I have visited Menara Bangkok Bank yesterday, it seems that Ritz-Carlton Residences is still under renovation. My guess, coming quarter report won't be showing the earning from this building.

rMoi, will let you and the rest know about the meeting once the meeting is over

The number of participants heading to meet SC has reached 5. I won't be taking in any more interested shareholder seeking participation as the limit set by SC is 5.

Currently, there are two who have emailed me their intent to meet SC together. Please let me know by the latest this evening if you are keen to join and do include your free schedule next week. I am hoping to call up SC tomorrow morning to schedule the meeting if possible. If there are more than 5, we will discuss further details later. Again, thanks.

rMoi, ask you to join, you said we go first wave, now you said go see together? If you are truly interested, please email me when you will be free next week. Thanks

angiess, valour, please email me the days and times you will be free to meet SC next week at kahhoeng@yahoo.com. Please allow as many days for selection cause I will need to give 3 days for SC selection. Thanks.

do you guys want to accept a deal, say 0.50 per share special dividend deal, that after deal completed, share price dropped to less than 0.50 to reflect the cash spent to 'lure' shareholders approval?

May I suggest we work harder to make sure a capital repayment option of 2.50 per share to make sure we can exit at cash level to avoid a future 'special' offer to privatize at 1.00 less special dividend citing not 'favor' by market and considered 'fair but unreasonable' or 'reasonable but unfair' by some independent investment bank adviser?

angiess, cheoky, would you please email me at kahhoeng@yahoo.com the days (within next week, preferably more than 4 days, since we need to give them 3 days to choose) and time that you will be free? Thanks. Guess just the 3 of us keen to pay SC a visit now. Wonder who are those calling to SC saying wanting to meet?!?

rMoi, even can't find 5 people for your so-called wave 1, and you think there could be a wave 2?

Tomchan, thanks. If possible, please let those whom you have contacts and also Puncak's minoority shareholders to call SC to seek at least 2.50 capital repayment for our shares.

angiess, is it OK if I try to schedule between Wed and Fri in the morning next week?

I have created an email account for this purpose. Please email me at kahhoeng@yahoo.com to let me know if you are keen to attend the meeting with SC and let me know if you will be free next week (if not all, please indicate the dates you will be free) to give SC the flexibility. If there are more than 5, I will announce here and we will decide later on whom should be attending. Your kind support will be much appreciated. Thanks.

Any other besides angiess? Fairnreasonable, valour, r moi, stockraider, steveooikp, cljy, cheoky, valour?

angiess, What I will do is to create an email so you guys can send me the days you will be free before presenting it to SC. The current list is to check the number of interested person.

I received a call from Mr. Shashi just now. The meeting for tomorrow has been cancelled. Please let me know who's interested to meet SC again next week, probably between Monday and Wednesday in the morning? If the number interested is more than 5, we will need to select among ourselves to limit the number to 5, thanks.

Please add your username below if you are keen.

1. kahhoeng

chonghai haha... indeed, I'm shaky now, not used to own so many high risk stocks... Primarily never thought Puncak to be one, given its net cash position. I have actually chosen this stock as my ride against the commodity cycle. I have forecasted correctly the commodity cycle during the 2nd half of 2015 but failed to realize Puncak is a con-stock... (I have initially invested in a basket of MNRB, Oriental, Hwang Capital and Puncak when I believed there's a commodity down cycle then. Sigh!)

ks55 thanks for the advice. I have only added Puncak to make sure my average cost after including financing cost is around 1.80, and moved the rest to buy BJCorp. Frankly, BJCorp is not really a good choice for value investing. I have chosen it primarily because of improving balance sheet with a potential in Vietnam Toto while its share price has been ignored for the past few years.

quite frankly, if Puncak board has presented deals or quarter reports that too hard to read like BJCorp's, I would have not complained. With little businesses left, quarter reports are easier to read. With level 3 investment that's so clear to mainly used to cover up PN 16 classification is plainly assuming minority shareholders could be set aside. Plantation deal that can be compared and shown to be expensive has assumed BOD can do however they like. TRIPLC deal assumes they are so powerful that they are untouchable. I guess that's really anger me and hope to slap them with legal actions. Unfortunately, I am just a small investor with little resources. That's why I have decided to seek SC assistance. Frankly, should this fail, I will personally write a letter to second Finance Minister, Datuk Johari, and seek his assistance. His appearance in the public has been rather positive and shown his willingness to right what's wrong.

