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.

Leong1982, BJLand owns approximately 40% of BJToto which has a market cap of 3.566 billion. BJLand's BJToto ownership is worth 1.426 billion. With 5 billion shares outstanding, each BJLand's BJToto is worth RM 0.28, not RM 0.24...

VT buying, faster follow? He buys, still collect management fees and perks; we buy, got nothing...

we need official announcement with proposed dividend if jeju case is real and an agreement reached, otherwise, share price will only keep yo-yoing...

Jeffrey Ting, thanks!

http://www.jejusori.net/news/articleView.html?idxno=311516' target='_blank'>http://www.jejusori.net/news/articleView.html?idxno=311516

It is drawing attention that Berjaya Jeju Resort Co., Ltd. filed a claim of KRW 320 billion against Jeju Free International City Development Center (JDC) in five years.

The 21st Civil Affairs Department of the Seoul Central District Court postponed the deadline for Berjaya's claim for damages scheduled for six days and began preparing for a reconciliation procedure.

Prior to the date of the sentence, the court announced that both sides were willing to make adjustments.

It was reported that a full delay was postponed as the law firm Square, which acted for the defense of JDC, and the Pacific Ocean law firm on Berjaya's side formed a consensus on further business negotiations.

The Tribunal plans to close the case through a forced reconciliation procedure based on the agreement between the two sides. The precondition is that adjustments should be made in a way that both sides can accept.

If either party disagrees with the forced reconciliation decision, they will have to go to court again. Compulsory mediation will be effective if the decision is not filed within two weeks of service.

Berjaya argued that the JDC failed to provide information on landowners' lawsuits in the process of signing a land sales contract on March 30, 2009, resulting in procedural defects.

In 2007, 22 years before land ownership, 22 of the landlords who had been granted land filed a lawsuit against the Jeju Provincial Land Acceptance Committee and JDC to cancel a land acceptance settlement.


JDC reconciled with 18 landowners during the trial, but the remaining four continued to file a lawsuit. At the first and second trials held in December 2009 and January 2011, the court raised the hands of the landlords.

In the meantime, Jeju Island also gave notice of approval for designation of tourism complex and construction plan. On the other hand, in March 2015, the Supreme Court decided that the land acceptance decision was invalid.

After not only accepting the land but also the licensing process, Berjaya demanded an astronomic claim for damages of $ 350 billion against JDC on November 6, 2015.

It is reported that the company has included in the compensation for damages not only the expenses incurred during the project, but also the costs of legal advice and the on-site visit.

Although he claimed to have lost income, which is the future income that resulted from the disruption of the business, the loss of the future was left out of the claim in the process of submitting compensation claims based on appraisal.

It is known that the amount of the applied entity is less than 320 billion won. Berjaya has been calculating damages based on an appraisal that was submitted to the court in February 2019.

Separately, Berjaya submitted a letter of intent to arbitrate the Investor State Dispute Settlement (ISDS), an international investment dispute, on July 19 of that year. The claim amounted to about 4.44 trillion won.

Yerae Recreational Residential Complex is a large-scale tourism development complex where Berjaya Jeju Resort invests 2.5 trillion won from 2008 to 2017 on 74,1193㎡ of area in Yerae-dong, Seogwipo-si.

From March 2013, the construction was suspended in March 2015. The project was suspended in July 2015 after constructing 149 households of Gotjawal Village with a total area of ​​39,9448㎡ on the project site.




출처 : 제주의소리(http://www.jejusori.net)

squeezing out speculators, still got speculators at 0.18? Shocking...

err... more like no fund manager cares about VT counters already, announcing over 3 billion project only got 1.8 million shares traded so far.

I don't, mind sharing? somehow felt VT can't attract any fund buying yet not willing to share...

Sigh! Would be great if suddenly BJLand announces trading halt pending significant development over Jeju Court ruling...

guess if BJLand and BJCorp not up substantially before 5 today, it would means further court ruling delay?!? Or BJLand has failed to seek compensation on Jeju?

Hopefully?!?

Received reply today, as follow:


Your email below refers.
Regarding the JDC Lawsuit, the court has postponed the delivery of judgement from 9 January 2020 to 6 February 2020.

Berjaya Land would have made an immediate announcement had it received the judgement on 9 January 2020.

Berjaya Land will report the status of its material litigations in its quarterly unaudited interim results if there is no significant change to the litigations.



Kind regards,

Lydia

hahaha... VT talk east talk west, talk cock talk shit, treating minorities like idiots during AGM saying many things delivering nothing, yet dare to say market abandoning his shares? He and his board are the reason, while SC and BURSA are the reason minorities kept being bullied...

my guess, those who can't stand have mostly sold off their holdings, leaving those able to hold and hoping for VT miracle...

SC and BURSA are also part of the problem for not defending minorities by allowing the Penta's deal to go through without a similar deal extended to minorities...

failure to update minorities over China, Jeju and Sungai Besi disputes...

Lack of clarity, BJCorp buying ONLY Penta's stake, but nobody else, NO dividend despite ability to add over RM 200 million asset after disposing over RM 200 million worth of hotel.

VT n his board the problem for 18 sen BJ Land...

Dear Lydia,

Thank for your reply. May I know if the news reported to the link I included in the last email has merits? The details seem differ from what was presented in the quarterly reports. I notice the news when visiting an investment portal. Quite frankly, I was shocked initially and sincerely hope BJCorp can clarify if the news is valid.

