PKM, a 'legal' white collar crime with Bursa and SC the helping hands!

http://www.bursamalaysia.com/market/listed-companies/company-announcem...

NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : FUND RAISING PUNCAK NIAGA HOLDINGS BERHAD ("PUNCAK" OR "COMPANY") PROPOSED RENOUNCEABLE RIGHTS ISSUE OF CONVERTIBLE SECURED ISLAMIC DEBT SECURITIES

bettyem, it could just a 'paid recess' on shareholders fund...

So, my guess, not buying or selling a single share in BJLand would be the best option to us minorities...

simply hold on to your shares and vote NO if the deal to privatize BJLand is not good enough!

DON'T TRADE! If we minorities don't trade, there's nothing to be gain by BURSA, SC, or VT. VT will then be forced to privatize BJLand and treat his minorities better under his wing of listed companies!

JUST DON'T TRADE, VT macai sells and buy all they can. Except for paying brokerage fees, clearing fees, and tax, VT will get NOTHING, acquiring no shares and unloading no shares, ONLY SIOK SENDIRI!!! Bursa, SC and VT will only then realize minorities are F**King pissed off and not going to be fooled anymore!

sengsoon PART ５　：　 蓬山此去无多路，青鸟殷勤为探看 20190825

Fainted, total number of shares outstanding is 5 billion, 15% is equivalent to 750 million, NOT 75 million lah!

err... meaning 300,000 shares would be entitled to 780 square feet of space at a cost of less than RM 270,000. Would be great if those spaces are distributed then, haha... an apartment for RM 270,000 at prime area.

Leong1982, I have always been here and still holding on to my BJLand. There hasn't been any development in BJLand except VT buying under his 'own' account instead of BJCorp's and I believe its not a sign of privatization, at least to me. With so much complaints without Bursa and SC taking action, what else to say? Surely, a recovering price is good, but my aim has always been BJLand trading around 0.380/0.30 BJCorp price, or a privatization offer from BJCorp at least an equivalent to previous Penta's deal, i.e., 0.38/0.30 shares of BJCorp for every shares of BJLand. Of course, an extra cash incentive between 0.05-0.20 per share of BJLand held would show a minimum respect to BJLand shareholders.

Again, nothing to comment...

rogers123, there, bless VT with my middle fingers!

err... still here, nothing to say. I have raised my concern over the Penta's deal, VT buying BJLand using his own account, blah blah blah. There's nothing more to say except waiting to see what's VT next move.

you guys must be joking... distributing BJToto shares to all including minorities? Would be lucking enough to get a fair deal with a reference price and condition similar to the earlier Penta's deal.

best not to buy or sell, unless you are selling your BJCorp to buy, but best hope an exchange valuing BJLand higher will be offered soon...

shortinvestor77, thanks...

skyu, an earlier offer of exchanging BJLand into BJCorp shares was made to Penta at 0.38:0.30 exchange. I am asking for an additional 0.05 - 0.20 special dividend or compensation for holding longer...

I don't mind exchanging my bjland into bjcorp, but the whole exercise must be available to ALL, not just some related party. Sure would appreciate some cash, 5-20 cents per share, given an earlier offer is not extended to minorities...
09/08/2019 6:54 PM

Based on the most recent BJCorp holding of BJLand,

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6206029

Remarks :
Indirect Shareholdings No. of shares
------------------------------ --------------------
1) Berjaya Group Berhad 64,286,400
2) Teras Mewah Sdn Bhd 1,175,288,914
3) Juara Sejati Sdn Bhd 1,454,341,000
4) Bizurai Bijak (M) Sdn Bhd 654,486,220
5) Prime Credit Leasing Berhad 14,528,532
6) Inter-Pacific Capital Sdn Bhd 81,000,000
7) Inter-Pacific Securities Sdn Bhd 100,000,000
8) Rantau Embun Sdn Bhd 40,000,000
9) Berjaya Hills Resort Berhad 64,319,850
10) Berjaya Sompo Insurance Berhad 42,124,080
---------------------
3,690,374,996
=============

BJCorp will need to buy approximately 1.3 billion from others that includes VT. On top of that, the 42 million shares held by Berjaya Sompo Insurance is not wholly owned by BJCorp, so BJCorp will most likely need to buy 1.35 billion shares. If to be fully paid in cash, at 0.38, the cost will be RM 513 million and at 0.43, the cost will be RM 580 million. It will definitely NOT RM 322 million.