angiess, ok thanks for updating your status with SC. Will post further details once I have gotten in touch with SC on Monday.

ks55 Quite frankly, I have read a few annual reports before investing in this company. It has a history of paying dividend until it struggled to raise tariff with a change of state government. That's has led me to believe in Rozali not being a piece of shit but somewhat reasonable. I bought at a cost of 1.80 and bought more all the way down to .90 to make sure my cost of investment after financing cost will remain at or below 1.80. When I sensed something not right, its when the first quarter report of 2016 and I have approached Rozali during the AGM hoping he being sensible and allocate RM 200 million for share buy back to at least assuage shareholder concern money being squandered. The share price is already around 1.20 and too late to exit.

I have been holding Puncak throughout 2015 primarily believing in the water deal will be completed, holding on in 2016 in the first quarter thinking that Rozali could have been misunderstood, 2nd quarter worrying that I might have misread Rozali's character, particularly after attending AGM and seeing no action. By 3rd quarter, frankly, nothing could be done already. I can only hope that, with 2.50 cash per share and 3.41 net asset in Puncak's balance sheet, there's something SC can do for minority shareholders. I have approached LTH, seeking their participation to correct what's went wrong. While having concern over the plantation deal, LTH is not keen to seek further action, preferring to approach independent director for better clarification. In a way, LTH is investing on behalf of others, it would be tarnishing their reputation if they were found not exiting a company that's fraudulent, I guess, and that's led them to take different approach. I guess, they will sell when they can materialize a profitable venture unless they can keep Puncak investment in their book as long term investment with no impairment.

angiess, did you call SC saying that you would be attending? If yes, may I know what's their response? I have been trying to learn about why the sudden change. Thanks.

ks55, to your knowledge, I have met with SC once and have communicated with them a couple of times through phone. Whether SC can eventually help or not, I don't know. One thing for sure though, SC is friendly (even if they are merely pretending to avoid being called corporate-friendly) and trying their best to inform us what they can and can't. Plus, seeking professional help they way you are suggesting is costly, lengthy in process and not something I can afford to do alone. The whole process may end of useless if Puncak's fund has been fully utilized during the process. I personally don't believe Rozali is honorable, given what I have seen so far, A 100% wrong reading on character this time round.

ks55, that's 2007, to defend minority shareholders right, SC has been more vocal of late. Puncak has a cash per share of 2.50 while net asset of 3.41 per share. Why's it unfair to offer minority shareholders letting go of their shares? Furthermore, what I am requesting is not to vote if to offer 2.50 capital repayment. What I am requesting is to offer minority shareholders an option to surrendering their share in exchange for 2.50 if they are not keen to the proposed deal. That is, offer an option to minority shareholders, if want to stay, agree to the deal, if don't want to stay, take 2.50 per share and leave.

I think you are assuming that I am asking for a capital repayment of 2.50 per share to every shareholder? NO, I am only asking Puncak BOD to offer shareholders not agreeing to the TRIPLC and plantation deal to GO, surrendering share in exchange for 2.50 per share. Plain and simple, not some crazy request.

Puncak's majority shareholder is Rozali with over 40+% shareholding, following by LTH's 10+%. Rozali can't vote in the TRIPLC deal, so LTH's vote is crucial, its holding means it has a hefty 15-20% right to vote. Still, its useless, given so many shareholders without the presence of EPF or other big funds.

