https://youtu.be/trFB1_PjMhw?si=pncQHST5f_-N36X5

https://youtu.be/dfaD8Xhflqc?so=NuKFeMizFEeM3JDX

It is so obvious that Sarawak will make an offer that will trigger the mandatory general offer .

I am perplexed that the market STILL can’t read all the obvious signs.

It’s been reported in The Edge Malaysia weekly business news titled “Sarawak on the verge of raising stake in Affin Bank”

The article erred in regard that the Banking and Financial Institutions Act 1989 limit institutional shareholdings to 20%. BFIA 1989 has been repealed and superseded by Financial Services Act 2013.

I believe Sarawak will want to own more than just 20% - 30% shareholding . 20%-30% is “meaningless” for Sarawak’s ambition to have their own commercial bank. I think any offer from Sarawak will likely to trigger the mandatory general offer threshold. Else Bank of East Asia will be outraged . Since Boustead purchased insignificant amount of Affin shares last month, LTAT & BHB most likely will be persons acting in concert (PAC) under some SCA or SSA (agreement; LTAT/BHB retains some stake) or as reported in the news some sort of MoU. Under FSA, acquisition of more than 5% shareholdings requires consent from BNM and for controlling shareholding or 50% above, requires approval from Finance Minister and BNM .

The Sarawak Premier has said too many times that they want to have their own (state owned) commercial bank. Having 20%~ 30% will get you the most 2 board seats representation , if we gauge based on BEA previous investment in Affin. My prediction is Sarawak will go for more than 50% and offer a buyout.

Sarawak Sovereign Wealth Future Fund will start its operation on 1st Jan 2024 with RM8 billion. I believe they will buy this financial institution with the 8 billion. You just wait. 2 more weeks till 2024.

The Chairman of LTAT's INVESTMENT PANEL and CEO is in Sarawak now. Isn't it obvious?

https://www.ltat.gov.my/wp-content/uploads/2023/11/Jelajah-Sarawak-PR-English-vF.pdf
"Bumi Kenyalang has become the PERFECT location for this year’s program to strengthen the relationship with key stakeholders...".

Indeed. I believe Bumi Kenyalang is going to be the saviour of LTAT solvency.

or maybe they structure it slightly complicated involving few parties acting in concert (eg. EPF/PNB/Khazanah/or the newly minted Sarawak Sovereign Future Wealth Fund?)
The Sarawak Sovereign Wealth Future Fund will start its operation on 1st Jan 2024 with an initial appropriation of 8 BILLION. It's too obvious la.

I also think both sides just waiting for approval from BNM. Based on what the Sarawak Premier said to the news, maybe by end of the year. “I am making the effort to get the licence for Sarawak to have its own commercial bank by the end of this year,” https://themalaysianreserve.com/2023/05/18/sarawak-commercial-bank-welcomed-but-must-cater-to-state-smes-needs/

what puzzled me is that the price still doesn't reflect that divestment is imminent despite all the OBVIOUS signs. is ok that they delay... i just have more opportunity to buy more.

pg 14. NA per share after proposed disposal will be RM1.89

"an implied price-to-book ratio ("P/B") of approximately 1.64 times based on the Total Consideration of USD58,000,918.69 (equivalent to approximately RM276.32 million based on exchange rate as at LPD)..."

best do your own due diligence. study carefully the annual reports (LTAT, BHB & affin). you will find a lot of info there. that's what warren buffett's advice and strategy isn't it? :)

in order to become a sustainable provident fund, LTAT said they are restructuring and will diversify, rebalance portfolio, de-concentration, recover cost of investment in boustead, value creation, unlock the value etc. hence to meet all that, i believe they have to divest affin.

to meet its debt obligations and also to meet its mandated strategic asset allocation framework. Datuk Nazim and Tok Mat have been mentioning very often since the official launch of Manpan25 in july until recently in Dewan Rakyat.

