FAIRnREASONABLE, quite frankly, I have little faith of Puncak's independent directors being independent and serving minority shareholders interests, nor any faith in Rozali taking interest protecting minority shareholders interests. And, I am not interested to meet Puncak BOD, finding them disgusting with only respect to the managing director, Datuk Syed Hisham, resigning a while after AGM due to 'health' issue. At least he resigned after listening to shareholders' complaint in the AGM and couldn't/won't/failed in addressing shareholders concern.

Issues have been raised before during AGM last year with 0, ZERO, action catering minority shareholders concern being exercised. Anyway, lets see what's the outcome of meeting SC.

Chonghai, I don't know what SC can do, but I know for sure nothing will be done if no one initiate complaint

lcwin PJ Dev is a property company rich in asset, so it can be any value, that's why we have some 'specialist' adviser telling us if the deal is 'fair' but 'unreasonable' or 'unfair' but 'reasonable'. Quite frankly, zero idea if these specialists really have a face so thick to even trying to come out with these fair, unfair, reasonable, unreasonable terminology. Anyway, Puncak is currently holding on cash per share of 2.50 and NA of 3.41. This is totally a different story already. That's why I am pushing for a capital repayment for minority shareholders of 2.50. If majority shareholder don't like us and treat us like disposable diapers, let us GO. Or, if the board/majority shareholder trying to buy new asset that can't reflect in share price, let us GO too. If SC can't act on this, then something is definitely wrong and need to be fixed!

My request is simple, Rozali has every right to buy anything, but a capital repayment of at least 2.50 per share in exchange for our, minority shareholders, share if we are not willing to participate. This is not MAFIA market, or PONZI scheme! And companies listed on BURSA are definitely not KONGSI GELAP! And this is the mandate I am hoping to reach meeting SC on Feb 14!

Bjcorp debt is really not that serious, primarily due to failed business venture in China and South Korea. On top of that, the Kyoto hotel needed money to build too years back, which is now completed. Once the funds from both deals are returned, one in the process while the other in court case, bjcorp debt can be reduced significantly, assuming no other new business ventures. In addition, bjcorp selling of Canadian business of late is raising over 200millions already. One thing I don't like though is the recent announcement bjland buying the 7-11 shares. Another thing is the details of the Vietnam Toto business whose contractual details not being announced, sigh!

Jay, this has been voiced out to Rozali in AGM already, with share price traded at such a huge discount to cash in hand, there's sign of money being squandered away. That's why I need SC action, hopefully I can persuade SC to look into it seriously. Anyway, best wishes to all.

leek, err... where do you get the news on Berjaya Jeju Casino? Thought BJCorp is firmed on suing to get money back already?

Jay, I am merely asking SC to require Puncak offering minority shareholders not trusting the TRIPLC or plantation deal a capital repayment in exchange for their shares in Puncak. After that, whether Rozali is still keen to takeover TRIPLC at 310 million is really not my concern anymore, cause I'm no longer a minority shareholder then. If Rozali takes private TRIPLC at RM 310 million through a privatized Puncak, congratulations to both of minority shareholders of Puncak and TRIPLC!

Best wishes to all retail investors in the Rooster Year of 2017

FAIRnREASONABLE, thanks. Best wishes to all in the Rooster Year. Even better when SC acknowledges our concern and Rozali was required to offer 2.50 capital repayment to shareholders seeking exit.

Those not willing to let others know who you are, you can always let SC know that you prefer not to have your identity revealed in anyway. I believe there's a clause of confidentiality. Plus, we are investing, and Malaysia securities market is definitely not Ponzi market or mafia market. So, don't be shy if we find injustice in the acts of a few majority shareholders and would like to seek action taken against them.

But you have to let SC know who you are, or how else SC can act? On behalf of some phantoms?

FAIRnREASONABLE, I don't need you to reveal your identity to me, but I need you to reveal to SC. If you can't trust SC to tell them who you are, how do you expect SC to act on your behalf? That's why I suggest everyone, to attend meeting with SC or not, to CALL up SC. Let them know who you are and you are concerned over Puncak's share price and announced deals thus far.

To those who have agreed to meet SC, please make sure you attend or at least call. I don't want to give SC the impression that I am making up identities. Thanks.

