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?

hng33, what you are talking about is casino....

danny, the liability is there, but the amount payable to seller has deducted the liability.

if you want to express disapproval, probably you should simply mention that the trees in Puncak's deal are primarily less than 1.5 years old, needing time and caring (money) before it can start producing yet paid at about 7-10% more than a similar deal lah...

In another way, though, the land is cheap, only 2,500 per acre or less than 6,200 per hectare for the green land. wonder if they can really give out land title, or after acquiring the land, there is further payment to the natives staying on those lands?!? what's the catch?

Though, like it or not, the whole deal is still cheaper by almost 20% before going into detail calculation

just off from calling SC to express my appreciation. I was told there are actually quite some complaints on Puncak's deals and Mr. Shashi can't confirm if the changed plantation deal is an outcome from SC intervention.

Glad to know there are others raising concern on Puncak's deals. Whether SC has successfully intervened over the plantation deal, glad at least SC is listening to minorities' concern and a more favorable outcome to minorities is presented. .

Much appreciation to SC...

don't know much about technical analysis, only know that BJCorp has to stop impairment allocation for BJToto and begin to recognize Vietnam Toto's profits to have a move in share price. Or, unless particular deals that will benefit BJCorp greatly. Vietnam Toto's deal doesn't seem to offer much help to BJCorp's performance, wonder why?!?

hopefully share price will rise 0.10 - 0.30 to reflect this good news within the next few days to next few weeks... otherwise, it would mean the professionals in the market have heavy doubts on Puncak's management, sigh!

May I suggest those who have earlier called SC to file complaints to call SC again for appreciation?

I intend to call tomorrow to express my appreciation while seeking a capital repayment option for minorities not interested in the plantation deal and TRIPLC deal.

Much appreciation to SC if its due to SC intervention on the price correction of purchased plantation deal.

With this announcement, there's more reason to require a capital repayment option for minorities not interested in the deals.

Who said lodging complaint to SC has no impact?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5452805

1. INTRODUCTION

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

On behalf of the Board of Directors of Puncak, CIMB wishes to announce that DSSB (Purchaser) and SYHSB (Vendor) have on even date entered into a second supplemental sale and purchase agreement to amend and vary the terms of SPA (“Supplemental SPA”), whereby the Purchase Price for the 100% equity interest in Danum Sinar (“Sale Shares”) has been reduced from RM446,505,690.45 to RM276,587,523.65. Further details on the Supplemental SPA are set out in Section 2 of this Announcement.

On the same day, MESB, SUSB and ASSB have also entered into a supplemental shareholders’ agreement. Pursuant to this agreement, with effect from 28 June 2017, MESB’s equity interest in the Purchaser will increase to 90% (from its current equity holding of 60%) while ASSB’s equity interest in the Purchaser remains unchanged at 10% based on an enlarged share capital of the Purchaser and SUSB will cease to be a shareholder of the Purchaser.

As Puncak’s effective interest in the Purchaser (via MESB) is 90%, the portion of the Purchase Price that Puncak has to contribute to the Purchaser for payment to the Vendor is RM248,928,771.29 (previously RM267,903,414.27), which is to be funded via internally generated funds.

2. CHANGES TO THE SALIENT TERMS OF THE SPA

The changes to the salient terms of the SPA pursuant to the Supplemental SPA are set out below.

2.1 Amendments to the Purchase Price

The Purchase Price for the Sale Shares 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 (“Liabilities”). The Purchase Price is subject to adjustments in accordance with the provision of the SPA.

The Liabilities comprise the bank borrowings and amount owing to the related companies, the directors and external creditors of Danum Sinar based on the latest available management accounts of Danum Sinar as at 31 March 2017 and is subject to due diligence verification and adjustments. The Vendor shall undertake to fully indemnify and reimburse the Purchaser against all claims and liabilities including any unrecorded liabilities incurred and not reflected in the 31 March 2017 management accounts including any payment of invoices for goods and services consumed by Danum Sinar up to 30 June 2017. In addition, the Purchaser shall cause Danum Sinar to pay the Liabilities (which shall exclude bank borrowings) up to the sum of RM80,000,000.00 within 60 days from the Completion Date on 3 July 2017.

