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

Aberdeen is holding more than 5% of Oriental and its selling the shares in the market...

eddysurge, sorry, not understanding your question. Also, I am also a retail investor and I am merely read and comment based on what I know. My apology for any mistake...

simon2020,

# why is there a persistent effort to block the price from rising? irregardless of good news or current Qtr. Profitability or Bursa performance lately?

- I believe I have posted my view on this before. Unless we can view the trades since the Penta deal, there's no telling if they are "block from rising" or "attempt to sell" by "retailers" or "big shots." Guess only company registrar, Bursa and SC can really look into it, but guess we, minorities, will never know...

# why is NCBO imposed on BJLand & BJCorp?

- think its best you ask your broker.

# why VT moved all profit making Biz under BJLand? i.e. BJSports, HR Owens, Icelandair Hotels etc. where he has most control at 85%?
# why the discount ratio between BJLand & BJCorp remains constant irregardless of their price?
# why VT now making big plans for BJCorp/BJLand expansion & giving corresponding press release? i.e TVET?, Investment in Icelandair?, Collaboration with Monaco Royalty? HR Owens global showroom for Rolls Royce? Visit Malaysia 2020?

- err. BJLand is not really profitable operation-wise. The profits made have mostly from BJToto and investments sold. If you go through the financial statements evaluating the balance sheet, operating cash flows and income statements, you would have better understanding. A mere read on Revenue and Profit figures is not a good indicator.

miniminer,

My understanding, listed securities are regulated, but regulation is open to interpretation. Based on announcement, at least we know Bursa finds BJCorp and its associated parties holding 84.+% to be "no issue", so the deal is approved. Of course, legal matter is one thing, market trust is another. Any minority reading the announcement would most likely handing Bursa/SC/VT a middle fingers blessing, well, at least I will.

Based on current deal, so long VT's companies, particularly BJCorp, are not adding position in BJLand, there shouldn't be any query by Bursa or SC. VT is basically free to "let" BJLand share price to freefall. Based on Penta's BJLand holding after exchange into BJCorp, Penta should still hold roughly 4% shares in BJLand. If Penta were to throw these shares in market, unless there's people willing to keep on buying until Penta's stake is fully taken up, the floor price is basically decided by Penta as its the party holding the most shares and the possibility to sell/buy. As for retailers like you and me, buying at this price is like buying knowing the value but not the future (we have many so-called "independent parties" willing to testify the so-called "unfair" but "reasonable" so they can collect fees, guess with Bursa/SC blessing but a laughable matter to investors - think there's an article on Star criticizing them on fairness and reasonable-ness, an interesting read.) So, basically, we can only hope for VT to be reasonable and fair. Alas, only God can press him to be so now.

Leong1982, Security Commission Malaysia contact, general line, is as follow:


Securities Commission Malaysia
No. 3, Persiaran Bukit Kiara, Bukit Kiara, 50490 Kuala Lumpur

website: https://www.sc.com.my/about/contact-us

phone: +603-6204 8000

email: cau@seccom.com.my

I have an earlier experience with SC on Puncak Niaga, well, a painful and expensive attempt to seek justice. My understanding goes like this: If a deal is not yet closed, and we minorities raised the issue with some big guy support, there is hope. Raising the issue with no big guy support, might as well forget about it. After a deal is closed, any attempt to raise any concern is worse, Bursa and SC they themselves have to fight to make sure we justice seekers "understand" that the deal is "fair" and "reasonable." Any attempt to revert the deal is basically career or political suicide.

If you believe there's hope, hopefully the above contact helps.

Those statements are posted on the quarterly report. I'm merely posting after seeing a post seeking to learn about the Jeju court result. Personally, I am pissed off by BURSA/SC inaction more than VT's disregard for minorities. Trust is gone not just because entrepreneurs cheat. Regulatory bodies' failure to take the right action has a bigger impact...

Good123, disregarding earlier decline, BJLand has declined CONSISTENTLY since end of 2014 at around 0.85 to current level of 0.17, it's so much different from what GENM is showing!!!

