Yes, talk so much about self rescue plan by major shareholder, click to Bursa announcement 10 March and see WHO is exactly selling their shares? With proposed massive share capital reduction from 20 cts par value to 5 cts and then 2 units of 5 cts share are merged into 1 unit of share at par value of 10 cts, is current share price of 13 to 14 cts overvalued? Figure it out yourself.

Day dreaming...

Please read Kinsteel's proposed debt restructuring agreement with its banks and lenders carefully.. Without or with Perwaja, it is already very badky stressed financially. Besides big capital share reduction proposed, it is required to dispose its stake in Gurun plant to partially pay off part of its debt, of course, provided it can be sold off at RM300m as proposed. Also provided it can successfully executed proposed right share issue exercise.

Sorry for minority shareholders of Kinsteel.... facing proposed huge share capital reduction 20 cts to 5 cts.

After 75% capital reduction, 2 share is consolidated to become 1 share....

Who wants to subscribe their share right issue just to help them to repay its bank's debts of RM800m (excluding the outstanding huge debts to its trade suppliers). How about their guarantee of RM800m debt of Perwaja? Regional and local steel market is very negative. Long way out of the wood yet!

Refer to latest debt restructuring scheme... share capital reduction from 20 cts (share par value) to 5 cts (75% haircut!). Ha ha....

Di bawah Section 176 .... hutang berat betul...zero value

Big trap..kena kuat kuat nanti baru tahu. Lepas 17 March, any creditor can petition to wind it up. See latest announcement.

Big trap....

Reader, right on the dot. This MOU...do not take it seriously.

Gurun plant stopped operation already for 24 months, caused by cheap imports from China. Setting up blast furnace is more than RM200m. This is also not enough as you also need new steel making furnace to produce billets to feed current facilities in Gurun. MOA is only not a legal binding document. Nothing will happen at the end. Wait n see.

The Edge (16-22 Feb 15).....Perwaja (Fundamental: 0, Valuation: 0) Kinsteel (Fundamental: 0, Valuation: 1.2)...maximum score is 3.0....... Kinsteel and Perwaja are Siamese twin due to Kinsteel guarantee massive debt of Perwaja.

The Edge (16-22 Feb 15).....Perwaja (Fundamental: 0, Valuation: 0) Kinsteel (Fundamental: 0, Valuation: 1.2)...maximum score is 3.0.

Just look at the flood of sellers...

Persie... cerdik betul. Banyak research buat eh.

Another MOA...ha ha

MOA atau MOU sahaja... what is the big deal? Especially with a company from China.. do not get trapped, that is all, investors.

Wait and see....

Look at the selling volume....ha ha

Yes, last big trap...a lot will cry a few months later

Yes, last big trap...

Yes, big trap. See the amount of sellers..

Yes, good opportunity to exit

Ha ha, ki ki.. only an MOU (memorandum of understanding) with no legal binding at all with a Chinese company to conduct feasibility study on reviving this company..... buy time lah

Kamikaze investors....will cry later

22/2/2015 .....typo error

Delisting from Bursa after 31/3/15 if not getting approvals of restructuring plan by all regulatory authorities. No more further court protection from creditors by 22/2/3025. Time up. Refer Bursa announcements. Do not get trapped (20 cts...ha ha!)

MBSB sticks to its plan to be a commercial bank
By YVONNE TAN yvonne@thestar.com.my
StarBiz
17 January 2015

NON-BANK lender Malaysia Building Society Bhd (MBSB) will continue to “close all gaps” and move towards a commercial banking platform environment now that talks of a merger with CIMB Group Holdings Bhd and RHB Capital Bhd have fallen through.
“We started the journey to close the gaps (between MBSB and that of a commercial bank) more than a year ago. We will continue with that strategy now that the merger is sorted,” president and chief executive officer Datuk Ahmad Zaini Othman tells StarBizWeek.
The main requirement for the company to fulfil this aspiration is principally, capital requirement.
Currently, its Tier 1 capital stands at RM1.747bil, while what it needs to have is around RM2.5bil based on the bank’s asset base, according to Ahmad.
“Of course, besides capital requirement, operational readiness is also important,” he adds, without giving any timeframe for it to achieve this goal.
MBSB used to come under a more relaxed set of provisioning rules until the Financial Services Act came into effect in July 2013.
Since then, it has been adopting more stringent accounting standards under FRS 139 when assessing its asset quality.
Generally, more loans are being classified under the ‘impaired’ or ‘non-performing’ category compared with before the adoption of the accounting standards.
Ahmad says since the beginning of last year, MBSB has been assessing the company’s non-performing loans (NPLs) based on industry standards of three months in arrears, something that is practised by the best of commercial banks.
“I am sure you will see some of these provisions reflected in our financial year 2014 (FY14) results, but in my opinion, it won’t dent much of the profits.
“As part of our plans to close the gaps, we are also looking at rolling out a write-off policy that would be in line with banking standards,” adds Ahmad.
For the nine months ended Sept 30, 2014, MBSB’s net profit stood at RM622mil on a revenue of RM2.02bil against a net profit of RM464mil on a revenue of RM1.82bil for the same period a year earlier.
It is expected to announce a set of record results for its FY14 soon, something it has been doing over the past few years.
MBSB is better favoured among its counterparts for its strong loans growth and dividend payouts.
It declared 33 sen per share in FY12 and 10 sen per share in FY13.
Analysts point out that MBSB’s financial strength is backed by a continued cost-toincome ratio of below 21% against the commercial banking industry’s standard of above 40%, with its profitability trajectory in the past few years remaining in line with market expectations.
“Its low cost-to-income ratio makes it an attractive target for banks with high costs because MBSB can help bring down the average cost,” says a banker.
Over the past four years, the group has built its asset base mainly from lending funds to civil servants for them to buy homes, which is considered less risky compared to lending to corporates or getting involved in big-ticket-item loans.
As at its latest quarter, it had a net asset value of RM1.58 per share.
At last look, MBSB shares were trading at RM2.09 apiece.
In the aborted merger, the shareholders had been offered RM2.82 per share.
Since the merger was called off, MBSB’s share price has come under selling pressure.
Just before the merger was cancelled on Wednesday, StarBiz had reported that declining market conditions had cast doubts over the synergies that could be derived from the entire exercise, with negotiations turning to whether MBSB should be part of the deal or not.
This was because the takeover of MBSB was supposed to be in the form of an all-cash offer and there were uncertainties as to when synergies could actually be reaped.
CIMB and RHB Cap were less of an issue, considering that the deal between them had been structured as a share-swap exercise, valuing both banks at reasonable price-tobook ratios.
MBSB has a total of 1,300 employees and 46 branches, the smallest player in the triangle of parties that were involved in the nowceased merger.


