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?

Key events:

1. On Selangor Turf Club land - 24 Oct

The Court of Appeal has granted a stay of execution of the Shah Alam High Court judgment and the Assessment Proceedings pending the disposal of the main appeal at the Court of Appeal. The hearing of the Selangor State Government's appeal at the Court of Appeal has been fixed on 24 October 2019.
The STC Proposals proceedings are still ongoing.

2. On Jeju Island - 25 July

In view of the nullification of all the development approvals issued in connection with the Jeju
Project, BJR made an application to the court in the JDC Lawsuit for a supplementary land price
appraisal report, to be prepared with respect to the Jeju Project site subject to a revised
assumption that no development approval had been issued on the Jeju Project site. In February
2018, the presiding judge in the JDC Lawsuit was re-assigned to another court, and another judge
was appointed as the new presiding judge in the JDC Lawsuit. 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. The JDC Lawsuit is still ongoing.

3. China project disposal - 14 to 18 Oct

On 19 January 2018, the Company announced that GMOC submitted a Notice of Arbitration to the
Hong Kong International Arbitration Centre ("HKIAC") against Beijing SkyOcean and the Guarantors ("Respondents") to seek recovery of the Final Instalment and accrued late payment interests as well as other reliefs. Further to the last quarterly report, the arbitral tribunal has been constituted and the procedural timetable has been determined by the tribunal for pre-trial preparation, 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. The GMOC Project Arbitration Proceedings are still ongoing.

4. Vietnam property projects disposal completion (the property development, hotel disposal has been completed)

Clueless

5. Kyoto Four Season disposal

Clueless

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6206053

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : DEALINGS OUTSIDE CLOSED PERIOD

BERJAYA LAND BERHAD

Type Announcement
Subject DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS)
DEALINGS OUTSIDE CLOSED PERIOD
Description Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Company wishes to announce the dealing in the securities of the Company by Tan Sri Dato' Seri Vincent Tan Chee Yioun ("TSVT"), a Director of Sports Toto Malaysia Sdn Bhd, a major subsidiary of the Company as set out in the table below.


ORDINARY SHARES

DEEMED INTEREST


Name of Affected Person

Date of Transaction

Price per share

No. of shares disposed or acquired

% of Ordinary shares


Tan Sri Dato' Seri Vincent Tan Chee Yioun

25.6.2019

RM0.20

3,500,000 (i)

0.07


Tan Sri Dato' Seri Vincent Tan Chee Yioun

25.6.2019

RM0.20

38,856,070 (ii)

0.78


Tan Sri Dato' Seri Vincent Tan Chee Yioun

25.6.2019

RM0.20

17,350,000 (iii)

0.35


Tan Sri Dato' Seri Vincent Tan Chee Yioun

25.6.2019

RM0.20

4,613,780 (iv)

0.09


Tan Sri Dato' Seri Vincent Tan Chee Yioun

25.6.2019

RM0.20

64,319,850 (v)

1.29


(i) Disposal of shares via married deal by Berjaya Corporation Berhad, a company where TSVT is deemed to have an interest.

(ii) Disposal of shares via married deal by Teras Mewah Sdn Bhd, a company where TSVT is deemed to have an interest.

(iii) Disposal of shares via married deal by Juara Sejati Sdn Bhd, a company where TSVT is deemed to have an interest.

(iv) Disposal of shares via married deal by Bizurai Bijak (M) Sdn Bhd, a company where TSVT is deemed to have an interest.

(v) Acquisition of shares via married deal by Berjaya Hills Resort Berhad, a company where TSVT is deemed to have an interest.

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=95635&name=EA_GA_ATTACHMENTS

BERJAYA LAND BERHAD
DISPOSAL OF THE ENTIRE 75% STAKE IN T.P.C NGHI TAM VILLAGE LTD (“DISPOSAL”)

(Unless otherwise defined, the abbreviations and definitions used throughout this Announcement are the same as those previously defined in the earlier announcements).
We refer to the announcements dated 28 December 2018, 1 March 2019 and 13 May 2019 on the Disposal for a cash consideration of VND1,244.59 billion (about RM222.18 million or USD53.37 million) and settlement of the amount owing by TPC Village of VND1,670.41 billion (about RM298.20 million or about USD71.63 million), totaling VND2,915 billion (about RM520.38 million or about USD125 million) (“Total Payment Receivable”).
The Board of Directors of B-Land wishes to announce that the entire Total Payment Receivable has been received in cash by the B-Land Group following the receipt of the balance of VND62.23 billion (about RM11.11 million or about USD2.67 million) upon the receipt of the amended Investment Certificate issued by the Vietnamese authority.
This Announcement is dated 27June 2019.

investor 8, thanks... curious as to who's buying and selling...