Smokescreen..

i have sold all my shares at cost. therefore i can't vote anymore. it's too much controversy. some love this kind of volatility. some don't like uncertainty. everyone is different. here's my take after exiting. honestly i think it's just about voting for the lesser evil.. like in politics. all this talk about MAA team is good is just deluded or simply their own people lobbying here. do u think TY really has the best interest for all shareholders? just take few minutes and look at MAA and Melewar Bhd. it's public listed company and hopefully you can derive your OWN conclusion. just take a break for while from KNM forum...and study briefly his other listed companies. the minorities suffer from the poor performance of the share price with no dividends while he took large salary and related party transaction.
am i lobbying for german? no. I don't know him. not much info you can make your own informed decision (unlike MAA and Melewar, listed companies). i doubt he will have the best interest for all shareholders too. both are shrewd businessmen in their own way i guess.

my prediction is TY will win this proxy battle hands down. his war chest via MAA and Melewar is ample. also, he can just make few calls to few tycoons in Malaysia.

regardless, this kind of proxy battle is very rare occurrence in malaysia. it gives some spark to our dull and boring capital market. so "fun"/interesting to watch even after disposing the share. good luck guys!

I wonder if this pre conditional "POSSIBLE" offer is to soothe KLK's anger. KLK is stuck with direct interest of 3% BPlant shares where KLK forked out more than RM100 million. SC kindly please investigate and explain to the public why SC approved this Pre-conditional possible offer announcements in such a hurry when the other offer just failed. All less than 12 hours.

LTAT announced a new pre-conditional possible offer at 8am.
SC did not sleep? so efficient approve this when the other offer just terminated less than 12 hours ago?

"The SC must be consulted in advance if a person proposes to include in a announcement any pre-condition to which the making of an offer will be subject. " CMSA

@woodswater thank you for sharing. seem like they want to display their cards to the public forum to drum up support. this proxy battle is really very interesting to watch. i think just like most elections, it's a matter of choosing the lesser evil. in my opinion, i find that TY is just as untrustworthy as the german. both just serve their interest rather than the company ( to include minority interest at heart). not much info about the german so can't comment. as for TY, the precedent of his other listed companies (melewar, maa group) can be witness clearly; shareholders not getting any dividend and share price doing badly while he just take exorbitant salary relative to the company performance. i think this might be same fate for us here too.

@woodswater. Where do you get the latest shareholders list ? According to your list : MELEWAR INDUSTRIAL GROUP 347,201,800 shares is more than 5% of the total voting shares. I wonder if your list is true, how come there is non disclosure of this substantial shareholder (Section 137 CA 2016) till today ? I assume you have insider connection to KNM therefore you have access to the list ? Or you drive to their registered office to see the register or the Registrar send you the list (Section 144 CA)?

big volume to create a fictitious interest. so obvious syndicate ping pong each other.

i dont think TY is any better. Just look at MAA share price.

MAA entered KNM at cost price 0.22 They should have increase their shareholding when share price was below 0.10 Holding only 10% of a small cap company and want to control the company is just risky.

Heeschen entered KNM at much lower price than MAA/TY. His party definitely hold more than 10% else they would not call for this proxy fight . Even at today's price, less than 10 million Euro will get you another additional 10% . It's actually very little money.

Both sides just have to buy more shares before or on 11 Oct to win this proxy battle (EGM on 16 Oct).

“Quiet" or “noise" is irrelevant to me. I have said before that I believe sarawak will buy more of affin. "Holding a 4.9% stake is meaningless”. https://theedgemalaysia.com/node/663570

Over the years, I invested in Affin and Boustead (privatised now). But I have increased my interest significantly in affin recently after reading all the news reports, circulars on Boustead etc. All the variables just strengthen my conviction that Boustead will have no choice but to sell affin to settle their huge debt.

Beside that, affin is trading at a huge discount to its net assets, widest among its banking peers. 60% discount! Even if my thesis is wrong, I think the margin of safety is there.

yes if drop more, i buy more. been accumulating. i was shareholder of Boustead (BHB). They bought us out at 0.855 per share when the net asset value of BHB for Y2022 was at 1.66 . Within few months, they sold BPlant at RM1.55 , more than double what they "advise" us the value for BPlant (at 0.72) was when they try to privatised BHB (I read the IAC ).

I think LTAT/Boustead will have to sell Affin. They need more funds to settle their debt. Recent 33% divestment BPlant transaction is not enough. I confidently still increase my holding and bet more. Any price drop is good investment opportunity.