The revised Land value was arrived at based on the following:

(i) the estimated gross land area of the Planted Portion of 9,766.90 hectares at RM16,500.00 per acre (previously at RM18,500.00 per acre) amounting to RM398,211,163.35, subject to the final survey. The Planted Portion consists of the Mature Area and the Immature Area.

(ii) the estimated gross land area of the Unplanted Portion of 33,372.60 hectares at RM2,500.00 per acre (previously at RM3,500.00 per acre) amounting to RM206,159,236.50, based on provisional lease of the Land

The price per acre for the Land was arrived at after taking into consideration the market value of the Land and the negotiations between the Purchaser and the Vendor. Details on the valuation of the Land are set out in Section 3 of this Announcement.

As Puncak’s effective interest in the Purchaser (via MESB) is 90%, the portion of the Purchase Price that Puncak has to contribute to the Purchaser for payment to the Vendor is RM248,928,771.29 (previously RM267,903,414.27).

2.2 Amendments to the Conditions Precedent for Procurement of Provisional Title

One of the Conditions Precedent of the SPA is that the Vendor shall procure at its own costs and expense the provisional title in the name of Danum Sinar for Lot 1 land, Lot 13 land, Lot 14 land and Lot 15 land within 30 days from the date of the SPA or such other extended time as agreed between the parties. Pursuant to the Supplemental SPA, this clause is now only applicable for the Lot 1 land.

In relation to Lot 13 land, Lot 14 land and Lot 15 land totalling 3,531 hectares, it is agreed as a Condition Subsequent that the Vendor has up to 6 months from the Completion Date or such other extended time as agreed between the parties to procure the provisional title in the name of Danum Sinar. If this Condition Subsequent is not met by the cut-off date or waived, the Vendor shall refund the Purchaser a sum calculated based on the value of the hectareage of Lot 13 land, Lot 14 land and L

Jay, there's no need for deep value triplc, if Rozali believe in the 'great value', offer us an exit at 2.30, and he can laugh to the end at discounted value on Puncak while losing out the opportunity to make big bucks on triplc.


All I can say to Rozali is, fool me once, shame on you, fool me twice, shame on me.

Don't see any relation between Unit Kerjasama Awam Swasta and SC investigation...

if the water deal with Selangor state government gone bad, I won't say a word, either sell at huge loss or stand behind Rozali to defend what's right, depending on what makes more sense.

If after asset disposal, Puncak is holding on to 0 asset and price at 0.90 against my valuation or what I read through analyst reports, then I won't say a word and sell, cause I'm making a huge mistake in my investment.

well, so far, Puncak is still holding on to around 2.30 cash and 3.10 net asset per share while trading at 0.925. if Rozali has been mistreating us, then we should unite to challenge. If not, learn to know the reasons behind the fall.

If our mentalities of investment is to avoid 'bad bosses' then either the market is full of bullies, cause majorities know they won't be touched or the market is full of traps, not knowing which company will gone bad just because some major shareholder went short-circuited. Only when minorities learn to defend themselves can we get fair deals and not falling into another trap.

ks55, if I were to invest in those you have proposed and things gone bad cause some of these major shareholders gone haywire, should I just sell at loss again and bail? If so, I might as well put my money in FD or invest in other equity market, cause there's simply no safety of investing in Malaysia equity market!

If you are minorities of Puncak Niaga, take the initiative to call SC, seeking alternatives or a better deal. Complain with no results is always better than not complaining while wondering if there will be any impact at all!

The basis of investment rest on a sound regulatory system. If there isn't any, what's the difference between investment and money game?

Jay, like I said, if the deals, be it TRIPLC or plantation, be SO good to be true, offer Puncak minorities an option to GO, not much 2.30 per share. Tan Sri Rozali can laugh to the end mocking short-sighted minorities for missing out the opportunity of the lifetime.

I would rather take 2.30 cash then investing in overpriced companies to be written off later!

ks55 sometimes it makes sense to hold. In Puncak's case, like it or not, the cash is still above 2.00 per share and NA per share is still above 3.00. So long we minorities can voice out with SC taking actions, there's still chance we will be able to recoup our investment. After recouping, I will avoid any share Rozali has a hand, unless I am not aware of it.

I'm learning to invest, not to gamble or participating in money game!

