could it have something to do with the 500+ million assets held for sale? I emailed BJCorp and has yet to receive any answer...

Actually, based on BJCorp's most recent quarter report, its debt is not much.

Long term borrowing 3,137.5 million
Short term borrowing 3,004 million

Deposit with financial institutions 723.8 million
Cash and bank balances 994.7 million

Net borrowing excluding irredeemable convertible loan stocks is 4,423 million

Meanwhile, BJLand has a net borrowing of 2,965.9 million

Long term borrowing 1,819.4 million
Short term borrowing 1,924.8 million

Cash and bank balances 778.3 million

Excluding BJLand's debt, BJCorp's net debt is only 1,457.1 millions. Meanwhile, BJCorp has a net asset (516.2 - 184 = 332.2 million) held as assets of disposal. That would mean BJCorp's net debt should be only 1.1 billion, which is close to what Ritz-Carlton Residences' gross development value.

Meanwhile, while BJLand has a net borrowing of 2,965.9 millions, it stands to collect 600+ millions from the disposal of China property project and a court case pending claim on Jeju project development project. What's more, I suppose BJLand's net debt includes BJToto's net debt of 700.5 million (523.5 + 601.3 - 424.3)

Hard to understand why's BJCorp still not able to recover from its business operation. Start to wonder if Cosway is that bad a deal?!?

what can I say? A well-dressed educated mafia-run company that SC can't or wont' do a thing? Investing in Puncak made me felt like putting money in JJPTR...

alas, wait for the Ritz-Carlton residences being completed and sold, let the Jeju case closed and compensation paid, let the sold China project money paid soon, that's easily an at least RM 3 billion cut in total debt, with a savings of at least RM 100 million a year.

angiess, the seller is Rozali himself, that's why its a related party transaction.

OceanSky,

1. Your 524 million Menara Bangkok Bank has been completed last year, don't think its the one. Ritz-Carlton Residences is supposed to be a 1 billion project, just not sure the percentage sold and there's no way to know the cash flow from this project until the percentage is revealed.

2. Most of BJCorp debt is a result of debts in BJLand and BJLand's cost of financing is actually lower during 4QFY17 but BJCorp's for the same quarter has actually risen.

Anyway, I have emailed BJCorp seeking clarification. Thanks.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5557369

Pursuant to Paragraph 10.08 (1) of Bursa Malaysia Securities Berhad’s Main Market Listing Requirements (“Listing Requirements”), the Board of Directors of PNHB (“Board”) wishes to announce that Puncak Niaga Management Services Sdn Bhd (“PNMSSB”), a wholly-owned subsidiary of the Company, had on 28 September 2017 entered into a sale and purchase agreement pertaining to a related party transaction with Puncak Alam Housing Sdn Bhd (“PAHSB”) to acquire a piece of leasehold land held under Title No. PN 80453 located at Lot 19255, Mukim of Ijok, District of Kuala Selangor, State of Selangor Darul Ehsan, measuring approximately 8.413 hectares (“Land” or “Property”) from PAHSB for a total cash consideration of RM40,732,956.00 only (“Purchase Price”).

anticonman Why don't you read my posts on Puncak Niaga. They are still there... It's my worst investment ever, and it felt like JJPTR scheme than an investment in equity market!

I have come across the following two concerns when comparing the two most quarterly report. Anyone has any idea?

1. FY18 1st quarter report

In this quarter report, there's asset(s) held for sale amounting to RM 516 million and I can't source any description about this in the quarterly report (Only RM 43 million of asset(s) is held for disposal in FY17 annual report. Could anyone kindly help in identifying as to what assets in particularly that's being placed for disposal.

2. FY17 4th quarter report

In this quarter report, the financing cost amounts to RM 126 million (vs FY16 4th quarter report's RM 102 million) when the debts in FY17 4th quarter is less than FY16 quarter. Compared this to FY18 first quarter's RM 91 million while debts have not reduced significantly. Kind enough to share what's causing the sharp rise in financing cost during the FY17 4th quarter?

Thanks.

err... why's John taking down his posts?

Think Cosway is doing a very poor job, this should be the largest entity outside BJLand's portfolio of businesses that BJCorp is also pursuing...

Felt sorry not doling out dividend FY2017 and decide to give 0.02 dividend this round? That should be good...

err... Puncak board and management are making losses quarter after quarter, proposed a plantation deal that's far more expensive than a similar deal from the same seller that's later closed at over 200 million discount without reasons, attempt to complete a TRIPLC construction company at a hefty premium where its (TRIPLC) key management people/board member selling at discount to offer price. Yet, all I see here is fighting/quarrel over trading Puncak for profits?

