https://www.malaymail.com/news/malaysia/2019/07/24/ecrl-firm-in-recruitment-drive-ahead-of-projects-relaunch/1774279

Should have write back the bauxite assets + date to reopen mining...

Time to fly....

https://www.thestar.com.my/business/business-news/2018/07/04/hong-leong-bank-allocated-rm115m-for-digital-expansion/

For those who attended the AGM 2 weeks ago

Yes... bcoz i am naive...

Here is what he said:

Before Rothschild’s appointment, Andrew reveals that the group had received an offer of slightly more than £200 million (RM1.07 billion) from an interested party. “We appointed Rothschild as we wanted to do a proper exercise in which we could the derive the actual market value for the asset and realise the best possible price,” he says.

The RM1.07 billion ballpark amount would help strengthen MUI’s balance sheet, given that its total borrowings, sans its cash balance, stood at RM588.95 million as at December last year.

A rough calculation shows that it could also result in a gain on disposal of more than RM800 million in MUI’s profit or loss statement, given the hotel’s net book value of RM256.47 million as at June 30 last year.

12.6mil shares crossing @ 0.26

Andrew going to tell good news...

https://www.theedgemarkets.com/article/sabah-wants-investors-china-develop-state-infrastructure

Wow... wat happening?? Got offer from another party?? Or the 9 sen dividend coming??

strong buyer accumulating... high possibility to go above 30sen this round

Mui is not a buy if you look from a business perspective... but you cannot ignore the value of the assets it owned... some good examples like SPB, Daiman, Weida, MWE, GBH, Tstore, Tmakmur, Kulim, Hwang which been taken private are bcoz their owner know the value of the company much better than us.... MUI is a cigarette butt investment.... some of you may not agree or appreciate this investment principle... but some people did make money by looking and investing in cigarette butt investment. There are lots of method to make money in stock market, yours may not suit me and mine may not suit you but does not means we are wrong...

Good... as the reward to shareholder and also to make KKP reputation good again...

Special dividend coming?

go! go! go!

Publicity of MUI is much better now under Andrew's helm... clear direction given and he really walk the talk....

https://www.nst.com.my/business/2019/06/493585/mui-plans-rm440m-tod-bandar-springhill-seremban

https://www.nst.com.my/business/2019/06/493585/mui-plans-rm440m-tod-bandar-springhill-seremban

Buyer accumulating form a strong support despite heavy selling...

CEO is really hopeless... giving nonsense answer during AGM Q&A section

Hopeless management and BoD... using PBA's money to serve penang citizen and archieve their political objective

The wolf is coming!!

The boy and the wolf story.... after few times tat the market got cheated by KKP, they loss confidence about MUI selling Corus Hyde Park and turnaround story. But looking to the way Andrew doing deal and his execution, i think is very likely tat Corus Hyde Park to be sold and greater prospect is ahead for MUI. I think he is a fair guy and willing to listen to minority, working hard to turnaround MUI to former glory. I am positive with him and think special dividend is expected...

Corus Hyde Park selling price 1100mil; 500mil to repay debts, 300 mil for dividend (10 sen) and 300mil for capex and opex.

I think BA next quarter result will be better given the improved production at Kraken. Possible of some write back on Kraken.

Operation Update from Enquest:

Kraken

Production efficiency has increased materially following the resumption of a two-train operation in mid-March, averaging in excess of 33,000 Bopd (gross) in March and April, up materially on the first two months of the year (c.23,000 Bopd (gross)). The performance of the main power engines has improved, leading to greater power and plant stability and enabling better performance from the topside power water pumps that supply the Hydraulic Submersible Pumps. In addition, EnQuest has been working closely with the FPSO operator, Bumi Armada, to improve the offshore spares management and FPSO maintenance processes to ensure any required maintenance activities can be undertaken in a timely manner. All DC4 wells are onstream and producing ahead of expectations and the Group remains confident in its expectations of subsurface performance. While further production efficiency improvement remains the Group’s operational priority, EnQuest continues to expect Kraken to deliver average production in line with guidance of between 30,000 Bopd and 35,000 Bopd (gross) in 2019.

Since first production, more than 17 million barrels of oil have now been produced and 35 cargoes offloaded from the FPSO, with eight of these cargoes offloaded in 2019. Cargo pricing has continued to improve.

With around 100 MMbbls of stock tank oil initially in place, the Western Flank provides a near-field, economic, development opportunity. Initial targets in the Worcestershire Area and Pembroke Trend continue to be assessed and high-graded, with potential development through spare capacity in the existing sub-sea infrastructure.

Rm1.07 billion sale, Rm800 million disposal gain, 27 sen eps... in another few months

https://www.edgeprop.my/content/1535766/mui-heir-sell-corus-hotel-hyde-park-part-turnaround-effort

“We appointed Rothschild as we wanted to do a proper exercise in which we could the derive the actual market value for the asset and realise the best possible price,” Khoo said.

He also revealed to the weekly that before Rothschild’s appointment, MUI “received an offer of slightly more than £200 million (RM1.07 billion) from an interested party”.

