Now, is much clearer that the shares held by CS is for PA.

As reported CS held 12.9% and PA held 10.60%

How much shares is held by PA in total whether direct & indirect? It is 12.9+10.6%= 23.5%?

now the QA is given 2nd chance, many people includg me supporting the QA

if Hadi and founders dont take the chances accordingly...and the QA failed, they have themselves to blame, they deserved to lose money, though small amount, around rm20M?? and all the staff also deserved to lose their jobs

Genting LimGohTOng also took risk when he build road up the genting resort hill 70/80 yrs ago, many naysayers said he will fail and go bankrupt & using his own money leh.. no ipo fund then.

2. during his construction day, senior Lim probably spent millions, if converted to current low ringgit value, probably rm400M/500M on infrastructure only???

3. Senior Lim has a vision, not many have esp the naysayers...those days average monthly salary less than rm1000?? who would spend money on entertainment and gambling when food and education is more important then..

4. senior Lim spent so much & with no immediate revenue and income, but he has a vision

5. now, how is genting Lim????? billions revenue and profit... few generation also cant finish if they stop working...

Now, sona has a productive oil field stag, what are they thinking? do they have a vision???

be wise and smart or be damn...

now the QA is given 2nd chance, many people includg me supporting the QA

if Hadi and founders dont take the chances accordingly...and the QA failed, they have themselves to blame, they deserved to lose money and all the staff also deserved to lose their jobs

in life, sometimes, you need to take chances and calculated risk. even you buy under proxies up to 475 cts you wont lose money but all to gain with the QA

Genting LimGohTOng also took risk when he build road up the genting resort hill 70/80 yrs ago, many naysayers said he will fail and go bankrupt & using his own money leh.. no ipo fund then. now, how?????

be wise and smart...

if can hit 1.0, i give u all 30cts dividend

dream lar

wasting time and energy writing rubbish

stupid article
yeah one smart aleck want to teach others

stupid people think they are smart

IPO satu biji 3.0+
umwog IPO 3.80, mati mati jugak

semua mati mati

this reach QA is gone case bfore event started
guarantee fail

ayo ayo
satu biji rugi 2.30

mati laio

macam mau jalan
kalau petang ini no show, esok masih ada

this counter epf pun rugi 2.20 sebiji

1Q also can expect losses in hundred millions

exactly, master said stupid people always think they are clever
clever people always think they are stupid

LOL

Posted by SifuKing > Mar 27, 2016 12:44 AM | Report Abuse

This calvin is stupid because he always thinks that he is clever. He likes to talk cock only.

those retailers that submitted the forms earlier, now bang balls

hehehe happy EGM

LOL

the shares depreciated to 1 lot and value to 5% purchase price? that is how layman interpret. LOL

Posted by Koon Bee > Mar 26, 2016 09:28 PM | Report Abuse

Calvin...only 5% invested but you have recommended so many counter i.e Daiman, Jtiasa, MPHB, bjcorp, pmcorp, mui...dont tell me each stock you only buy 1 lot??

i support the QA

speakup, holding no shares & yet against QA
are you putting your ass for voting? LOL

sarawak fly fly

all calm bfore the storm...

when EPF start selling, u haven't seen the bottom yet

ipo holders, first day lost 15%
apa lar

yeah, MPC is one of his most intelligence recommendation...

merger with MISC, high hopes
why misc want a troubled wife?

IPO price around 3.03, now 80cts, lost 2.20 per lot

if 50K lots, lost 100K

i bet will go down to 50cts

Sumatec Bhd, a listed O&G company, had also announced plans to double or even triple daily production at its Kazakhstan assets, but with little visible success, the analyst said.

“If Kazakh assets are so great, why isn’t Petroliam Nasional Bhd involved in a big way?

“Why does it prefer to be in Sudan, where it faces more volatile conditions?” questioned the analyst.

It is believed MIEH’s Kazakhstan-based fields made losses last year, which is considered a rare occurrence for onshore production businesses, the analyst said.

Is Reach Paying Too Much For Kazakhstan Assets?
Alexander WinifredFriday, March 11, 2016

Analysts are questioning the value of the proposed oil and gas (O&G) qualifying asset (QA) in Kazakhstan to be acquired by Reach Energy Bhd, claiming that the local special-purpose acquisition company (SPAC) is paying a higher price than the true value of the asset.