Don't think BJCorp has the money to privatize BJLand, unless its a mostly share-swap. Anyway, until BJCorp makes an announcement to take private BJLand, its difficult to guess what VT has in mind.

err... halal toto?

haha... no way I am adding more BJLand, VT really fools me hard. I have a rather good impression about him after listening to what he had said in the last AGM. I can forgive bad business decision and highly paid directors, but definitely NO to taking minorities for granted...

quite frankly, thought VT going to make a MGO after Penta's deal, that's why I have been keeping my BJLand. Otherwise, would have converted all back to BJCorp. There's a 2-2.5 cents premium if I were to exchange my BJLand back into BJCorp. Now, its at a discount of 0.09 and peak at 0.105, damned!

Based on my analysis, I believe BJLand and BJCorp are both worth between 0.60 and 1.00. I bought BJCorp a few years back, and converted some of them into BJLand when BJCorp is at a premium to BJLand, which happened last year. I did it gradually, that's why I said more than a year, less than 2...

shortinvestor77 If I am not positive, would have cleared my position already...

better NOT... I have been holding mine in hope for a deal, but to buy MORE with what VT/BURSA/SC have shown, it would be crazy...

Sslee, thanks!

err... so VT can still simply buy however he wants until Bursa said NO?

including the 1 million shares acquired today, VT now owns 85.01% of BJLand... So, VT can't buy anymore until signal from Bursa?

http://www.bursamalaysia.com/market/listed-companies/company-announcem...

Name of Affected Person Date Price per share No. of shares acquired % of Ordinary shares
Tan Sri Dato' Seri Vincent Tan Chee Yioun 7.8.2019 RM0.1650 1,000,000 0.02

This is boleh land, anything can happen, sigh!

Leong1982

A. VT is buying using his money, NOT using BJCorp or BJLand's money. So, any good deal BJLand or BJCorp is offering for BJLand will not benefit BJLand or BJCorp but ONLY he himself.

B. Big Mouth VT can choose NOT to buy any shares, he need only to WALK the TALK!!! If he mentioned about overseas acquisitions to beef up hotel business besides selling Kyoto Four Season that's ripe to sell for profit, it won't be so scary. If he bought the whole Penta's deal instead of just enough to avoid breaching 85% special allowance, minorities won't wonder so much. If he provide a MGO after Penta's deal and tried to dissuade minorities during EGM to participate because better days ahead, at least some minorities might not be so upset!!!

Still prefer a 0.05-0.20 cash plus an exchange ratio of 0.38-0.30 into bjcorp shares

VT is holding, through various vehicles, 84.889% of BJLand by today, and he's seeking 'extension'... wonder if BURSA and SC will allow it?!? Guess YES...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6245225

Well, it's true buy and sell is norm to VT, but it's another thing coming back to say one thing but doing the opposite...

now can ONLY pray hard hard VT is really genuine, sigh!

VT, through press conference end of last year, had a chance to make things right. He outlined his plan on how to address issues within the group. Unfortunately, VT not only failed his minorities but his plan made those reading or listening felt that he's still the conman he used to be.

FIRST, his BODs issued statement stating that they're clueless!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6013753

We refer to the following articles that were published in today’s the Star Biz newspaper, the Sun Biz newspaper and the Edge Financial Daily entitled:-

1. Vincent Tan makes his move. Tycoon plans to take private 7-Eleven and BLand, list U Mobile and hotel business;

2. Berjaya Corp founder/executive chairman also plan to delist BLand and sell Four Seasons Hotel in Kyoto, among other corporate moves; and

3. Vincent Tan to restructure his business empire. The plan may involve privatising 7-Eleven Malaysia Holdings and Berjaya Land.

The Board of Directors of Berjaya Land Berhad (“BLand”) wishes to clarify that the abovementioned plans including the delisting plan are personal idea and strategies of Tan Sri Dato’ Seri Vincent Tan Chee Yioun who is an indirect major shareholder of BLand via his deemed controlling major shareholdings in Berjaya Corporation Berhad, the holding company of BLand.

The Board of Directors of BLand is totally not aware of and has not deliberated any of the abovementioned plans or proposals including the delisting of BLand.

This Announcement is dated 20 December 2018.

