wantanmi, yes, there's about 14% BJLand not held by VT & BJCorp, but BJCorp only holds about 76%, the rest is held by VT and related cos. So, if BJCorp were to privatize BJLand, BJCorp will also need to issue shares to VT and related cos.

wantanmi, BJCorp issued approximately 200 million shares when exchanging Penta's BJLand holding. There are currently another 1.2 billion BJLand shares not held by BJCorp. If Penta's exchange ratio is the minimum reference exchange ratio, BJCorp will need to issue another 1.5 billion BJCorp shares. Buying back 10% of BJCorp shares is only 521 million shares. BJCorp buying back speed is very slow, doubt it's really into buying back shares to avoid dilution if its inclined to privatize BJLand...

The last time BURSA disapprove less than 15% liquidity, BJCorp has disposed shares to meet the requirement. With the recent purchase, BJCorp has again seek BURSA to relax the requirement. Hopefully, BURSA will not agree to it and BJCorp not disposing shares again to meet that BURSA ruling...

Yes, bjcorp only owns 77% another 8% held by VT and his other cos

kasinathan, I just don't want you to misrepresent my posts here. Of course, I'm clueless if VT will honor his words, but I have to try as a minority shareholder...

Kasinathan, I didn't sing for special dividend, I initially hoped for a similar treatment offered to penta + some cash cause we're holding longer than penta. I later seek dividend cause VT himself is saying dividend upon kyoto four seasons disposal. VT said and I only seeking the BODs to honour his words

Listening to, you mean me??? You must be joking...

looking at the volume, nobody is having faith in VT...

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3038655

No Date of change
No of securities
Type of Transaction Nature of Interest
1 23 Mar 2020
15,000,000
Acquired Direct Interest
Name of registered holder Berjaya Corporation Berhad
Address of registered holder Level 12 Berjaya Times Square No. 1 Jalan Imbi 55100 Kuala Lumpur
Description of "Others" Type of Transaction
2 24 Mar 2020
2,436,000
Acquired Direct Interest
Name of registered holder Berjaya Corporation Berhad
Address of registered holder Level 12 Berjaya Times Square No. 1 Jalan Imbi 55100 Kuala Lumpur

I have sent an email pertaining to Lydia reply:

Dear Lydia,

Thank you for your reply.

Quite frankly, I am not familiar with listing requirements and has no way to confirm if the board of BJLand has acted accordingly and can only hope it is. With reference to the dividend, I should first apologize. Tan Sri VT had only mentioned about dividend upon disposal of Kyoto Four Season during BJCorp's AGM but not BJLand's. My writing may have not reflected this accordingly. Meanwhile, I am still hoping for a clearer answer from the board of both BJCorp and BJLand, i.e., if and when a dividend be declared for the disposal. When Tan Sri commented on a dividend upon disposal, I believe I have not heard any other BJCorp's directors (some were actually sitting on BJLand's board, right?) offering any clarification or disputing what Tan Sri has commented. I can understand current business environment is not appealing. I am not here seeking a huge payout, I am merely seeking the board to act on Tan Sri's promises, even a cent or two per share of dividend will do (each cent per share of dividend cost BJCorp and BJLand less than RM 60 million and BJCorp stands to receive the most from BJLand's dividend), just update us the condition if a dividend can't be too much. I have invested for years and not here seeking short term gain, and I would appreciate the board to have some level of accountability.

Thanks.

Best regards,

I have sent an email pertaining to Lydia reply:

Dear Lydia,

Thank you for your reply.

Quite frankly, I am not familiar with listing requirements and has no way to confirm if the board of BJLand has acted accordingly and can only hope it is. With reference to the dividend, I should first apologize. Tan Sri VT had only mentioned about dividend upon disposal of Kyoto Four Season during BJCorp's AGM but not BJLand's. My writing may have not reflected this accordingly. Meanwhile, I am still hoping for a clearer answer from the board of both BJCorp and BJLand, i.e., if and when a dividend be declared for the disposal. When Tan Sri commented on a dividend upon disposal, I believe I have not heard any other BJCorp's directors (some were actually sitting on BJLand's board, right?) offering any clarification or disputing what Tan Sri has commented. I can understand current business environment is not appealing. I am not here seeking a huge payout, I am merely seeking the board to act on Tan Sri's promises, even a cent or two per share of dividend will do (each cent per share of dividend cost BJCorp and BJLand less than RM 60 million and BJCorp stands to receive the most from BJLand's dividend), just update us the condition if a dividend can't be too much. I have invested for years and not here seeking short term gain, and I would appreciate the board to have some level of accountability.