Major court cases:

1. Sungai Besi Turf Club land dispute
- The hearing of the Selangor State Government's appeal at the Court of Appeal has been fixed for 24 October 2019.

2. China Property Project Disposal
- Further to the last quarterly report, the arbitral tribunal has since been constituted and the procedural timetable has been determined by the tribunal for pre-trial preparations, including closing of pleadings and exchange of witness statements, etc. The tribunal has directed that the arbitration hearing will take place on 14 to 18 October 2019.

3. Jeju Island Property Project
- In July 2018, BJR made an application to the court in the JDC Lawsuit to conduct a second supplementary land price appraisal report, as BJR was dissatisfied with the first supplementary land appraisal report which was based on disputable land reference. The court in the JDC Lawsuit granted BJR's application to conduct a second supplementary appraisal, to be undertaken by a different appraiser. The second supplementary land price appraisal report has been completed and the next hearing date has been set on 25 July 2019.

It is my understanding BJLand is no longer marginal since BJCorp up its stake through Penta deal.

To truly knows what drives down BJLand share price, one would need to have FULL access to the concluded trades, including, who's the traders, what's traded price, and how much is the transactions over the past few months. Whatever is said without looking into these data is mere guessing...

here, bless VT, Bursa and SC with middle fingers!

insisting on the same thing, whatever is offered to Penta MUST BE OFFERED to the rest of minorities, whether he/she would like to take up that offer!

step 5 - holy sh*t, I can't attract any institutional or retail investors into my trap despite I goreng it myself to 3 times the floor price I have created!!! Despite all the good news, no fund manager invest despite saying "great deal" --- crying wolf's thoughts after goreng up the share prices

step 5 continued - holy sh*t, how come only institutional investors with ZERO retail investors to mati despite all the "great deals" --- crying BURSA/SC after ZERO retail participations

My guess, BJLand is not worth investing until picture is clearer, better safe than sorry. VT said too much garbage end of last year with nothing materialized.

https://www.theedgemarkets.com/article/berjaya-land-seeks-entry-icelands-hotel-market-acquisition

KUALA LUMPUR (July 15): Berjaya Land Bhd (BLand), which is controlled by tycoon Tan Sri Vincent Tan, is buying a 75% stake in Icelandair Hotels ehf in a US$53.63 million (RM222.03 million) deal that would allow the group to enter the luxury hotel segment in Iceland.

BLand said the proposed acquisition is in line with the group’s geographical diversification and revenue expansion.

"The luxury hotel segment in Iceland is expected to grow and the proposed acquisition will enable the group to enter this segment with strategically located hotels in the heart of Iceland, as well as certain hotels being operated under the Hilton brand name," it added.

In a filing with Bursa Malaysia today, BLand said its wholly-owned Irish incorporated subsidiary, Berjaya Property Ireland Ltd (BPIL), had on July 13 entered into a share purchase agreement (SPA) with Icelandair Group hf for the proposed acquisition.

BPIL also entered into a shareholders agreement and a put and call option agreement with Icelandair Group for the remaining 25% stake in the New Icelandair Hotels Group, after three years post-completion of the proposed acquisition.

Icelandair Hotels currently operates 20 hotels with a total room count of 1,811 rooms located all around Iceland. In addition, a new 5-star 145-room hotel in Reykjavik's Parliament district developed in collaboration with Hilton Hotels, is scheduled to be launched in 2020.

In a separate statement, BLand said the proposed acquisition will increase the group's room inventory to 6,011 rooms, from about 4,200 now.

Deeming the investment as "a low entry cost", Tan, who is founder and executive chairman of Berjaya Corp Bhd, said the average price for the stake in Icelandair Hotels works out to about US$75,096 per room.

“The Icelandair Hotels is one of the largest hotel chains in Iceland, and its hotels are operated at a very high standard by a passionate and dedicated team. We are delighted to add this hotel group to our growing network of hotels and resorts.

“We look forward to working with the Icelandair Group. I believe this investment represents good long term value for Berjaya,” he added.