“It’s been more than a year since I took over, and my father has left [the group] in my hands to help drive the business in a new direction,” Khoo said.

“From my perspective, I need to look at the group on a holistic level. When we unlock an asset [of this magnitude] we can reinvest in other [ventures]. The ultimate purpose is to drive further value for our stakeholders.”

According to the business publication’s report, MUI is open to sale options: “whether an outright sale, or a sale and potential leaseback in which the management of the hotel is still retained” by the group.

“At this stage, it is still too early to say, but we are looking at identifying a buyer within the next three to four months. Since the appointment of Rothschild two weeks ago, there has already been some interest expressed,” Khoo explained.

In the Star Bizweek Article, it was mentioned that “MAA, in email replies, tells Star BizWeek that under the Takeover Code issued by the Securities Commission, the offeror of the SCR is not allowed to revise the price”.



In the Edge Malaysia Article, it was mentioned that Tunku Dato' Yaacob Khyra had stated that ‘the offer price cannot be changed as the circular is already out’, and quoted him as saying that “there is no way to change it – Melewar can only make another offer in 12 months”.



In this regard, the Board wishes to clarify that the Rules do not impose any restriction on revisions to the Offer Price under the Proposed SCR. As such, the Joint Offerors may, at their discretion, propose a revised Offer Price, provided that all parties involved (including the Independent Adviser and the shareholders of the Company) are given sufficient time to consider the revised Offer Price prior to the EGM or any adjournment thereof.


Guys... Tats still chances for price increase

if Laxey funds make a counter offer at 1.50, i will vote FOR ;)

price coming down... close 1.02... seller knew something?

@ theong, if u have 18.6 mil shares, u alone can block the deal oledi

Insider Buying... maybe Corus Hyde Park found buyer

I will look at mui from assets angle...Andrew has ambitious for Mui to be an asset light company... they may put up others asset like ampang properties and springhill lands for sale

Good support at 0.18

Mui may announce further news on Corus Hyde Park very soon...

https://www.thestar.com.my/business/business-news/2013/03/14/mbf-holdings-major-shareholder-ups-takeover-for-shares-warrants/

A good successful example for minority shareholder...

To: Offeror

Increase your offer price, else you wont get our shares. U lose, bank lose...

Insider accumulating now at 18, 185... show may start soon...

The offeror can decide whether the 9 sen should be deducted or not...

In Daiman Development cases...

Daiman had on 23 August 2018 proposed a first and final single-tier dividend of RM0.05 per Daiman Share in respect of the FYE 30 June 2018 (“Proposed Dividend”). The entitlement date and the payment date for the Proposed Dividend have yet to be determined and the Proposed Dividend is subject to the approval of the shareholders of Daiman at the forthcoming annual general meeting (“AGM”). Notwithstanding this, the Joint Offerors had vide the SCR Offer Letter indicated that the SCR Offer Price will not be reduced by the Proposed Dividend. As such, all shareholders of Daiman (including the Entitled Shareholders) will be entitled to the Proposed Dividend and all the Entitled Shareholders will be entitled to the full SCR Offer Price of RM3.00 for each Daiman Share held.

I think we should at least fight for the balance of 9 sen div....

An EGM held on June 2018 has approved Rm32.82mil (12 sen/share) for dividend for FY18 and 19, but only 3 sen paid in 2018.

According to Focus interview with Andrew, i smell something good will happen in another few more months...

Making minor shareholder who accept the offer like dumb!!!

Total 416mil in coffer.... Cash per share is 1.52... the offer is ridiculous!!!

@markus... you shld also add the money coming from Columbus Capital disposal, rm 56.7 mil

The Company wishes to announce that Corus Hotels Limited (“CHL”), an indirect wholly owned subsidiary of MUIB has appointed N.M. Rothschild & Sons Limited (“Rothschild”), an international investment bank as its financial adviser on the sale of Corus Hotel Hyde Park in London, UK (“the Asset”). The appointment of Rothschild is to assist CHL in exploring strategic options for the Asset as well as to ensure that only credible international investors are shortlisted and considered. This is in line with the Group’s strategy to rationalise the business, to pare down its overall bank borrowings, and to unlock value for its shareholders. Hospitality will continue to be a core business of the Group. However, the Group will be adopting a more focussed strategy that will be more lifestyle driven and perhaps asset-light to grow its hotel business. In addition to its hotel business, the Group is progressing into other segments of the hospitality business such as Laura Ashley tea rooms, cafes and spas. As recently announced by its Chairman and Chief Executive Officer, Mr Andrew Khoo Boo Yeow, the rationalisation of assets, which includes selected asset disposals, will form part of the Group’s business transformation strategy.


Management confirm Corus Hyde Park selling...

Good job!! Andrew

Wait for announcement

Now the local paper has carried the news and published, management need to come out to say something, whether is true or not true (i think is very likely, looking at the plan and job done by Andrew), if true and given the value of this property, an EGM may need to call to get shareholder approval, a special dividend may give to reward the shareholder and help to get MUIIND back to radar of market and funds

https://www.theedgemarkets.com/article/mui-names-rothschild-advisor-corus-park-hotel-sale-report