BJLand is reporting a 11.5 mln profits vs 27.3 mln losses same quarter last year. Hopefully BJCorp will show a profit instead of a loss tomorrow of day after in its quarterly reporting...

My ass... Will vote BIG NO to TRIPLC no matter what share price it's then.

I have called SC on why TRIPLC can have a go when there's no ruling yet on my complaints.

Consumer & Investor Office
Securities Commission Malaysia
03-62048999

I have not gotten the person in charge's approval to post his name here, but I believe there's only one person in charge of liaising with concerned Puncak Niaga investor

Have I stopped pursuing the issues with SC? NO...

I am still calling SC almost every 10 - 14 days on the following:

1. Why's it taking so long to investigate and conclude a ruling on the Level 3 financial asset placed on long term asset but liquidated within 6 months? Has the fund in anyway associated to the Sarawak plantation deal?

2. Why was the Sarawak plantation been allowed to be concluded, given the deal has short-changed shareholders, particularly minorities? If SC couldn't find reason to uphold the revised deal, have the board and management mismanaged shareholders fund, given the revised deal is more than 100 million cheaper? Have and what SC will do to protect investors fund/interests.

3. Have SC investigated into the consecutive losses over past 7 quarters?

Unfortunately, the person in charge of the matter can only disclose to me that the matters are still under investigations.

I suppose with more minority shareholders call SC to raise concern and won't stop calling until a verdict is reached, it will help even I don't know if it will.

So, Roger, if you are minorities and would like to seek fair treatments, you can do what I and some others are doing (a few others are still pursuing this through SC) and start calling SC. And so does it apply to other shareholders reading this. Other than that, I have no clue on how to pursue it further.

angiess, no, not yet. Probably with more of us calling will help.

SC should have required Puncak board taking measures that would strengthen shareholders' trust (reflected through share price) before approving the plantation deal... Now, everything SC has done merely suggested measures taken NOT to protect investors' interests BUT to clean after the trails that have shown BODs just shitted on their investors!

roger, I don't know if SC can help, but if I don't approach SC seeking better treatment for minorities with subsequent actions against these type of majority shareholders, I might as well gambling in Genting or participating in money game.

calvintaneng, that's a big joke... doubt he would even care what's his shareholders think or if we, the minorities, are pissed off...

angiess was told by SC the ruling will come up soon, and asked for patience cause they can't reveal much the progress. Based on the plantation ruling, I have to wonder if the process is to protect minorities or majority. Sincerely hope for a favorable ruling for minorities...

roger, best not to tell if I'm averaging or not, not wanting to be criticized for what I did...

firehawk, Puncak is not my baby, but I'm still holding awaiting SC ruling, even if it means I have to wait for 5 years...

firehawk, so, are you a Rozali running dog? or you just admit barking nonsense earlier? And, what's wrong for posting that?

my earlier post is as follow:

Jun 19, 2017 04:03 PM | Report Abuse

I am a minorities of Puncak, surely I'm trying to oppose what went wrong in Puncak and trying to fight for minorities interests, cause its in my best interests. It would be a shame if I try to mislead others into buying or selling Puncak shares to benefit myself or if I try to force unreasonable deal to Puncak's board to benefit only minorities. Of which, I believe I didn't in both counts.

I take my time analyzing the balance sheets/annual reports of companies and purchase those I believe are heavily undervalued. If I made mistakes in my analysis, I try to learn from them. If I didn't and someone tries to con me which I can identify the con scheme, surely I will try to fight to defend what's right.

sabahan, not sure why would you like to have me on your board cause the first thing I can think of if I were to hire someone to sit on my company's BOD would be those with experiences in the field and can offer insight into the operation and direction of the company.

firehawk, sincerely can't understand why are you enjoying so much spending endless time attacking me here?!? If you have bought shares on my post and made losses, most likely in Puncak given your attacks have mainly in this site, my sincere apology. I could easily bleed more than you on investment in this company. So, it would probably make you feel better if you were to assume I lost more than you and post these comments than trying to ridicule me in this fashion that most others would assume you are either a Rozali running dog or some nonsense barking here and there...