The enterprise value of the New Icelandair Hotels Group is fixed at US$136 million, which represents a multiple of about 11.33 times based on its earning before interests, taxation, depreciation and amortisation (ebitda) of US$12 million for the financial year ended Dec 31, 2018 (FY18).

The US$53.63 million price tag was derived after adjustments which were derived from the proforma balance sheet of the New Icelandair Hotels Group.

BLand said it will fund the proposed acquisition via borrowings and/or internal funds.

BLand shares closed up 0.5 sen or 2.86% at 18 sen today, bringing a market capitalisation of RM900.06 million.

yeah, the hotel deal is not too bad, at least its return is much better than the Vietnam Hotel disposed. Hopefully, there will be a 0.01 per share dividend this year...

12 million earning before any tax, interest expenses, and depreciation amortization for an enterprise value of 136 million... unless the hotel to be completed is very profitable, otherwise, the earning accretion to BJLand is not much better than the Vietnam hotel BJLand had disposed.

Good123, persevere what? Penta's deal is basically slapping minorities' face with BURSA and SC silent approval! Penta acquires over 8% from who knows what, then offer to sell ONLY enough to BJCorp to avoid the 85% (well, Penta then sell part of its BJCorp to who knows what!) while Penta's BJLand holding is less than 5% without having to face scrutiny. Penta disposal of BJCorp shares has pocketed himself lucratively with not even a word from BURSA/SC.

as an investor, what I am looking forward to is sounding steps to raise capital through divestments to pare down debts and to venture into profitable yet sustainable businesses. NOT some "buy a little of this shares" "a little bit of that shares" everyday, NOT show off in conference call with things said but no action or BODs "beh tow kag" (scratching head), NOT hiding this hiding that with who knows what creating HUGE differences in operating cash flow quarter over quarter, NOT goreng steps, AND definitely NOT offering deal to some big guy without offering it to other minorities (yet with SC and BURSA blessing, real f**king bitches)!!!

Well, one thing is for sure, VT is charming with sweet talk if this is your first time seeing him in person. Personally, I got caught up with his "promises." Now, can only bless him with middle fingers here...

step 5 - holy sh*t, I can't attract any institutional or retail investors into my trap despite I goreng it myself to 3 times the floor price I have created!!! Despite all the good news, no fund manager invest despite saying "great deal" --- crying wolf's thoughts after goreng up the share prices

step 5 continued - holy sh*t, how come only institutional investors with ZERO retail investors to mati despite all the "great deals" --- crying BURSA/SC after ZERO retail participations

没有跌跌不休啦，价格下跌一些主要是因为除权后股价需要扣除股息估算。。。

skyu, 90% is the needed shares to "delist" not MGO, MGO is at far less than that. Think started at 33% called VGO, voluntary general offer, followed by 50% (not sure) MGO, mandatory general offer.

bless him with my middle fingers!

limkopi, quite some, I hold both bjcorp and bjland. I pissed off not only because BJCorp making an offer to Penta that had just bought the shares shortly before but NOT to other minorities when the spread is so thin. The inaction of Bursa and SC is what trigger the fire. Bursa and SC can give many excuses, doubt there will be any believer..

skyu, haha, wish I know why too, real big joke...

wordless, nothing to post. Still holding on to my stake.

BJLand is indeed undervalued based on its asset on balance sheet and what VT has claimed he would do. Unfortunately, buying at current price is a high risk, not because its assets are in doubt, but VT and his BODs are of low credibility and failure of BURSA/SC to defend minority shareholders' interests.

1. Penta's deal with BJCorp failed to assure BJLand minorities BURSA/SC/VT have acted fairly and in the best interests of minorities/all. I have posted earlier, so no use writing further here.

2. BODs projects in court case, Jeju and China, do not offer much help into knowing the company is in capable hand. Oh, not to mention Vietnam property projects that are currently on sale...

3. VT's claim of selling Kyoto Four Season "soon" only to realize that the "soon" is who knows when. Well, think VT said to conclude soon but BODs said in touch to sale, or something like that. Those interested could find on BURSA announcement...