Copyright © 1995–2015 Star Publications (M) Bhd.

Is RHB exposed to bad loans of Perwaja/Kinsteel? Total exposure a few RM billions? Can check their annual report. Mbsb better buy

With current depressed stock and economic market conditions, price of mbsb is surely attractive to pick up for medium and long term keep. Meanwhile, dividend yield is much better than FD while waiting for market to improve and good news to emerge in the future. Not for short or immediate trading gains as i see it.

If cimb not taking mbsb, Maybank will. Main clients of Mbsb are government servants, good captive business. Rock solid becos EPF owns 64% of it. EPS of mbsb is impressive, PE ratio below 6 and DY at abt 5% at current share price. Should be more worried about RHB performance.

Look at MBSB very good profit records for past few years, low PE ratio, reasonable dividend yield and 64% shareholding by EPF......nothing to worry as a stand alone fundamentally sound counter, with or without the mega merger. Do not worry, it could be either merged with Maybank or be given a banking licence in the future. At current price, it is not expensive at all. Investment gold finger Tan Sri Chua Ma Yu holds a very substantial stake in MBSB. Will not go wrong investing in this counter. Its intrinsic value is easily RM 2.80. Its debt exposure to IMDB is very small, 2.3% vs. 50%+ for Maybank and 30%+ for RHB bank.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1848565

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1848565

5 sen pun ada orang beli..... tapi semaklah dulu siapa yang jual..

Sekarang baru tahu!

Land mine

Yes

https://www.google.com/url?sa=t&source=web&rct=j&ei=c-KZVKzHAoWNuATdtoLoCQ&url=http://www.utusan.com.my/berita/jenayah/bekas-pekerja-perwaja-buat-laporan-polis-1.39030&ved=0CCkQFjAG&usg=AFQjCNFgV5_Kor_zWmkt5NkIneSbn84Qxg

http://www.therakyatpost.com/business/2014/12/23/epf-sue-perwaja-steel/#.VJnN74ogkIk.mailto

http://www.therakyatpost.com/business/2014/12/23/epf-sue-perwaja-steel/#.VJnN74ogkIk.mailto

Wintane, wake up lah...

Wintane now talked sense..

Not suspended yet, pending Bursa decision.

PRACTICE NOTE 17 / GUIDANCE NOTE 3: REGULARISATION PLANPERWAJA HOLDINGS BERHAD
TypeAnnouncementSubjectPRACTICE NOTE 17 / GUIDANCE NOTE 3
REGULARISATION PLANDescriptionPERWAJA HOLDINGS BERHAD (“PERWAJA” OR THE “COMPANY”) 

APPLICATION FOR EXTENSION OF TIME TO SUBMIT THE COMPANY’S REGULARISATION PLAN (“APPLICATION”)


On behalf of the Board of Directors of the Company, M&A Securities Sdn Bhd wishes to announce that the Company has on 11 November 2014 submitted the Application to Bursa Malaysia Securities Berhad (“Bursa Securities”). Bursa Securities had vide its letter dated 26 November 2014 informed that pending the decision on the Application, Bursa Securities will defer the suspension on the trading of the Company's securities and the de-listing of the Company in accordance with Paragraph 8.04(5) of the Main Market Listing Requirements of Bursa Securities.

This announcement is dated 26 November 2014.


Announcement Info

Reader, u are sharp, yes escape PN 17 because of revaluation of land and machine.... but difficult to escape under coming 2Q or 3Q results. Please look at the massive short term borrowing and its guarantee of Perwaja debt.

.

Sendiri cakap sendiri shiok! Orang sudah rugi teruk di kaunter ini....ha ha

Sendiri cakap sendiri shiok!

Debt settled? Just look at latest audited account last wk: Borrowings (short n long term) for Kinsteel and Perwaja are still RM1.9B and RM1.3B under balance sheet. Also reported in Starbiz last week.