I myself am still holding on to my investment in Puncak. While trying to seek justice in how CIMB Research House had posted irresponsible yet incorrect analysis on Puncak, I am also trying to fight for a capital repayment/privatization possibility in Puncak because I have lost my faith in Puncak's board and management team. Unless there's a need to sell to improve liquidity in my portfolio, I will most likely hold on to fight what I believe is terribly wrong. Well, can't help either knowing Puncak is still holding on to 2.30 cash per share and 3.10 net asset per share that would cushion my maximum losses in the company. Partly, didn't want to let go to avoid the possibility of some scammers trying to push down Puncak share price so they can rip huge profits pushing up the shares later. A recent example would be Airasia.

Firehawk, these were your posts earlier:

Jul 14, 2017 03:18 PM | Report Abuse

I hope civilized person keep his words, don reply my post ... i don know how many times i hv to say this!

hv a bit shameful feeling pls!

Jul 14, 2017 03:32 PM | Report Abuse

I think some ppl make huge losses in this ctr .... may be i'm wrong! :-)

Jul 14, 2017 10:39 AM | Report Abuse

the chance of declaring capital repayment, especially @2.50, i think the chance is 0 ... even declare of dividend of 10sen, i think the chance is less than buying dai /sai ... may be i'm wrong :-)

Jul 6, 2017 09:09 AM | Report Abuse

rzl and son are very kind and generous type of ppl ... always provide cheap and worthy entry price for investors ...

Jul 4, 2017 05:17 PM | Report Abuse

Puncak is for brave, knowledgeable, civilized + no shame feeling ppl ... others do not have these characteristics should think twice, trice .... before touching it!

Jul 4, 2017 04:55 PM | Report Abuse

Only person ate chilly who will feel heat .... .

Jul 4, 2017 04:39 PM | Report Abuse

Pls read the posts of civilized person ... this is why he can accuse others as not civilized! :-)

just like a bitch son behave noble ... no offence, unless is e=really a bitch son :-)

Jul 3, 2017 10:46 AM | Report Abuse

finally get traded ... but is a sell down to lower price, these type of unknowledgeable ppl + short sighted not worth to get the great fortune, no need to pity them! they only worth to envy other knowledgeable + far sighted ppl .....

Jul 3, 2017 10:26 AM | Report Abuse

today trading vol even 0, nobody buy ... huge fortune awaiting also no one wants! many are lazy and timid ppl, only those contribute great afford and far-sighted ppl will get rewarded!
Jul 3, 2017 10:10 AM | Report Abuse

2.50 -0.92 = 1.58; paid 0.92, get 1.58 in return, ~172% gain .... HUGE GAIN is extends to every shareholder who's watching the above message .....

when shareholders get the HUGE fortune, pls do not forget to do some charities to help the poor! is very noble act ... not everybody is lucky to get the HUGE fortune! must think of the unlucky ones .....

Jun 15, 2017 10:19 AM | Report Abuse

is very keen to fight for own interest + minority interest ....


Those already in mud, deepen and deepen ... can't get out, the only way is putting up hopes + hopes + hopes of getting out! this is something for those who r not sinking to think it over!


Jun 2, 2017 11:13 PM | Report Abuse

oooh ... still on going, they can't stop it ....

May 22, 2017 04:16 PM | Report Abuse

pls be more civilized .. this Puncak forum is not like others, is very emphasized on civilize ....

May 22, 2017 04:11 PM | Report Abuse

hope rzl becomes a more civilized person and declares 2rm dividend .....

Mar 29, 2017 09:43 AM | Report Abuse

civilized --- repeatedly declare TP= 2.50, and no other ppl should question it, otherwise, is not civilized! and should be more civilized!

over civilized --- buy @2.94! (is this a joke?)

Mar 29, 2017 09:29 AM | Report Abuse

don joking ... how can yr buying price higher than civilized person!

don try to be over civilized, no good ...

Mar 23, 2017 09:34 PM | Report Abuse

although some ppl hv high avg buying price price ... but they can set the TP=2.50, when rise a little they sell and buy back a few cts lower, after doing this for many times, they recover their loss .....

this method is applied by civilized person!

firehawk, Puncak has 3+ NTA, 2.30 cash per share. If there's no hanky panky, the interests from cash in hand is easily 40 million a year. Why should I sell at loss simply because someone said it will face a reality about survival with a 1.4 billion asset, 1.1 billion cash and trading at less than 500 million market cap?!?