Thanks.

Best regards,

Actually, the open market purchase of BJLand for the past few days is weird. BJLand now is suffering liquidity concern with no certainty of privatization offer that's at least as good as Penta's latest deal, i.e, 0.38/0.30. Yet, the open market acquisition has driven BJLand to 0.14. I suppose the person buying must be deep pocket and at least have some knowledge about BJLand's future plan.

I can understand BJCorp buying back shares, given 900+ million additional bullets, spending every 10 million can easily reduce BJCorp's share count by 50 million, assuming an average 0.20 per share price. At an average of 0.20 per share purchase price, buying back just the number of shares used to purchase bjland imply an acquisition cost of roughly 0.253 per bjland share, much lower than the actual cost of 0.38 if paying Penta in cash.

Eddysurge, no way to tell if VT want to privatize... Based on what he said, yes, but after listing hotels in Singapore. After conference call with reporters end of 2018, VT managed to sell Kyoto Four Season a year late, but come with two surprises, a Vietnam Hotel disposal and a Iceland hotel group acquisition that were not disclosed in the conference. Given market condition, it is difficult to anticipate a listing in Singapore, at least I am not. So, will VT privatize BJLand? I'm clueless if you were to ask me.

We are not insider, at least I'm not, so I don't even know if Jeju and China Great Wall will be settled soon. If BJLand receive at least 900 million from Kyoto Four Seasons disposal, BJLand net debt has been greatly reduced, to around RM 700 mil. To me, these two are crucial in turning BJLand into a cash company (with at least RM 1 billion cash?). I prefer a dividend or if there's a privatization, a 0.38/0.30 conversion into BJCorp shares + a little bit of cash incentives, say 0.01 - 0.10 per share, to us minorities holding long period of time.

If have to guess if VT want to private BJLand, my best guess is NO. There's an opportunity to privatize BJLand when both BJCorp and VT have acquired more than 85% of BJLand while Bursa had disagreed to extend ownership beyond 85% if I were not wrong. Instead of putting out an offer, BJCorp had sold some BJLand shares at discount to reduce their ownership to less than 85%. But, hey, who knows? VT is difficult to predict.

How am I supposed to know?

If there's so much to be collected, why hasn't bjland announced any dividend?

JDC has been ceaselessly contacting landowners? Why?!? BJLand still want to pursue this project given landed project in Myanmar and Okinawa Four Season developent?

The reply is from Berjaya's Lydia. Don't know whether should email SC or BURSA for clarification. Guess will have to given I don't posses relevant knowledge.

Reply from BJLand investor relation

Apologies for the late reply.

Please find below the response to your queries.

With reference to the Kyoto Four Seasons disposal, may I know :

if the board has considered letting Four Seasons deal directly with the new owner instead of through an entity owned by BJCorp/BJLand? Is the arrangement in the proposal offer a better returns, current and future? If yes, what's the additional total return looks like?
Berjaya: The Purchaser has requested that Berjaya continues to deal with Four Seasons based on the good performance and track record as well as other projects with Four Seasons. Hence, the Proposed LeaseBack following the proposed disposal of the trust beneficial interest in the hotel component of Four Seasons Hotel & Residences Kyoto, Japan (“Hotel”).


(2) if BJLand's shareholders be required to attend a BJLand EGM for the said disposal like in the case for BJCorp?

Berjaya: Pursuant to Listing Requirements of Bursa Malaysia Securities Berhad, BLand is not required to make any announcement and BLand shareholders’ approval is not required for the proposed disposal of the Hotel. Nevertheless, BLand has voluntarily announced a summary of the proposed disposal to Bursa Securities for information purposes.



(3) if the management of BJLand too busy or finding BJLand minorities ignore-able to simply refer BJLand minorities to BJCorp's announcement? There's a section in the BJCorp's proposal that evaluate the effect of disposal on BJCorp's net asset, gearing and earning. There isn't any such disclosure on BJLand's. Are minorities of BJLand not entitled to know the disposal impact on BJLand's net asset, gearing and earning?

Berjaya: Any announcement made is in compliance with the Bursa Securities Listing Requirements. In this case, BLand is not required to make any announcement. Please refer to our reply under Q2 above.