Reach has proposed to buy the controlling stake in the Emir Oil LLP’s fields which are controlled by Hong Kong-listed MIE Holdings Corp (MIEH) for US$154.9 million (RM638.2 million).

The local O&G company will also assume US$173.1 million (RM706.6 million) in debt owed to MIEH. Questions have also been raised over the company’s ability to boost oil production multiple-fold from the said asset.

Reach’s valuation of the asset “comes as an upside surprise especially given that many investors assigned minimal value to Kazakhstan assets in light of subdued oil price, (average in the low US$30s year-to-date), coupled with high earnings before interest, tax, depreciation and amortisation breakeven level (US$47.43 per barrel),” Bank of America Merill Lynch (BofAML) said in a March 7 report seen by The Malaysian Reserve.

As a SPAC, Reach needs to acquire assets before August 2017 or face the possibility of liquidation. The Kazakhstan O&G asset is Reach’s target to avoid being wound down.

“The sale will still depend on regulatory and shareholder approvals in Kazakhstan, Hong Kong and Malaysia,” BofAML said in its report.

The Emir Oil’s fields produced about 3,412 barrels of crude oil a day last year, from 48 wells within the block.

But Reach plans to finish the construction of a new central processing facility that will increase O&G production capacity to 23,000 barrels a day.

“I think the deal is a bit flimsy,” said one O&G analyst at one of Malaysia’s biggest banks.

Worries have heightened as several previous Malaysian ventures into Kazakhstan have not been very successful.

Cliq Energy Bhd’s application to purchase an asset in the country was rejected by the Securities Commission Malaysia (SC), despite the company’s contention that drilling costs are low and profits are achievable even during the present low oil prices climate.

Sumatec Bhd, a listed O&G company, had also announced plans to double or even triple daily production at its Kazakhstan assets, but with little visible success, the analyst said.

“If Kazakh assets are so great, why isn’t Petroliam Nasional Bhd involved in a big way?

“Why does it prefer to be in Sudan, where it faces more volatile conditions?” questioned the analyst.

It is believed MIEH’s Kazakhstan-based fields made losses last year, which is considered a rare occurrence for onshore production businesses, the analyst said.

MIEH recorded an operating loss of US$114.35 million in the first-half of 2015 on a revenue of US$596.4 million. Its 7½-year bonds are rated B- by Fitch Ratings and Standard and Poor’s.

Some investment houses see B- ratings as a non-investment grade.

“The BofAML report is basically saying that it is good for MIEH that they are selling the asset but could be bad for Reach at this price,” the banker said.

“MIEH appears to be a desperate seller. If it fails to sell the assets, it could run into trouble paying off the coupons on its bonds,” the banker said.

In 2016, Kazakhstan will pump 77 million tonnes of oil, 3.1% less than it did last year, Energy Minsiter Vladimir Shkolnik reportedly said in January.

Oil output from the Eastern European nation has been on the decline since 2014, falling 1.2% that year and 1.6% in 2015.
http://themalaysianreserve.com/new/story/reach-paying-too-much-kazakhstan-assets

check out this news in the net
the vendor bought Emir oil fields in 2011
5 yrs later and spent hundred of millions only managed output of 3,600 per day

so what MIEH failed to do, Reach can do? LOL LOL

Read Malaysian Reserve tday.

The deal is said to be filmsy and overpriced by analysts

60% stake for rm600M++ and the company carried a debt of rm600M++
the oil company lost over USD100M++ last year

production is low 3,600 bp and production cost is usd46 pb

seemed like this deal is going to follow Cliq direction

calvin what happen to yr strongly recommended MPC
now, Tey has started selling
are you interested? there is busloads waitin for you

current production volume is so low, how they derive production cost of usd20???

apart from purchase price of RM600m+++, how much more capital investment needed to increase production volume and how long??? how to fund the investment??

if oil price is below usd60, most of the OSV vessels and rigs cant get much business

deep sea drilling is dead kaput below usd 70

can expect most of the rigs to lay idle for now
below 50cts in 12 months

yeah, chase the bull

red sena already started goreng without a QA
this one with approved QA aka a license to goreng, goreng la

wah, 1 ct also got profit

no QA alrdy goring, congrat

wah, start to goring goreng