Even with minority shareholders successfully voting out the TRIPLC deal, Rozali can easily come up with another, like the plantation deal that requires NO voting by owning 60% of a 60% company at hefty premium. He can then later buying up the rest with Puncak's money without having to go through any voting.

ks55 if you have something you are willing to share, appreciated. Otherwise, I know only one thing, if I don't seek to meet SC and SC not willing to act, it doesn't matter what legal advice I seek. And losing my money due to some garbage deals is worse than losing face trying to learn my right. So, in a way, thank you but no thanks...

ks55 please be specific if you would like to contribute. Engaging MSWG is useless, its a powerless organization. Seeing how they have targeted Shell Refinery only makes me laugh...

rMoi, I would rather having SC agreeing to make sure a capital repayment option of at least 2.50 per share for minority shareholders when TRIPLC deal is presented for voting. I want out as soon as I can and I don't want someone telling me to just sell in the open market. It would be like Selangor state government asking Rozali to sell his shares in open market when denying the water tariff increase or forcing through the acquisition. Selangor government didn't do that, so minority shareholders shouldn't agree to selling shares in market when the cash per share is 2.50 while net asset is 3.41 and market price ONLY 1.02. Just because Rozali is majority shareholder, he can't just treated us like used disposable diapers!

(1) purchase of LV3 investment to hide the fact that its already a PN 16 company.
(2) the plantation deal is expensive compared to a recent deal from the seller, not to mention that this deal won't go through (not profitable or sufficient for a PN 16 company of Puncak size) if Puncak is a PN 16 company.
(3) TRIPLC deal that's clearly expensive.
(4) Most importantly, with each announced deal, Puncak share price has nowhere to go but now.

If BOD is so confident with their deals, its more than enough to require them to offer an option out if they don't want to participate with the new corporate ventures!

rMoi, Puncak BOD will never offer this unless SC forces them to offer citing unfair deals that some have raised concern and can't approve unless an option-out for them is presented.

valour, let me check with SC Monday. If there's no more than 5 indicating a desire to meet, I want to make sure SC will meet us Tuesday. I am from Penang, and I have planned up my trip particularly for this purpose. Even if its more than 5, I will propose to let us meet at SC office to decide who will meet with SC's staff on Puncak matter after we have chatted among ourselves. There's no venue for us to meet or decide any further action.

Particularly when I am merely asking to make sure Puncak offer a capital repayment option to let us GO?

Frankly, with my presented information, I was wondering why is it taking so long for SC even to offer help to minority shareholders?!? Puncak is really taking its minority shareholders like disposable diapers that have been used and 'experts', particularly those from CIMB, fooling us yet no action taken against them.

Reading the quarter reports and announced deals made me real worry, especially after so many privatization deals that offer way below net asset offer price to minority shareholders. There's a likelihood of Rozali doing that, something that can't be ruled out...

Until SC agrees to force Puncak offer a capital repayment option for minority shareholders opting out, I can't stop worrying, sigh!

rMoi, SC has asked to call off the meeting, citing too many wanting to meet. That's why I want to know who have called saying they would like to meet. This is intriguing, given less than 5 here saying wanting to meet SC. Thought you are one of those wanting to meet earlier.

rMoi, this reply is useless. Once the TRIPLC deal is completed, nothing can be done already. Furthermore, with recent cases of independent investment bank advising minority shareholders to take below net asset offer price at heavy discount to net asset due to non-performing share price, I am worried that will happen to Puncak too. So long Rozali is buying asset at premium and later offer to take Puncak private citing non-performing share price as reason, that would be like slapping minority shareholders of Puncak after using us like disposal diapers!

rMoi, this reply is useless. Once the TRIPLC deal is completed, nothing can be done already. Furthermore, with independent investment bank advising minority shareholders to take below net asset offer price at heavy discount to net asset due to non-performing share price, I am worried that will happen to Puncak too. So long Rozali is buying asset at premium and later offer to take Puncak private citing non-performing share price as reason, that would be like slapping minority shareholders of Puncak after using us as disposal diapers!

I have presented some materials to SC October 2016. However, I have yet to see SC act. Meanwhile, with the revealed TRIPLC deal, I can't say how angry and frustrated I am, especially when no action from SC yet.