(4) During 2018's AGM, I have requested Tan Sri Vincent Tan to consider a dividend given a recovered balance sheet of both BJCorp and BJLand, and I was told there'll be one for FY 2019. Unfortunately, there's any for FY 2019 despite asset disposal in Vietnam. When the issue of dividend was raised again during 2019's AGM, Tan Sri Vincent Tan promised me that a dividend shall be offered to minorities upon the disposal of Kyoto Four Seasons. However, reading through proposal, it's a huge disappointment realizing that there isn't any allocation for dividend. May I know if Tan Sri Vincent Tan is aware of this? If a decision has yet to be made, may I plead to both the board of directors of BJCorp and BJLand as well as majority shareholder, Tan Sri Vincent Tan, to honor Tan Sri's words during both AGMs?

Berjaya: The Executive Chairman of BCorp is also the major controlling shareholder of BCorp and he supports all dividend payout proposed by the Boards. The Boards of BCorp and BLand will do their best in the interest of their shareholders, in particular the shareholders’ requests for 2019/20 dividends. The Boards will look into the proposed dividend after taking into consideration the financial positions, performance and commitments of the BCorp and BLand group of companies.







Thank you and kind regards,
Lydia

Reply from BJLand investor relation

Apologies for the late reply.

Please find below the response to your queries.

With reference to the Kyoto Four Seasons disposal, may I know :

if the board has considered letting Four Seasons deal directly with the new owner instead of through an entity owned by BJCorp/BJLand? Is the arrangement in the proposal offer a better returns, current and future? If yes, what's the additional total return looks like?
Berjaya: The Purchaser has requested that Berjaya continues to deal with Four Seasons based on the good performance and track record as well as other projects with Four Seasons. Hence, the Proposed LeaseBack following the proposed disposal of the trust beneficial interest in the hotel component of Four Seasons Hotel & Residences Kyoto, Japan (“Hotel”).


(2) if BJLand's shareholders be required to attend a BJLand EGM for the said disposal like in the case for BJCorp?

Berjaya: Pursuant to Listing Requirements of Bursa Malaysia Securities Berhad, BLand is not required to make any announcement and BLand shareholders’ approval is not required for the proposed disposal of the Hotel. Nevertheless, BLand has voluntarily announced a summary of the proposed disposal to Bursa Securities for information purposes.



(3) if the management of BJLand too busy or finding BJLand minorities ignore-able to simply refer BJLand minorities to BJCorp's announcement? There's a section in the BJCorp's proposal that evaluate the effect of disposal on BJCorp's net asset, gearing and earning. There isn't any such disclosure on BJLand's. Are minorities of BJLand not entitled to know the disposal impact on BJLand's net asset, gearing and earning?

Berjaya: Any announcement made is in compliance with the Bursa Securities Listing Requirements. In this case, BLand is not required to make any announcement. Please refer to our reply under Q2 above.



(4) During 2018's AGM, I have requested Tan Sri Vincent Tan to consider a dividend given a recovered balance sheet of both BJCorp and BJLand, and I was told there'll be one for FY 2019. Unfortunately, there's any for FY 2019 despite asset disposal in Vietnam. When the issue of dividend was raised again during 2019's AGM, Tan Sri Vincent Tan promised me that a dividend shall be offered to minorities upon the disposal of Kyoto Four Seasons. However, reading through proposal, it's a huge disappointment realizing that there isn't any allocation for dividend. May I know if Tan Sri Vincent Tan is aware of this? If a decision has yet to be made, may I plead to both the board of directors of BJCorp and BJLand as well as majority shareholder, Tan Sri Vincent Tan, to honor Tan Sri's words during both AGMs?

Berjaya: The Executive Chairman of BCorp is also the major controlling shareholder of BCorp and he supports all dividend payout proposed by the Boards. The Boards of BCorp and BLand will do their best in the interest of their shareholders, in particular the shareholders’ requests for 2019/20 dividends. The Boards will look into the proposed dividend after taking into consideration the financial positions, performance and commitments of the BCorp and BLand group of companies.







Thank you and kind regards,
Lydia

OceanSky, the right issue amount is small, Kyoto Four Season is a 900 million disposal, way more than BJLand market cap...

Eddysurge, from your provided site,

The NET DEBT at about RM 2.23 billion has not excluded the 700 million net debt BJToto is carrying. If this amount is discounted, BJLand net debt is a mere RM 1.5 billion. And if Kyoto Four Seasons sale proceed is truly 900 million to BJLand, the net debt will be further reduced to RM 600 million.

What Is Berjaya Land Berhad’s Net Debt?

The image below, which you can click on for greater detail, shows that Berjaya Land Berhad had debt of RM2.91b at the end of June 2019, a reduction from RM3.25b over a year. However, because it has a cash reserve of RM680.1m, its net debt is less, at about RM2.23b.

of course, I am not asking VT to share 0.10 dividend with us, but at least something as he promised, 0.01 - 0.05 dividend will also be fine, so long he honor his words! Plus, be transparent...

freetospeak, there's no need share buy back to privatize BJLand, BJCorp needs only to issue more shares...