Err... Here's my understanding. While BJLand has posted profit this quarter, its mainly due to asset disposal. Operating cash flow, while improved, is still in the negative region if BJToto's operating cash flow is removed. Net debt is further reduced, from 1.8 billion to 1.5 billion (BJToto's net debt is not included here), but is still significant, unless proceed from other disposal in Vietnam or Kyoto is materialized, or money from court cases, Jeju, China and Selangor, are settled. BJLand is still paying 120 million interests expenses FY 2019 (BJToto's 50 million interest expenses is excluded here.) All can be said is, BJLand's balance sheet is improving, but not as rosy unless court cases or Vietnam/Kyoto disposals are completed. My guess, current share price that's lower despite improved condition has to do with BJLand's extremely low shareholding spread and market anxiety over this company's operation....

we could have easily 50 million shares traded at 0.195, wonder who's buying and who's selling, given low liquidity of less than 700 million floating shares? Investigating Penta's holding would be extremely interesting...

err... its profit for this quarter IS 181 million, NOT 18 million

Hopefully, this earning report will help stop the downtrend, sigh!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6200993

1 Revenue
1,639,019


2 Profit/(loss) before tax
278,636

3 Profit/(loss) for the period
218,539


4 Profit/(loss) attributable to ordinary equity holders of the parent
181,475

5 Basic earnings/(loss) per share (Subunit)
3.64

6 Proposed/Declared dividend per share (Subunit)
0.00

Kenn, probably first thing to learn would be NOT to catch low from bosses like VT's companies?

err.... if SC were to approve the transaction, they sure can come up with million excuses to let through the deal, don't think its worthwhile trying to complain. Frankly, after my experiences with SC on Puncak Niaga, no more mood to seek justice.

good123, look at it this way, SC and Bursa have "silently" approved BJCorp to buy Penta's stake without having to make MGO, whether its arrogance, corruption or merely ignoring minorities feeling at will... Under this circumstances, would you think MSWG has any way to address?

Its not "if you believe", its VT "failed or purposely NOT to be trusted" ...

With breaking promises on dividend policy, to ignoring minorities when offering to buy BJLand shares and "spreading" fake news himself...

Just yesterday and today, BJLand has almost 29 million shares traded at 0.195 that's almost 4% of floating shares, so many sellers and yet BJLand is traded at 33% discount to its ownership in BJToto...

unbelievable, 20 over million shares traded at 0.195 today...

Penta queuing to sell?

sigh!

hmm... almost 3 million shares available at 0.195, and I thought there are many here seems can't get enough at this price?!?

my apology, I have mentioned earlier that there's no quarter report for BJLand this month, but its wrong though. With BJFood announcing result today, I suppose BJLand will announce its result soon...

Just repeat with another all time low, well, pretty close at 0.20...


Will History Repeats Itself? Here's a collection of research compiled by others..

https://klse.i3investor.com/m/blog/laulauramblings/147946.jsp

11/06/2019 4:42 PM

only to those who have bought.... to those trying to buy, seems like sh*t and smell like sh*t. VT talk-cocked many things end of last year and yet to deliver any...

unless you live inside VT or possibly some of VT's buddies, guess the best thing you can do is guessing...

No, Q4 result will only be announced end of Aug. Bjland has already changed its reporting to end at June each year...

if there's a privatization, we as shareholders should insist on an option of 0.38/0.30 share exchange into BJCorp as was offered to Penta...

Money losing investor, nothing to offer, sigh!

My view on BJLand's net asset value.

1. BJLand's net asset per share is 0.82, based on most recent quarter report. This 0.82 has included all intangible value, including that of gaming rights. This basically means that BJLand's tangible book value is ONLY 0.02 per share based on what's reported. Though, it should not be alarming, given that many assets under BJLand were not revalued for years.

2. To get an idea of BJLand's true value, a sum of part valuation could be easier. BJLand has a net debt of 1.6 billion excluding BJToto's. The recent Vietnam hotel disposal will bring in 500+ million cash that should reduce BJLand's net debt to less than 1.4 billion (some money has been spent to buy Iceland property and kick start Okinawa Four Season.) BJland's BJtoto is worth roughly 1.4 billion, basically means BJLand will be debt free after disposing BJtoto. Meanwhile, BJLand, together with BJCorp, is in the process (or is it a lie?) of disposing Kyoto Four Season worth at least 3.2 billion (800 million USD) and BJLand stands to collect 1.6 billion, or RM 0.32 per share. Besides that, BJLand is awaiting court ruling on Jeju Island, China Great Wall, and Sungai Besi compensation. Based on what's reported, BJLand is looking to collect at least another 1.6 billion. Assuming 50% discount to reflect VT's credibility, its another RM 0.16 per share. Besides all these, BJLand still hold on to hotels and lands to be developed (including those currently held as clubs.) My guess that's should be another 1.6 billion, or RM 0.32 per share. So, probably BJLand's net asset per share of 0.82 is a reflection of its net tangible asset as well.