Best regards,

On Thursday, January 16, 2020, 09:18:14 AM GMT+8, Berjaya. com. my-Media <media@berjaya.com.my> wrote:


Thank you for your email.

The Jeju Lawsuit brought against JDC has not been concluded yet. As mentioned earlier, the Court has postponed the delivery of judgement to 6 February 2020.
Again, Berjaya Land Berhad, being a public listed company, would have made an announcement, if the Jeju Lawsuit had been concluded.



Regards,

Lydia

Err... It's actually roundcateye that posted the link first. I raised the content of the article to bjcorp merely because they're off by too much and got me worried...

yeah, which is why I am so surprised, cause the content is totally different from what's presented in the quarterly reports...

I have replied while seeking to verify the news posted here earlier, as follow:


Dear Lydia,

Since BJCorp has mentioned a delivery of judgment on Jan 09, a delay is considered significant to minorities if there's no follow-up provided. Please be considerate! We're not sitting in the board or holding any management role in BJCorp or BJLand.

Meanwhile, a news reported in http://www.ijejutoday.com/news/articleView.html?idxno=214561

have suggested BJCorp had lost in its claim in Jeju case, against what's pictured in the quarterly report. Would you kindly verify if the claims in the news valid, and how's it differ from what's presented to minorities in the quarterly reports?

Thanks.


Best regards,

Received reply today, as follow:


Your email below refers.
Regarding the JDC Lawsuit, the court has postponed the delivery of judgement from 9 January 2020 to 6 February 2020.

Berjaya Land would have made an immediate announcement had it received the judgement on 9 January 2020.

Berjaya Land will report the status of its material litigations in its quarterly unaudited interim results if there is no significant change to the litigations.



Kind regards,

Lydia

the sports gaming license is held by BJCorp, not BJLand or BJToto...

I think there's a court case, otherwise it won't be reported in bjcorp annual and quarterly reports. Though, bjcorp has failed to update minorities despite stating that 'important' date in the latest report. Let's see what bjcorp's Lydia has to say in her reply to my e-mail...

Thank you for your email.

I will revert once I receive feedback from the person-in-charge.


Thank you and kind regards,
Lydia


To: "Berjaya.com.my-Media" <media@berjaya.com.my>
Subject: Berjaya Jeju Court Ruling

Dear Lydia,

I'm a minority shareholder of both Berjaya Corp and Berjaya Land. In its latest quarterly report, Berjaya Corp has mentioned about court ruling on Jeju case falls on Jan 09 as follow:

At the formal hearing, held on 25 July 2019, the presiding judge requested BJR to submit
evidentiary evidence with respect to the total claims by BJR and fixed 19 September 2019 as the
next hearing date. On 19 September 2019, the presiding judge fixed 31 October 2019 as the final
hearing before the court decides on the JDC Lawsuit. The final hearing was subsequently re-set to
25 November 2019. The court has fixed 9 January 2020 for the delivery of the judgment.

Unfortunately, minorities have not been updated accordingly. Would appreciate feedback from you will be much appreciated, and would offer much comfort to minorities if an announcement be made.

Thank you for your attention.


Best regards,

To:
Berjaya. Com. My-Media

Jan 9 at 8:30 PM

Dear Lydia,

I'm a minority shareholder of both Berjaya Corp and Berjaya Land. In its latest quarterly report, Berjaya Corp has mentioned about court ruling on Jeju case falls on Jan 09 as follow:

At the formal hearing, held on 25 July 2019, the presiding judge requested BJR to submit
evidentiary evidence with respect to the total claims by BJR and fixed 19 September 2019 as the
next hearing date. On 19 September 2019, the presiding judge fixed 31 October 2019 as the final
hearing before the court decides on the JDC Lawsuit. The final hearing was subsequently re-set to
25 November 2019. The court has fixed 9 January 2020 for the delivery of the judgment.

Unfortunately, minorities have not been updated accordingly. Would appreciate feedback from you, and would offer much comfort to minorities if an announcement be made.

Thank you for your attention.

current share price suggests more delay in Jeju court ruling?

hopefully, its not VT entertaining M using BJLand facility and BJCorp money while he himself getting some license for himself that'll be purchased by BJCorp or BJLand at premium with NO certainty if the license is enforceable...

well, what minorities can do is simply NOT participating in any future fund raising, whether its through issuance of warrants, ICULS, or new issues of shares. With NO new funds from minorities, VT will realize minorities can't be taken for granted...

Err.... DKLM or DLLM? LL pointing towards people inside this board leh

During the AGM, VT mentioned about Kyoto Four Season disposal early next year with dividend, hopefully I didn't get his words wrong and he'll honor his words this time round...

with additional financial cost of 120-140 million a year on top of BJToto's, it's difficult for BJLand to perform well when most of its key project, namely Jeju, Sungai Besi, and Chian's Great Wall, are either in court or awaiting payment. What pissed me off is not so much about poor performance, cause its business. What pissed me off are VT promised dividend is not declared while BJLand has the capacity to add new investment properties in Iceland; a Penta's deal that basically ignores minorities interests with SC/Bursa keeping quiet, and a confusing plan for BJLand (if a privatization will be proposed soon)...