SECOND, after the proposed acquisition of Penta's stake, VT gave false impression on privatizing BJLand while further squeezed his minorities. Further discussion is on an earlier post.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6054497

On behalf of the Board of Directors of BCorp, Maybank Investment Bank Berhad wishes to announce that BCorp and its wholly-owned subsidiary, Juara Sejati Sdn Bhd, have today entered into a conditional share sale agreement with Penta Master Fund, Ltd., PCM Industrial L.P. and Penta Asia Long/Short Fund, Ltd. for the Proposed Acquisition.

Please refer to the attachment for full details of the Proposed Acquisition.

This Announcement is dated 30 January 2019.

What's more, its with BURSA and SC's approval!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6087465

In addition, the Board of Directors of BLand wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) has approved BLand’s application for acceptance of a lower Public Spread of 15% in compliance with Paragraph 8.02(1) of the Main Market Listing Requirements of Bursa Securities (“Approved Public Spread”).

Pursuant to the Approved Public Spread, BLand is required to notify Bursa Securities immediately, if in conjunction with the preparation of its semi-annual returns and/or when it becomes aware of the following:-
1.any decrease in issued share capital of BLand; and
2.any decrease in the percentage of Public Spread below 15%.

Based on the above, BLand has complied with the Approved Public Spread.


THIRD, instead of selling Kyoto Four Season first, BJLand is buying hotels in Iceland and Okinawa Four Season after the disposal of 75% Stake in T.P.C Nghi Tam Village Ltd, err... what to say? Giving the impression trying to liquidate more assets but is adding more instead?!?

A. http://www.bursamalaysia.com/market/listed-companies/company-announcements/6020777

Description PROPOSED DISPOSAL OF THE ENTIRE 75% STAKE IN T.P.C NGHI TAM VILLAGE LTD ("PROPOSED DISPOSAL")

Please refer to the attachment for details on the Proposed Disposal.

This Announcement is dated 28 December 2018.

B. http://www.bursamalaysia.com/market/listed-companies/company-announcements/6038337

The Board of Directors of Berjaya Land Berhad wishes to inform that its wholly-owned subsidiary, Berjaya Okinawa Development Co. Ltd., had entered into a hotel management agreement with Four Seasons Hotels and Resorts for the development of the Four Seasons Resort and Private Residences Okinawa on the island of Okinawa.

Please refer to the attached press release for further details.

This Announcement is dated 17 January 2019.

C. http://www.bursamalaysia.com/market/listed-companies/company-announcements/6223609

Description PROPOSED ACQUISITION OF 75% STAKE IN ICELANDAIR HOTELS EHF, HLJOMALINDARREITUR EHF AS WELL AS CERTAIN HOTELS AND REAL ESTATE ASSETS

Please refer to the attachment for details.

To me, it doesn't matter if VT is buying or not from the market. However, it is an ISSUE when BJCorp bought from Penta at an exchange premium without a similar extended to minorities. What's more, BJCorp is ONLY buying from Penta just enough to avoid the 15% 'special' spread approved by Bursa while Penta's stake (3.324%), together with what VT's holding (84.684%), is almost 90%(88% to be exact)! To add pain to minorities, brokers have stopped considering BJLand marginable.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6087373

Penta's
Nature of interest Direct Interest

Date of notice 05 Mar 2019
Date notice received by Listed Issuer 05 Mar 2019

Remarks :

Direct Interest No. of Shares
------------------- ------------------
(1) PCM Industrial LP 165,734,696
(2) Penta Master Fund Ltd 1
(3) Penta Asia Long/Short Fund Ltd 451,292

-----------------
166,185,989


http://www.bursamalaysia.com/market/listed-companies/company-announcements/6087369

VT's
Circumstances by reason of which change has occurred Deemed interested by virtue of his interest in Berjaya Corporation Berhad, the ultimate holding company of Juara Sejati Sdn Bhd
- Completion date of the acquisition of 230,000,000 ordinary shares pursuant to the share sale agreement dated 30 January 2019.
Nature of interest Deemed Interest
Direct (units) 69,150,400
Direct (%) 1.386
Indirect/deemed interest (units) 4,156,086,872
Indirect/deemed interest (%) 83.298
Total no of securities after change 4,225,237,272
Date of notice 05 Mar 2019
Date notice received by Listed Issuer 05 Mar 2019

rogers123, I complaint only those I'm still holding with absurd transactions/deals.