If I were to invest blindly following some 'experts' like CIMB research house, I might as well gambling in Genting. As for you, without knowing where your 'kind' heart coming from, its hard to judge if I will be lead to Holland or not.

Well, Puncak is my second largest investment by portfolio value and largest by invested capital. I'm OK if price is low if it's misconception but not if it's hanky-panky. If comments making sense, I have everything to gain from learning and be thankful. If the comments are full of shits, surely they'll be ignored.

In a way, firehawk, you are suggesting trading strategies while what I have suggested all the while is investing. Sometimes I wonder, when trading specialists are suggesting buying x selling below 1.1x, while the long term investors are holding, who's money are they trying to make? What's more, there's trading costs involved, rendering it a negative-sum game.

I have done my best trying to defend my rights as a minorities, but I can't prevent mafia from vandalizing.

Haven't taken up the courage to re-evaluate the plantation deal and assessing it's impact after how SC has responded in this matter. Will try to do so soon but wonder what good there's to investors if matters concerned investors have raised were not addressed? Was told by SC matters are taken seriously, but will take time. Though, what's to be salvaged if deals were completed? Followed some 'smart' legislators suggestion - have the raped to marry the rapist?

Firehawk, finally, you're starting to make human-like comments. Thanks

fainted... vietlott is owned by Vietnam federal government. Vietlott uses its gaming license to J-V with BJCorp such that BJCorp, through its subsidiary Berjaya Gia Thinh, is earning through the revenue generated, of which is not open to public.

Roger, don't worry, after the plantation deal is announced, I have included 5 years holding period to recover my investment.

I have to wonder how have this benefitted the minorities?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5476213

We refer to the announcements dated 17 October 2016, 17 April 2017 and 5 June 2017 in relation to the Proposed Acquisition.

On behalf of the Board of Directors of Puncak, CIMB wishes to announce that the Proposed Acquisition has been completed following, inter alia, payment of the Balance Purchase Price to the Vendor today.

Following the completion of the due diligence verification, the final Purchase Price has been reduced, in accordance with the provisions of the SPA, from RM276,587,523.65 to RM274,734,568.48, based on the final liabilities of Danum Sinar in its management accounts as at 31 March 2017 of RM329,635,831.37 (previously RM327,782,876.20).

Err... firehawk, your characteristics are what I usually refer as dog or bo lan hud... of course, no offense

I have made a call to SC this morning. I was told matters that I have raised earlier are still under investigation and can't be revealed. I was assured the matters are taken seriously though...

firehawk, do you want me to repost my earlier reply to you to let you go silent for some time?!?

angiess, no so far. I'm still calling SC once a week seeking SC to pursue a capital repayment or privatization option though. You are welcome to join in this effort. Well, this extends to every shareholder who's watching this message.

while I am hoping for more, I would be lucky to see 0.40... Think have to hold for the next 2 years to really see a turnaround, or hopefully Jeju court case ruling is high favorable to BJCorp. Doubt much can come from Vietnam Toto within the next 12 months, can't even find where its contribution in this quarter report.

wordless, no dividend despite better profit achieved compared to last year,,,

Cyphua, bjtoto is the cash cow lah, the worst is no dividend from bjtoto to preserve cash

"GWGF is willing to assist Sulaiman in various aspects such as providing consultation to improve the group's performance and sustainability," said Rozali.

---- like how 'great' Puncak is for the past 6 quarters?
---- like telling minorities its willing buyer willing seller when the plantation is 'to-be-transacted' at 18,500 per acre but later 'to-be-transacted' at 16,500, and 'to-be-what' later?

Lim Boon Wang shouldn't be if Vietlott's result is any indicator and if the business deal between Vietlott and BJCorp is NOT purely a 'renting' business but a 'profit-sharing' in nature. No doubt, it might take some time to grow it to become another BJToto. Unfortunately, no detail is offered on the business deal and hence no way of finding the future prospect of Vietnam Toto towards BJCorp's earning prospect.

steveooikp yes, but except for those China companies, most were trading around cash per share. In Puncak's case, its not even half cash per share... in addition, why does CIMB's analyst has to lie about the cash per share level. What's more, after I wrote in, the coverage of Puncak is ceased.

steveooikp, what's more interesting would be 'who's the sellers?' So long the balance sheet and cash in the company is well protected, the value of the firm is protected. Market action reflecting the share price could then be addressed separately.