OceanSky, a 900 million disposal is significant, even if its just an associate company! BJLand has failed to provide a detailed analysis on the impact of this fund. Meanwhile, VT has mentioned dividend upon the disposal, yet, we minorities have heard nothing at BJLand level. BJLand has less than 750 million shares in public's hand. a 0.10 dividend cost BJCorp a mere 75 million, or 80 million since VT's holding is personal. If a majority shareholder won't even share 80 million given 900 million disposal, how on earth would minorities dare to invest? It's akin to throwing fish to crocodiles...

wantanmi, I am saying IF BJLand did really receive 900 million cash from the disposal, which BJ investor relation has failed to reply to me thus far. Besides from a liquidity concern, i.e. 85% been held by BJCorp and VT leaving the shares not desirable to many, BJLand has failed to provide sufficient transparency to assure minorities. Not to mention an Iceland deal that come out of noway, yet dare to say cheap, without putting minorities concern into consideration.

BJCorp debt is not as high as shown in balance sheet.

1. BJToto carries a net debt of over 700 million that's reflected into BJCorp's balance sheet.

2. BJLand also carries a net debt of over 2 billion, of which is BJToto's (BJLand's net debt would have been 1.6-1.7 billion if BJToto's excluded. If Kyoto Four Season is sold with cash transferred, and BJLand is really receiving 900 million (I have yet to see an announcement on BURSA,) BJLand's net debt is ONLY 700-800 million.

3. BJCorp's net debt is around 4.2 billion, but that includes BJToto and BJLand's. If they were excluded, BJCorp's net debt is around 1.8-1.9 billion. Should the proceed from Kyoto Four Season channeled back, BJCorp's net debt should be around 1 billion.

Question is: How much BJCorp and BJLand have received from the disposal.

While you guys are writing as if BJLand is to/or have received 900+ million from the disposal, have you seen BJLand making such announcement? Have you seen what BJLand is proposing on the new fund? Aren't you guys worry? Since March 03, I have yet to received any BURSA announcement or a reply from BJLand's investor relation...

hopefully, BURSA and SC have failed BJLand minorities not insisting on share swap be extended to minorities in the last Penta deal... Sorry for misunderstanding your intention.

can only hope for a share swap into BJCorp share soon at 0.38/0.30 exchange plus a little of cash if VT is generous enough, sigh!

ooh...

Alas, excluding BJCorp and VT's holding, there's less than 750 million shares of BJLand in the market. Not sure if Penta sold its stake, otherwise, being a VT close ally, Penta should still hold on to some BJLand shares. If VT genuinely care for his minority shareholders, a 0.10 per share dividend will offer huge support to share price yet will see minorities taking ONLY LESS THAN RM 75 million with the rest back to BJCorp and VT. So, whether there's some organization trying to achieve preset target, VT negligence about his minorities interests is the ONLY reason share price failed to be stable.

wantanmi, I have waited more than 3 years. I'm merely expressing my view based on what you have said. If BJLand minorities have been informed on the Kyoto Four Seasons, I would have a little bit faith in VT. It would be even better if VT announced a special dividend in the proposed disposal as he had mentioned in the AGM. Unfortunately, he didn't. It's good to know the success disposal of Vietnam hotel, but it's not comforting knowing the money is spent to buy CHEAP Iceland hotel with 0 dividend declared when a dividend has been promised earlier. It is nice to have a press conference telling the media his plan, but it will cast only more doubt if they're not carried out.

VT can be rich from disposing his club ownership and Kyoto Four Seasons, but minorities have so far received NONE.

I read quarterly and annual reports, attending AGM and raise questions if needed. There's no doubt BJCorp and BJLand's balance sheets have improved greatly (even better if Iceland hotels were not purchased.) Jeju, China Great Wall, and Sungai Besi win will only further strengthen their book. Unfortunately, minorities can only share the success through share price gain and dividends. And, we minorities are not getting any thus far.

Wantanmi, you VT? I attended AGM for the past 3 years, I have to say, so far, disappointing! Promises made only to be broken, asset disposal without any sign minorities can have a dividend, big picture provided at best confusing...

Err... VT mentioned delisitng idea during his press conference Dec '18, 15 months ago... Now bjland minorities not even informed of the kyoto four seasons proposed disposal details

closing is due to share buy back, I think.... no fund manager interested in BJCorp already?

I thought this needs shareholders approval first?