Sigh! Hopefully BJCorp and BJLand will announce at least 0.01 per share dividend end of this month...

who's attacking? Bursa and SC should probe into it, but with their blessing in Penta deal, doubt there'll be any favorable outcome to minorities...

stahl2017, I'll keep on to what has been bought, but doubt will add anymore BJLand... If my guess is right, then those in Bursa and SC who silently agreeing to the Penta deal without a need for MGO are helping driving investors away from Malaysia. Hooray, Malaysia Boleh, BN or PH...

ooh, forgot to add, Bursa and SC too

no need to 怀疑人生，all reflects anything but those sitting on the board and VT's character...

Here's what I believe is happening...

1) Due to "who knows what" reason, a few investors holding big chunk of BJLand decide to sell their stake (possibly at a loss given the downtrend over the years.) Knowing the market can't absorb so much shares, they have approached Penta who's closed to VT.

2) Given that VT, through BJCorp and others, have accumulated close to 80%, he can't or is not allowed to take up all. Thus, by taking up just the right amount of shares with total holding less than 85%, VT managed to get Bursa and SC approval to hold just slightly less than 85% while leaving the rest to Penta to dispose the rest.

3) With no institutional or big investor, Penta is selling in the market at huge discount that's compensated by premium it collected when exchanging part of BJLand shares at premium to BJCorp shares.

4) During Penta's disposal, certain "value investors" were actually collecting along the way, but insufficient to take up all Penta's stake. Exacerbated by the fact that BJLand no longer marginable due to low liquidity after close to 85% held by VT, certain retail investors were forced to sell, and possibly certain institutional investors were also forced to sell due to investment requirements.

5) VT is "forced" not to buy any more BJLand cause his hands are tight already.

Its not difficult for SC and BURSA to check my hypothesis. Just look into if Penta is still holding on the rest, if those retail investors on margin account are selling because of margin concern, and if institutional shareholders are selling because liquidity concern (just confirm the whos on the selling list, say more than 50%, and why they are selling.)

Basically, there could be many reasons as to why the start of Penta's acquisition. The BIGGEST issue is WHY Bursa and SC NOT requiring a MGO be extended to the rest of minorities! This is why all the while I have kept saying Bursa and SC HAVE FAILED US minorities!!!

Ahhh.... another thing, VT said hotel disposal ended up with another hotel group acquisition and the announcement of Okinawa Four Seasons as if the acquisition and new hotel are not in his plan earlier...

then, within a month or two after AGM, VT had a press conference telling all he's selling Kyoto Four Season 'soon' that has yet to materialize, BJLand and 7-11 acquisitions that BJCorp and BJLand BODs are clueless, and ooh, not to mention the hotels listing in Singapore. The situation is further upgraded to another new level with Bursa and SC agreeing to VT holding almost 85% without having to made a MGO to other minorities by acquiring "part of" Penta's BJLand shares bought only weeks ago...

VT asked to give him a year last AGM...

VT not attending BJLand AGM...

My understanding (1) VT can delist so long he has 90% and above shares of BJLand, but (2) VT may not get 100% share if the price is not right, there are always some 'willing' to fight back.

I genuinely don't believe in accumulating more BJLand shares or selling them immediately. Hopefully, VT will offer a reasonable exit option to us minorities. My valuation on BJLand remains between 0.60 - 1.00 per share, and a special dividend of 0.05 - 0.20 per share plus an exchange into BJCop share at 0.30/0.38 ratio offered to Penta earlier should be fine.

bettyem, BJToto has NO subsidiary listed in Singapore! SGX also got scared by VT?

wonder if SGX will let VT list in Singapore?!?

Leong1982, BJLand has a net debt of approximately 1.5 billion after BJToto's debt is excluded from its balance sheet. You shouldn't simply cite its cash while ignoring the debt in hand!

Bettyem, if I were not wrong, HR Owens is OWNED by BJToto. So, when you value BJToto @26 sens a share, you can no longer include HR Owen into valuing BJLand.


Leong1982 But bro, just a simple calculation.

Value of BJTOTO is RM0.26 per share

In addition, the RM800 mil cash BJLand has now is RM0.16 per share.

It's definitely undervalued.
29/07/2019 3:05 PM


Bettyem Let's hope somebody sells it down to 16 sens so that we ends up with the following?
# BJToto valued @26 sens per share
# FS Kyoto valued @15 sens per share as half belongs to BJLand?
# GMOC arbitration valued @6 sens per share?
# That not even counting it's property & HR Owens assets and extensive landbank locally & overseas?
# Also most major impairments has be accounted for, so no more surprises?
29/07/2019 3:48 PM