Berjaya Toto reporting an associated company results of 7 million, wonder how much of it is a result of Vietnam Toto business? BJToto has a 20% stake in the Vietnam Toto venture

I am a minorities of Puncak, surely I'm trying to oppose what went wrong in Puncak and trying to fight for minorities interests, cause its in my best interests. It would be a shame if I try to mislead others into buying or selling Puncak shares to benefit myself or if I try to force unreasonable deal to Puncak's board to benefit only minorities. Of which, I believe I didn't in both counts.

I take my time analyzing the balance sheets/annual reports of companies and purchase those I believe are heavily undervalued. If I made mistakes in my analysis, I try to learn from them. If I didn't and someone tries to con me which I can identify the con scheme, surely I will try to fight to defend what's right.

sabahan, not sure why would you like to have me on your board cause the first thing I can think of if I were to hire someone to sit on my company's BOD would be those with experiences in the field and can offer insight into the operation and direction of the company.

firehawk, sincerely can't understand why are you enjoying so much spending endless time attacking me here?!? If you have bought shares on my post and made losses, most likely in Puncak given your attacks have mainly in this site, my sincere apology. I could easily bleed more than you on investment in this company. So, it would probably make you feel better if you were to assume I lost more than you and post these comments than trying to ridicule me in this fashion that most others would assume you are either a Rozali running dog or some nonsense barking here and there...

I myself am still holding on to my investment in Puncak. While trying to seek justice in how CIMB Research House had posted irresponsible yet incorrect analysis on Puncak, I am also trying to fight for a capital repayment/privatization possibility in Puncak because I have lost my faith in Puncak's board and management team. Unless there's a need to sell to improve liquidity in my portfolio, I will most likely hold on to fight what I believe is terribly wrong. Well, can't help either knowing Puncak is still holding on to 2.30 cash per share and 3.10 net asset per share that would cushion my maximum losses in the company. Partly, didn't want to let go to avoid the possibility of some scammers trying to push down Puncak share price so they can rip huge profits pushing up the shares later. A recent example would be Airasia.

Probably TRIPLC shareholders should call TRIPLC directors asking what's they know that minorities don't giving rise to them selling in the market at huge discount

greatgains88,

1. BJCorp has terrible management team lah! No accountability at all. Just look at any board member taking fault and resign from delayed Menara Bangkok Bank development, failed Jeju and China property projects?

2. Share price at all time low, its hits low every year for the past 3 years, there is no telling the low this year will be the lowest.

3. Businesses turning corner... Except for completed Menara Bangkok Bank and Kyto Four Seasons, progressing Penang property project, sold shares and land for cash, and sold China property project and Jeju in court case, the BJToto still has very uncertain future cause our government is only interested with tax but not addressing the illegal gambling market. Only bright spot is the Vietnam Toto, but no shareholder but the board can know the benefits from the venture.

4. TSVT is a gambler, and a huge time gambler that can easily take us minorities to Holland while he bail at our expense.

I'm buying this only because I'm hoping to see the completed projects (Kyto and Menara Bangkok Bank) and sale of China property project will bring down debts tremendously that will hike the profit figure from lowered interest expenses, Jeju court case will bring windfall $$$, and Vietnam Toto will bring huge benefits (this is totally misled by TSVT's son cause we minorities are only told a revenue sharing arrangement on Vietnam Toto after announcement)

chonghai, there's huge difference between TRIPLC and Puncak. TRIPLC has projects and NO money but DEBT. Puncak has tons of CASH with no DEBT! I'm not sure about TRIPLC, but Puncak has shown ZERO ability to execute projects within budget! And this is a problem that can't be addressed with the addition of TRIPLC. The addition of TRIPLC can possibly add more losses to Puncak. Otherwise, Puncak share price would never priced below net cash in the first place.

1. If Rozali has NO interest in TRIPLC, would he acquire TRIPLC at such premium?

2. If Rozali is willing to acquire TRIPLC at such high premium with or without self-interests in TRIPLC, I suppose it must means he has GREAT confidence in TRIPLC and won't mind letting scared minorities an option to GO. Like I said, I'm not asking for much, only 2.30 per share, given its cash per share is 2.30 and net asset per share is 3.10. He can laugh to the end on minorities leaving his boat at discount while missing the opportunities to grab GOLD at his decided destination!

The following is from MSWG newsletter.

