDUCTION (“SCR”) AND REPAYMENT EXERCISE OF SUIWAH CORPORATION BERHAD PURSUANT TO SECTION 116 OF THE COMPANIES ACT 2016

PART B - INDEPENDENT ADVICE LETTER FROM MERCURY SECURITIES SDN BHD TO THE ENTITLED SHAREHOLDERS OF SCB IN RELATION TO THE PROPOSED SCR

Source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/6118529

Independent adviser’s recommendation :

Premised on the above and our evaluation as a whole, although the Proposed SCR is deemed not fair, we are of the view that the Proposed SCR is reasonable.

Accordingly, we recommend that the Entitled Shareholders VOTE IN FAVOUR of the Special Resolution in respect of the Proposed SCR to be tabled at the forthcoming EGM.

The Entitled Shareholders are advised to closely monitor the market prices of the SCB. Shares and evaluate the SCR Cash Amount before deciding whether to vote in favour of or against the Special Resolution in respect of the Proposed SCR. If the Entitled Shareholders so wish, they may also consider disposing of their SCB Shares in the open market to realise their investment in the SCB Shares in the event the market price is higher than the SCR Cash amount, after taking into consideration the associated transaction costs involved and assuming that there will not be any revision to the SCR Cash Amount.

MSWG’s comment:

Suiwah Corporation Bhd (Suiwah) is another Bursa Malaysia-listed company in which the controlling shareholder is undertaking a selective capital reduction (SCR) exercise to take the listed entity private. Just recently in January 2019, long-time property outfit Selangor Properties Bhd was taken private by the Wen family at RM6.30 per share.


FAIRNESS
According to page 41 of the circular issued to shareholders dated 8 April 2019, the offer price of RM2.80 cash for each Suiwah share owned by Entitled Shareholders represents a discount of between 43% and 46% to the estimated value per share of RM4.93 to RM5.20 using sum-of-parts valuation, said independent adviser (IA) Mercury Securities Sdn Bhd.

Apart from making capital gains, a key objective of stock investment is also about investing in the future of a company. Shareholders in turn will reap the benefit if the company manages to perform well by allocating and putting resources on hand to good use.

Having said that, often there are cases of controlling shareholders deciding to take the companies private at a steep discount to the true value of he companies’ net assets.

We believe shareholders should be given a fair value for their investment as a discount of between 43% to 46% of the estimated value per Suiwah share is a steep significant discount.

To put things into perspective, the offer price of RM6.30 per Selangor Properties share represented a discount of 23.91% to the estimated RNAV per Share of RM8.28.

REASONABLENESS
Due to Suiwah’s historical share price performance, liquidity analysis and the absence of alternative proposals, the IA deemed the RM2.80 offer price being a reasonable one. The offer price is higher than Suiwah’s daily volume-weighted average market price for 94% of the total market days over the past 10 years.

Suiwah principally engages in three business segments namely retail, manufacturing and property development.

Its retail segment encompasses the operation of is supermarkets, hypermarket and departmental stores. It currently operates six shopping outlets and 12 convenience stores mainly in Penang island.

It also designs and manufactures flexible printed circuit boards and substrates, and develops and invests in real estate.

The offeror Suiwah Holdings Sdn Bhd (SHSB) said the proposed SCR presents an opportunity for the Entitled Shareholders to exit and realise their investment in Suiwah.

The offeror opined that the listing status of Suiwah brings little benefit to the Company and its shareholders.

Firstly, shares of Suiwah have been thinly traded and illiquid in the past.

Secondly, it has not undertaken any major corporate exercise or fund raising activities through the capital market for the past ten years.

Thirdly, Suiwah plans to spend millions in capital expenditure on the retail, manufacturing and property segment. This will consequently translate into high borrowing cost and reduced profitability. This will also result in higher gearing (page 7).

Given the upcoming expansion activities and capital required, it is puzzling to note that SHSB has decided to privatise Suiwah.

On the contrary, SHSB’s listing status would make it easier for it to leverage on the listing status of the Company to raise funds for future expansion activities.

MSWG will be attending Suiwah’s EGM on 30 April 2019.

FOlks its not so easy to take over.. MBF had to do it a few times raising prices each time. But if you are fairer and have a bigger shareholding like Sel Prop.. U can do nego with Bigboys already behind the scenes and EGM becomes only a show!

Can someone ask plans moving forward, expectation of getting out of PN17 and dividend plans for this year, if the company is going to do more share buy backs and returns expected for new offices and carparks in Prima Klang Avenue. Appreciate if someone can update the forum!

1198 MAA MAA GROUP BERHAD
General Meetings: Notice of Meeting

2232
Indication: Notice of Meeting
Description: Nineteenth (19th) Annual General Meeting
Date of Meeting: 25/05/2017
Time of Meeting: 03:00 PM
Venue: Crystal Function Room, 4th Floor, Mutiara Complex, 3 1/2 Miles, Jalan
Ipoh, 51200 Kuala Lumpur.
Date of General Meeting Record of Depositors: 19/05/2017
Outcome of Meeting:

You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com

Company doing quite a few things already

A) Proposed subscription of 14,285,714 new shares in Altech Chemical Ltd (Altech) for a total cash consideration of AU$2.0 million (Proposed Subscription)

B) The Board of Directors of MAAG is pleased to announce that the Company had on
11 April 2017 entered into the following agreements:
(i) settlement agreement with PIMA for settlement of the aggregated sum of
RM40.24 million (“Final Investment Costs”), being the total investment costs
owing by PIMA to MAAG under the joint venture agreement dated 30 July
2013 and related agreements (collectively “JVA”);
(ii) supplemental sale and purchase agreement with PIMA to complete the
purchase of a parcel known as Unit No. LG3-16, Block B together with
accessory parcels comprising 783 car parking bays (“Car Park Properties”)
situated at a commercial development known as Prima Klang Avenue or
Pusat Perniagaan Klang (“Development”) for a purchase price of RM3.50
million;
(iii) sale and purchase agreement with PIMA to purchase 38 office suits and
retail units in Block B of the Development (“Block B Properties”) for a
purchase price of RM23.00 million; and
(iv) sale and purchase agreement with PIMA to purchase the land, together with
the platform built thereon, comprised in Block C of the Development (“Block
C Land”) for a purchase price of RM11.00 million,
Item (i) above shall be referred to as the “Settlement” and Items (ii) to (iv) above
shall be collectively referred to as the “Acquisition of Properties”. The Car Park
Properties, Block B Properties and the Block C Land shall be collectively referred to
as the “Properties”.

the Settlement and the Acquisition of Properties are expected to have a
positive net impact of RM12.03 million to the earnings and net assets of MAAG for
the financial year ending 31 December 2017 mainly as result of the write back of
impairment allowance on the Final Investment Costs.

C) We refer to the announcement made by MAAG on 6 December 2016, the Board of Directors of MAAG wishes to announce that with the approval received by MAA General Assurance Philippines, Inc ("MAAGAP") from the Securities & Exchange Commission of Philippines vide its letter dated 19 April 2017 for the increase in the authorised and paid-up share capital of MAAGAP via a capital injection of Peso 300 Million by MAA International Group Ltd ("MAAIG") (formerly known as MAA International Assurance Ltd), MAAGAP will now be a 70% subsidiary of MAAIG.

Start accumulating?