Initially I plan to complete my complain and have it shown to you guys. Unfortunately, still haven't figured out how it should be written (I thought about presenting on Feb 14.)

rMoi, did you call to say you want to meet?

cheoky, SC called me to cancel, and asked me to form a committee with all those called so no more than 5 attend the meeting. Unfortunately, I have yet to know who else called SC wanting to attend the meeting. Sigh! Think I will call SC up Monday (the person in charge is not available today) to make sure the meeting will still be held on Tuesday.

Anyone here ready to discuss about the meeting with SC? In particular, may I know how many here have called and told SC that they would like to attend the Feb 14 meeting? I was told by SC that too many have called to meet. Intriguingly though, I have not seen so many here saying they would like to meet. Wonder why?

RM1.50? I'm happy with 0.60 - 1.00 range already...

To those who have called SC for meeting, could you kindly be around this website between 8:00 and 9:00 pm this evening to discuss our meeting with SC? SC has called me on concern too many have called and asked us to form a committee of not more than 5 before meeting them. Anyway, looking forward to hearing from you guys later 8:00 and 9:00 pm Malaysia time.

May I suggest that we all meet through here at 8pm tomorrow evening for discussion to decide whom to represent us and when to meet SC? Thanks

I will draft my complaint which I have hoped to achieve through meeting with SC by the latest tomorrow evening (I have initially planned to only do it during meeting with SC - partly because some complaints have been lodged with SC when I met them end of 2016 while partly because I have yet to conclude a few items which I hope to express.)

Please, to shareholders who have called SC seeking a meeting to actively read this site for update so I may speed up the scheduling and details of complain. And, please, write your concerns and your view here, so we can get it done soon. I am hoping to reschedule sometimes next week. Though, I can't post the time and date yet or ever so I can limit the number of participants to no more than 5.

I will most likely request to allow recording the meeting to be sent to shareholders seeking to know the details of the meeting but not able to meet or can't due to limit of attendees. However, I can't be sure of this as I have not received approval from SC on this (an idea I have only conceived after call from SC.)

First, I need to know who has called to schedule meeting (PLEASE COPY AND POST)?
1. kahhoeng

Second, who can best represent us to meet? I am hoping there will be at least one with a legal profession (any lawyer?)

Dear all concerned Puncak shareholders,

My sincere apology to all who have planned a trip to meet SC on Feb 14. SC has decided to call off the meeting on Feb 14 and urged us to reschedule with a maximum of 5 attendees (though not sure why the limit myself). Before posting here about the meeting, I have sought SC's permission to do so. However, I suppose SC has not expected to meet too complainants, so am I given the number of respondents wanting to meet SC is less than 10 based on what's posted here.

Anyhow, after receiving too many complainants' call seeking to meet, I received a call from SC around 10:20 this morning looking toward a rescheduled meeting with a limit of 5 by offering them 3 days option for their own scheduling purpose. I have raised my concern that I have posted on i3investor to gather support and its difficult for me to limit the number of participants. However, I was asked to do so by, hopefully, forming a committee to meet SC.

I am having difficulty posting, will try to post through my handphone

Somehow I can't post here through my notebook, will attempt a repost of my apology, request of those who have called to follow this site frequently for update and a rescheduled meeting with a maximum of 5 attendees. Thanks

Dear all concerned shareholders of Puncak, due to too many shareholders calling SC and looking towards to meet on Feb 14, I was asked to reschedule to meet SC with a maximum of 5 attendees. Again, offer 3 days for SC to their convenience. Will post slightly later with more details as I'm posting now through HP and tough to type

Dear all,

The information on the meeting with SC is as follow:
Date: FEB 14, 2017
Time: 9:30 A.M.
Venue: No 3 Persiaran Bukit Kiara, Bukit Kiara, 50490 Kuala Lumpur.
Contact Person: Mr. Sashi
Contact Number: 03-6204 8999
Mandate: Seeking 2.50 capital repayment in exchange for minority shareholders' share who oppose the TRIPLC and plantation deal

Attending list:

1. kahhoeng

p/s: please copy and paste before adding your username to the above, thanks

hopefully it will reach .475 high 2 years ago before consolidation... Will that help to bring it further up to the approximately 0.62 some 3 years back?

McD is owned by VT's himself....