I suggest meeting SC first before any resolution primarily because Rozali is holding 40+% shares in the company. Its difficult to get things right when the controlling majority shareholder is managing the firm.

my understanding the winning percentage is pretty much fixed one... More or less the same, a sure win game for operator and government collecting the taxes, but not buyers

been having difficulty posting just now, don't know why?!?

csengc61, I didn't use your username to make appointment with the SC. if you are concerned, whether coming or not to the meeting, call Mr. Shashi up to let him you know you are concerned investor.

FAIRnREASONABLE, SC has one and only one email contact: aduan@seccom.com.my. Email and call after email for confirmation should be enough. I believe your username has little value. Your true identity with SC should be meaningful though.

I have tried to message LTH, but with no reply. Guess they are not keen, but at least I have informed them our intent. Also, I have posted on investalks, hopefully there will be more joining.

Angiess, about email list, you don't mind posting your email address here? Or, do you prefer creating a temporary email address for this purpose?


PLEASE, TO CONCERNED INVESTORS, PLEASE CALL SC UP AND LET THEM KNOW YOU ARE A CONCERNED INVESTOR. YOUR TRUE IDENTITY WITH THEM HAS MEANING. I DON'T HAVE TO KNOW, NOR AM I KEEN TO KNOW. MAKE SC KNOW YOU ARE AWARE AND CONCERNED. I DON'T KNOW WHAT SC CAN DO FOR US, BUT WE SHOULD TRY. REAL UPSET WITH HOW PUNCAK BOD BEEN TREATING US, LIKE DISPOSABLE DIAPER!

Dear all,

I have received a confirmation from Mr. Shashi of SC with regards to the meeting. The meeting will be at SC office at No 3 Persiaran Bukit Kiara, Bukit Kiara, 50490 Kuala Lumpur on FEB 14, 2017 at 9:30 AM.

Please call him to affirm your transportation. If you needed parking place, he will need to know ahead of time to get the parking permission for you.

Dear all,

I have spoken to the SC with regards to meeting SC between Feb 14 and Feb 16 in the morning pertaining to capital repayment of RM 2.50/shares in exchange for our shares due to BOD mismanagement and a show of disregarding minority shareholders interests. I have told him to refer to this website for our conversation and rMoi's letter if she hasn't emailed it to SC. In addition, the anticipated number of participants will be 5 with another 3 not able to attend (additional 2, FAIRnREASONABLE and roger not certain with position.)

I have told him I was not able to ascertain the particulars of you guys and have asked for permission so you can call him. He has given his permission and his name is Mr. Sashi reachable at 03-6204 8999.

Mr. Shashi will get back to me in a few days on which date, most likely either Feb 14 or Feb 16. Anyhow, should know in a few days and will you guys informed.

valour, actually, from my discussion with SC, they do read our complaining emails. By the way, I have been busy today and didn't have to time to call up SC for appointment. Will attempt to do it tomorrow and reply to you guys.

Kind of disappointing seeing so few, so far 5 including me, willing and able to meet SC between Feb 14 and Feb 16. It would be great if we could get more participants.

10bagger10, I also want a higher BJCorp price given my high hope on it, but there's no way to tell what how much should worth right now, sigh!

without knowing the details of how BJCorp can benefit from the Vietlott success, how would one be able to forecast the profitability of the deal and how much BJCorp should be worth?

so, FAIRnREASONABLE, will you be joining our meeting with SC?
Roger123, will you too? Or, only your friend?

If you are joining, please add on to the list before I try to call SC next Monday or Tuesday.

roger123, you wrote down your friend's not your's... the rest include theirs

Kelvin HK,

My request of 2.50 is based on net asset per share of 3.41 and cash per share of 2.50 reported in the most recent quarter report. This is an amount Puncak can easily offer without having to sell assets.

Frankly, I do not know what SC can do for us, but clearly, Puncak BOD do not have us in mind when making any decision. It seems to me, to them, Puncak minority shareholders are nothing but disposable diapers that have been used. So, I sincerely doubt BOD will act on behalf of us, particularly that the issue has been raised in the AGM before, i.e., share price is at huge discount to cash in hand and net asset and an urgency for share buy back to assuage minority shareholders the huge cash the firm is holding will be spent wisely.

Its my understanding the following, including me, has agreed to meet SC.