In 2007, the state pension fund EPF made a mandatory general offer to all remaining RHB shares after it bought UBG's stake in RHB. That MGO made EPF hold 82%. Then subsequent year , EPF sold 25% to Abu Dhabi, reduced its stake from 82% to 57% . The rest is history. Bank can be "privatised" under FSA , only need approval from MoF via BNM. If Anwar say ok, then it's ok.

I think Tunku will use MAA cash to buy more. He bought Turiya Bhd via MAA. Then got sued. Lawsuit still ongoing.
https://theedgemalaysia.com/article/turiyas-largest-shareholder-gets-injunction-block-maa-pursuing-takeover-offer
https://theedgemalaysia.com/article/turiya-shareholders-reject-tunku-yaacobs-reelection-director

few months ago the company issued 10% of total shares as private placement at 0.054 . We still don't know who subscribe. rationally it will be friendly party to MAA as Tunku still control the board, right? and why would Herr Heeschen go to "war" with Tunku Yaacob if he does not have the number. why go through all the hassle, getting big shot lawyer representing unless there's more than this. this is getting really interesting. afterall, Herr Heeschen is in firearms manufacturing business as reported in the news. Who has more guns? Who will win the boardroom war? * definitely need more popcorn to watch this !*

go get popcorn. :)

so, currently at 250,000,000 shares traded. I think it's MAA that scoop all . At average price of 0.13 it only cost them RM28 million to gather about 6% more shareholding. I think MAA is desperate to control the company as they bought KNM at 0.22 Let's say this is the case, Heeschen Team will need to buy more to oust MAA Team. Vice versa. The buying is not done yet from either side.

with EPF buying, should trade at fairer value soon. Target 2.50. https://klse.i3investor.com/web/staticfile/view/507120

profit margin improved. good quarterly result.

I believe their hotel division will do well too.

https://www.thestar.com.my/business/business-news/2023/08/21/ijm-corp-buoyed-by-strong-showing-across-divisions

i also took some profit just now. but i always have tendency to sell TOO fast. don't be a fool like me. now it's so painful for me to see YTL & YTLPOWER soaring like no tomorrow. oouch. >_<

https://theedgemalaysia.com/node/677973

Sarawak government wants to takeover Bintulu port. https://www.thestar.com.my/news/nation/2023/08/02/sarawak-govt-targets-takeover-of-bintulu-port-maswings-this-year-says-abang-jo

Suria is indeed very undervalued.

Wilmar increased their stakes in 3A . They should just do a takeover offer. Just a drop in the ocean of their balance sheet.

"....potential property beneficiaries among the stocks he covers include Sunway Bhd, which has 1,770 acres of land in Pendas, Johor, Sime Darby Property Bhd, which has 3,100 acres in Pagoh, Johor, and UEM Sunrise Bhd, which has 2,461 acres in Gerbang Nusajaya. "

https://theedgemalaysia.com/node/676412

"....potential property beneficiaries among the stocks he covers include Sunway Bhd, which has 1,770 acres of land in Pendas, Johor, Sime Darby Property Bhd, which has 3,100 acres in Pagoh, Johor, and UEM Sunrise Bhd, which has 2,461 acres in Gerbang Nusajaya. "

https://theedgemalaysia.com/node/676412

why EPF keep disposing?? did the company lose any contract or at risk?

still cheap.

So Kenanga Investors Berhad invest through the funds they managed?

EPF & PNB top up. Soon RM2.50 :)

i have a hunch that Sarawak will increase its stake in Affin. Why stop at 5%. It's known that they wanted to invest in digital banking but did not success in getting the license previously. Affin is their "second option". https://www.theborneopost.com/2022/05/02/swak-has-second-option-abang-jo-says-after-digital-banking-licence-application-rejected/ S’wak has ‘second option’, Abang Jo says after digital banking licence application rejected

if PNB willing to accept the share issue price at 96.52 sen .. that means it's worth more. :)

https://theedgemalaysia.com/edge-tv-detail?id=node/674122

Suria Capital upbeat on FY23 performance.
https://www.thestar.com.my/business/business-news/2023/07/03/suria-capital-upbeat-on-fy23-performance

chua already sold his stake in 2019. https://www.klsescreener.com/v2/announcements/view/90328

The top shareholders list : 1) KENANGA INVESTORS BERHAD 9.92% 364,676,450 2) MAA GROUP BERHAD 7.24% 266,000,000 I wonder who's behind the Kenanga Investors