Jay, if current Puncak's management team can incur over 400+ million losses over the last 6 quarters with less than 110 million revenue, sure can it continue to loss with the addition of TRIPLC and/or Sarawak plantation. Might as well close down all businesses and sell all assets to distribute us the cash. Tan Sri Rozali can acquire TRIPLC at 210 million and plantation of 1.5 years old (immature trees on matured land?) at 45,000 per hectare and show how stupid his minorities are for missing out the opportunities of the life time to PNRTR (Puncak Niaga Rich To Richer.) I just hope to get out at 2.30 cash offer (I'm not even looking at Tan Sri selling everything of Puncak Niaga) so I won't have to face the risk of PNPTP (Puncak Niaga Poor to Poorer.)

Is PN is the stock market's JJPTR?!?

political counter? More like mafia counter to me...

can you guys stop the nonsense?

Reporting another 42.7 million losses with 20.3 million revenue!

angiess, err... from my understanding, every deal which is under SC's purview will be evaluated accordingly. So, when roger123 said 'investigated', I'm kind of curious too as to what he meant. Though, given his record, can't say much

angiess, what did you hear?

hopefully, there are sufficient shareholders calling SC already and SC has made the right moves...
Having attended the AGM, I sincerely doubt Rozali's personality, a sharp turn from what I read through quarter reports and annual reports (Sigh, CIMB's analyst reports really screw me up this time in big way...)

Anyway, I have done all I think should be done, attended AGM to raise my concern in hope Rozali would rework the plantation deal to ease shareholders' concern or offer a privatization offer (or selective capital repayment or whatsoever.) besides meeting SC in hope further clarification is offered on the PN 16 classification (was told will be updated once clearance is given.) Otherwise, can only hope SC is really taking this matter seriously, given that the PN 16 is not enforced on Puncak right after water asset disposal from the beginning that has contributed towards Rozali's chances of ignoring minorities interests.

Otherwise, guess have to pray kuat kuat that the TRIPLC deal can really deliver (have little faith it can be stopped at all) and plantation can bear fruits at 1.5 years 'matured' trees claimed by Puncak.

Really no clue what to do myself, selling some and my cost per share will rise and make me felt like being taken advantage of, yet seeing little future with what's offered so far. Guess the only consolation would be Puncak will most likely trade around this level until either good or bad event hits it again...

Roger, if I'm LTH with deep pocket and connections, I'll keep on buying at this price and at least until 2.00 or owning more than 51%

Oh, I did also mention to Rozali's son that a 200 million expenditure on share buy back not only benefits minorities and improve trust, the deal will boost his own net worth and increase his own shareholding. It's not right not even doing the minimum...

tenmil, thanks. I have spoken to Rozali's son. What I am trying to convey is as follow: Rozali is rich beyond believe in Malaysia, at least the top 1%. How Puncak's minorities are being treated are not right. The plantation deal is clearly overpriced. Even though the land itself is cheap, the cost of planted (he can't say much how much will be paid to the roughly 2000 hectares planted after the announcement, part of what I am angry about) is extremely expensive if the similar deal is compared to. I don't know much about the planting cost, but my guess it will most likely less than 20,000 per hectare. It is crazy to pay 45,000+ per hectare even when the trees are planted during the negotiation (where's the cutoff point where the price will only be the cost of planting?) Furthermore, the deal is ONLY a 36% stake of the plantation and there's a likelihood Rozali will buy the rest. And, at what price? Another 45,000 per hectare? If so, we are looking at between 100 - 400 million additional cost to the company, assuming 11,000 per hectare overpriced. If Rozali has so much faith in the plantation deal or TRIPLC deal, offer us a selective capital repayment option to let us minorities an opportunity to go. I didn't have the chance to propose a price, but the cash per share of the company is 2.40 (my guess is over 40 million has been thrown in for the plantation deal) with NA of approximately 3.20. An offer of approximately 2.30 should do just fine, assuming 45 millions are kept to fend off the Selangor state government's claim. I believe I am neither greedy and ungrateful for his years guiding Puncak Niaga nor ideologist seeking 100% fair treatment. He will still be sitting on 2.40-2.60 cash per share and 1.60 other assets on per share basis.

Frankly, real upset when he said he's aware the share price is less than 1.00 while company cash is 2.40 and NA is 3.20 and daring to suggest us to buy without even initiating share buy back and buying shares from the market for himself.

Think no provision or impairment in near term, but doubt can be good either. Unless selective capital repayment option is offered, hardly any chance to see upward momentum in near term... don't like what I heard in the AGM