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

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

haha... see no dividend, best no investment. Who cares who's the PM if no dividend declared?

if BJCorp and BJLand rise to above 0.60, guess VT is genuine to share the money from the asset disposal, otherwise, sigh!

if BJCorp and BJLand rise to above 0.60, guess VT is genuine to share the money from the asset disposal, otherwise, sigh!

Announce a dividend, even if its just a cent per share to show respect and appreciation to us minorities who decide to hold!

VT mentioned about dividend upon selling kyoto four seasons, its useless to us minorities if promises not delivered accordingly. I haven't received a single cent of dividend despite VT made the promises in the last 2 AGM!

minorities probably should write in to remind VT what he said during AGM, probably CC a copy to SC/BURSA too if the final announcement doesn't come with special dividend...

minorities probably should write in to remind VT what he said during AGM, probably CC a copy to SC/BURSA too if the final announcement doesn't come with special dividend...

very little is told, we have yet to see more details, sigh!

The Residences part, I think more than 50% sold, it was mentioned once...

yeah, been longing for dividend for years already, at least 0.01 per share annually to show appreciation to minorities...

how come BJLand makes 200 millions while BJCorp makes 600 millions?!?

To my understanding, Aberdeen is selling because investors are pulling funds out of Aberdeen, causing them to sell for their redemption. Puzzling as to why EPF is selling though, my best guess would be a need to declare 'profit' by selling what's profitable yet not very promising, in this case, Oriental.

press conference more than a year ago!

Its not an exciting quarter, quite expected... To me, details worth notice would be:

1. China Great Mall arbitration - expected outcome in the second quarter 2020.
2. Jeju Court case - delay until further notice ... err... a compromise expected soon?

Talk cock VT mentioned about selling Kyoto Four Season during 2 AGMs and one press conference, but only talk so far...

What good profit from business operation or asset disposals is to us minorities if they were not shared? So the majority shareholder can propose 'unfair but reasonable' offer price to take co private with SC and BURSA keeping quiet? Or so the family of the major shareholders can collect fat pay checks claiming they have served the co well?

eddysurge, again, there's every reason for those benefitted from current system wanting to make sure the same benefits stay. Regulators should step in make sure firms making changes to encourage better representation and better investment environment. To me, BURSA and SC fail terribly in their roles, with minority interests not protected being the WORST!

Eddysurge Oceansky, remembered ignissimis. A couple years ago, when bjcorp bought bjland from VT with expensive price, I tried to objection. But he praise the most regard the deal before market price gradually come at this stage. That time, bjcorp actually seem like extended hand helping bjland or VT.


Eddysurge, with VT the majority shareholder of BJCorp, its no surprise BJCorp extending a helping to VT. What is surprising is the inaction of BURSA and SC. Its a real shame SC and BURSA didn't require the offer MUST be extended to other minorities.

OceanSky, I thought the amount BJLand filed for compensation is much higher than USD 350 million. BJLand is hoping a final compensation closer to USD 350 million, higher than previously proposed to them. So, I would assume USD 200 - USD 250 million will most likely not accepted by BJLand.