PUNCAK NIAGA HOLDINGS BERHAD (“Puncak”)

Proposed acquisition of the entire issued and paid-up capital of Danum Sinar Sdn Bhd (Danum Sinar) by Danau Semesta Sdn Bhd (DSSB, Purchaser), a subsidiary of Puncak

(Reference to the announcements dated 17 October 2016 and 17 April 2017 on Bursa Malaysia’s website in relation to the Proposed Acquisition)

The Company announced that DSSB (Purchaser) and Shin Yang Holding Sdn Bhd (SYHSB) (Vendor) have entered into a second supplemental Sale and Purchase Agreement (SPA) to amend and vary the terms of SPA whereby the Purchase Price for the 100% equity interest in Danum Sinar has been reduced from RM446,505,690.45 to RM276,587,523.65. The revised Purchase Price of RM276,587,523.65 was arrived at on a willing buyer-willing seller basis and based on the revised value of the Land of RM604,370,399.85 (previously RM735,102,114.25) less the liabilities of Danum Sinar based on its management accounts as at 31 March 2017 of RM327,782,876.20. The Purchase Price is subject to adjustments in accordance with the provision of the SPA.
[Source: Puncak’s announcement on Bursa Malaysia’s website on 5 June 2017]

MSWG’S COMMENTS:
We understand that the shareholders of Puncak are generally happy to see that the Purchase Price for 100% equity interest in Danum Sinar has been reduced substantially from RM446,505,690.45 to RM276,587,523.65 and the value of the land has been revised from RM735,102,114.25 to RM604,370,399.85. The questions that we would like to ask, among others, are:-
Why was the Independent Valuer engaged after more than six months from the date of the first SPA?
Despite the market value of the land of RM800,000,000 based on the Independent Valuer’s report dated 26 May 2017 being about 9% higher than the original value of RM735,102,114 stated in the first SPA purchase price, the vendor was willing to reduce the price by 18% from RM735,102,114 to RM604,370,400. What was the reason for the vendor to agree to the revised purchase price of RM604,370,400 which would be about 25% lower than the market value of the land of RM800,000,000 given by the Independent Valuer?
What was the basis for the Board of Puncak to agree on the original value of RM735,102,114 when the first SPA was signed in October 2016?
Was there any due diligence done on the condition of the land, including soil testing and legality issue of the land? If yes, was the lower Purchase Price due to any unfavourable findings from the due diligence?

chonghai, unfortunately, I don't buy what I don't understand... hng33 introduced several stocks with great price appreciation and do appreciate. unfortunately, didn't invest after reading their annual reports and miss the opportunities...

tenmil, as much as i wish i can feel relieve, i can't... Puncak's past quarter reports since sale of water asset have suggested the management can't be trusted.

1. Why such a huge difference in pricing between the two announcements? Had there been a mismanagement and if anyone accountable for it? Moreover, has there been any corruption possibility, given the difference is huge, at least RM130 million!

2. Until today, Puncak's management has not been able to clarify the significance of the purchased level 3 financial asset that's classified as long term asset in 2016 Q2 financial report but disposed during 2016 Q4. I have thrown the question to SC. With the only exception that its still currently under investigation, I have received no further update. Isn't it strange, given that its simply a classification of asset?

3. Like I said, I don't know how to value a construction company like TRIPLC. Puncak is proposing to purchase at 210 million when the market cap of the company is not even 110 million when the deal is proposed. What's more, Puncak's management has demonstrated 0, ZERO, ability of risk management and cost control. How would minorities be able to know Puncak's management has 'mismanaged' after the purchase of TRIPLC and claimed risky nature of business (Tan Sri Rozali mentioned that in the AGM if I were not wrong!) FGV, in its early attempt to purchase Indonesian plantation at huge premium to market price, had to eventually abort the deal. Should something similar happens? Either way, to buy at premium or to abort the deal, I sincerely doubt I, including other minorities, should put our trust in the BODs and management to manage effectively and efficiently our funds.

Frankly, I am only hoping for a capital repayment option to minorities not trusting the BODs and/or management. Again, I am not asking for much, simply 2.20-2.30 per share, reflecting the cash in hand but not the net asset per share of approximately 3.10. Of course, if Rozali is kind enough to offer slightly higher price given the heavy impairments made in the last 6 quarters, it will be much appreciated. Meanwhile, he can pocket free assets (because the requested offer price is less than net asset per share) and laugh to the end simply because minorities can't appreciate the beauty of his plantation and TRIPLC deals, missing out the opportunity of the life time while he had been able to grab the 100% benefits.

ckk, may i know what drive you to accumulate at this price?