Err... That's why I said, "excluding" other assets in book, BJLand is worth RM 0.60 per share.

My assumption is that those assets mentioned are relatively "liquid" that can be realized within 3 years, whether its deal completed or court ruling forcing payment or sold to another investor (in this case, BJToto)

BJLand owns about 40% of BJToto, worth about RM 1.5 billion.

Awaiting sales include:
1) Vietnam property projects, book value 200+ million and said to bring significant profits if concluded, I shall use RM 400 million.
2) Vietnam hotel sale, completed last few days, with last payment of about RM 11 million
3) Kyoto Four Season, USD 700-800 million mentioned, I shall use RM 1.5 billion

Awaiting court ruling:
1) Jeju Island, VT mentioned RM 1.5 billion, I shall use RM 500 million.
2) China property project, book value before time value impairment, I shall use RM 550 million
3) Sungai Besi land sale, can't remember how much is sought, (since government no money and VT's Dr M good buddy) I shall use RM 100 million

Total value excluding other assets in book: RM 4.5 billion

Net debt excluding BJToto's: RM 1.5 billion

Thus, assuming BJLand sold BJToto and completed deals as mentioned above, money left will be approximately RM 3.0 billion. With 5 billion shares outstanding, per share value is RM 0.60 excluding other assets in book

err... government granting casino license, not BURSA lah! VT once got the online sports gambling license and sold it to BJCorp for cash (think the pay TV license also similar) which are now sitting idle with no cash flow generated, but VT surely got richer from it. Am I right?

BURSA/SC can talk east talk west, or cite "confidentiality", "full right to make judgment", blah blah blah, all ONLY to show nothing but hypocrisy and cowardice...

BJCorp should have negotiated with Penta to hold on to BJLand shares until BJCorp is able to make a general offer. Otherwise, when BJCorp made an offer to acquire Penta's stake, SC/BURSA should make sure a general offer be made together with Penta's. The WHY Penta's deal is carried out without a MGO confirms only a failure to protect minority interests...

So, has to use BUTSA to mean BURSA and XC to mean SC before it's accepted...wordless

Hmm... My post about garbage majority shareholder/BUTSA/XC trap was purposely not posted, sigh!

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

The Purchase Consideration of RM0.38 per BLand share represents the following:
(i) a premium of 49.02% to the last traded price of BLand shares on 29 January 2019,
being the last full trading day prior to the date of this Announcement, of RM0.2550;
(ii) a premium of 48.90% to the 5-day VWAP of BLand shares up to and including 29
January 2019, being the last full trading day prior to the date of this Announcement,
of RM0.2552; and
(iii) a discount of 55.81% to the audited consolidated NA per BLand share as at 30 April
2018 of RM0.86.

This Issue Price represents the following:
(i) a premium of 5.26% to the last traded price of BCorp shares on 29 January 2019,
being the last full trading day prior to the date of this Announcement, of RM0.2850;
and
3
(ii) a premium of 4.68% to the 5-day VWAP of BCorp shares up to and including 29
January 2019, being the last full trading day prior to the date of this Announcement,
of RM0.2866.

Err... How am I supposed to know what's additional debt been used to? My guess, hotels, lands, and failed projects. They all need money to invest, just that BJLand's other assets are not contributing much to its operation...

Based on the most recent quarter report, BJLand's gross debt, long term and short-term, has reduced to 2.955 billion from 4.182 billion FY 2015. With BJToto's gross debt at 1.121 billion, BJLand's gross debt is a mere 1.834 billion. BJtoto's interest expenses for the current quarter is ONLY 13.198 million for a borrowing of 1.121 billion BUT BJLand's interest expenses is 43.504 million, FOUR times BJToto's when gross debt at 2.6 TIMES that of BJToto's. That would means BJLand is paying 30.3 million interests for the additional 1.834 billion debt?!?

Err... Or, we just have appreciate cause BJLand is able to borrow at less than 6.7% annually?