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3032668

(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meanings as those used in BCorp’s announcement dated 28 February 2020)

We refer to the announcement dated 28 February 2020 in relation to the Proposals.

On behalf of the Board, Maybank IB wishes to announce that the Disposal was completed today following the settlement of the Total Consideration by the Purchaser in cash and BKD has on even date entered into the Lease Agreement with the Trustee and the Purchaser.

This Announcement is dated 10 March 2020.

And BJLand minorities are not informed?!?


https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3032668

(Unless otherwise stated, all abbreviations and definitions used herein shall have the same meanings as those used in BCorp’s announcement dated 28 February 2020)

We refer to the announcement dated 28 February 2020 in relation to the Proposals.

On behalf of the Board, Maybank IB wishes to announce that the Disposal was completed today following the settlement of the Total Consideration by the Purchaser in cash and BKD has on even date entered into the Lease Agreement with the Trustee and the Purchaser.

This Announcement is dated 10 March 2020.

Berjaya. Com. My-Media

Mon, Mar 9 at 11:49 AM

Dear Lydia,

With reference to my email dated Mar 03, may I know why is it taking such a long time for the reply? Thanks.


Best regards,

A concerned minority shareholder

Down limited? You must be joking, it's more than 6% drop when bjcorp sees 0.22 just now... That's despite an over 1.8 billion asset disposal

Wahaha... VT said dividend upon selling kyoto four seasons, but no dividend proposed in the proposed disposal of kyoto four seasons

If there's a dividend and VT is buying because of this, VT is trading on material non public information, which is subject to fine, including potential jail term...

stockraider, you must be joking!

wantanmi, BJCorp and BJLand balance sheet has actually begun to show improvement 2 years ago after several asset disposals. Yet, did you observe any dividend sent to your pocket? You know why I am so pissed off? BJLand has the money to buy Iceland properties claiming "cheap" but didn't even offer a cent of dividend, knowing that a cent of dividend cost BJLand RM 50 million with RM 40+ million eventually flows into BJCorp and VT's pocket...

wantanmi, THATS NOT WHAT VT SAID DURING AGM! Did you attend AGM?

Read the proposed disposal, NO DIVIDEND is MENTIONED!

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3028849

“I am happy to dispose this hotel, which is only about 3½ years old, for a huge gain,” said Tan, who is executive chairman of BCorp.

Well, didn't hear him saying "now I can share this wealth with my minorities through generous dividends"

https://www.theedgemarkets.com/article/berjaya-corp-sells-four-seasons-hotel-kyoto-rm187b-cash-realise-rm600m-gain

We should seek VT to honor his words, he promised a dividend upon Kyoto Four Season disposal.

That's not what VT promised during AGM, he said dividend if kyoto four seasons sold, and many heard him saying, I'm not the only one!

err... I'm no insider, got no idea how Kyoto Four Seasons is treated in BJLand's balance sheet. It would be a misconduct if BJLand doesn't disclose it...

media@berjaya.com.my

Dear Lydia,

With reference to the Kyoto Four Seasons disposal, may I know
(1) if the board has considered letting Four Seasons deal directly with the new owner instead of through an entity owned by BJCorp/BJLand? Is the arrangement in the proposal offer a better returns, current and future? If yes, what's the additional total return looks like?

(2) if BJLand's shareholders be required to attend a BJLand EGM for the said disposal like in the case for BJCorp?

(3) if the management of BJLand too busy or finding BJLand minorities ignore-able to simply refer BJLand minorities to BJCorp's announcement? There's a section in the BJCorp's proposal that evaluate the effect of disposal on BJCorp's net asset, gearing and earning. There isn't any such disclosure on BJLand's. Are minorities of BJLand not entitled to know the disposal impact on BJLand's net asset, gearing and earning?


During 2018's AGM, I have requested Tan Sri Vincent Tan to consider a dividend given a recovered balance sheet of both BJCorp and BJLand, and I was told there'll be one for FY 2019. Unfortunately, there's any for FY 2019 despite asset disposal in Vietnam. When the issue of dividend was raised again during 2019's AGM, Tan Sri Vincent Tan promised me that a dividend shall be offered to minorities upon the disposal of Kyoto Four Seasons. However, reading through proposal, it's a huge disappointment realizing that there isn't any allocation for dividend. May I know if Tan Sri Vincent Tan is aware of this? If a decision has yet to be made, may I plead to both the board of directors of BJCorp and BJLand as well as majority shareholder, Tan Sri Vincent Tan, to honor Tan Sri's words during both AGMs?


Best regards,

a minority shareholder of both BJCorp and BJLand