1. kahhoeng
2. kelvin HK
3. valour
4. rMoi
5. angiess

In addition, the following has not been able to attend due to outstation

1. cheoky
2. cljy
3. DK66

Is there anybody else interested to join the meeting?
Also, is either day of Feb 14, Feb 15, and Feb 16 sounds OK? Thinking about giving 3 days for SC's option.
The agenda would be to request SC to push Puncak for a capital repayment of 2.50 per share given the BOD's show of mismanagement: (1) quarter report showing investment as if to avoid PN 16 classification (2) plantation deal that's not only expensive compared to a similar recently announced deal by SOP and misinformed details classifying young trees as 'matured'

Anything else? I will add accordingly. Thanks.

cheoky, let us confirm on the appointment date, and you can call before the meeting to the SC on your support to the discussion to be held, sounds OK?

kelvin, valour, would you please put in your free days and your intention to meet SC?

Think post here easier, I can just ask SC to refer this site for confirmation. I don't want to give the impression that I'm making things up so SC will act. Rozali has really gone to the extreme...

rMoi, please copy and past on the above I have just typed in so I can simply send it to SC. Of course, if you are OK with my proposal, then there's no need for us shareholders who have tendered our shares for 2.50 capital repayment to worry over TRIPLC deal. If you want it as another option, then please add to it.

Schedule and purpose to meet SC on Puncak Niaga:

1. kahhoeng FREE Feb 15 - Feb 28;
Capital repayment of 2.50 (or any other reasonable amount SC can assist in proposing) in exchange for share

Could you guys add on this? Thanks!

My apology, I was told I can get in touch with SIDREC on this matter, misrepresentation of analyst report and would like to lodge for compensation. I was not told that I am entitled to compensation. Whew, think my earlier post could have offered wrong understanding.

In addition, I have asked him over CIMB's analyst report over Puncak. I have asked if I may seek compensation since they have simply ceased coverage instead of issuing report identifying their mistakes and apologize. I was told yes and was asked to get in touch with SIDREC. May I know if any of you is using CIMB trading platform and has invested reading CIMB's report on Puncak? Probably would have work better if we approach as a team.

Dear all, I have spoken to the SC and was given the following advice:

1. We need to be clear of our purpose meeting SC - I have told him that some in this discussion site has proposed resolution but not yet firm on what to seek while I am still firm on what I want, i.e., a capital repayment of 2.50 in exchange for our shares to those investors concern over Puncak's latest developments. Anyhow, any suggestion? Is my request reasonable and agreeable to all?

2. On appointment date and time - I was asked to give them a few option and he will approach his management team to look into a time that will suit us while they will be free. I am suggesting around Feb 15 - Feb 20. It's right after CNY. If we request for a date that's too late, we maybe too late to stop any bad deal...

To those who won't be able to attend, may I suggest you calling SC up right before the meeting and discuss with the person that I am getting in touch with right now? Will let you guys know whom I have contacted after we have addressed the above.

To those interested, could you copy and paste with your username included?

Before discussing it with SC, may I know how many of you are willing to meet up with SC to discuss minority shareholders concern?

1. kahhoeng

quite frankly, I am quite firm I WANT a 2.50 capital repayment to minority shareholders who wish OUT... Will inform you guys if I would be able to secure an appointment with SC given that I am not yet comfortable with approach lawyer for a resolution. It would be difficult to have it if LTH decides not to back us minority shareholders while Rozali is already holding 40+% shares.

I will try to call up SC tomorrow to see if I can make an appointment for all frustrated minority shareholders of Puncak Niaga instead of appointing a lawyer to represent us in the case given that one of SC mandate is to protect minority shareholders (or, was I wrong?) I am still preferring a cash option in exchange for share to those shareholders, including me, who have gotten scared of how the board has represented us during the past quarters while the cash in the in the company.

I have not been able to get in touch with LTH for a discussion so far, will try again Monday. Will try to get in touch with SC to learn the process on when and how would SC be able to assist minority shareholders given circumstances. Do they need a hundred marching into SC office before they would seriously looking into how to defend minority shareholders?!?

stockraider, agree, but market or SC seems to encourage bully spirit but not animal spirit...

have to say firehawk has a point. Sometimes, I wonder what's the true spirit of capital market? Shouldn't we encourage proper functionality of capital market, encouraging right kind of attitude to build rather than having some bullies forcing market participants to accept whatever terms these bullies forced upon others?

I bought before Azmin taking over and I didn't bail during the negotiation believing in Rozali's team. Guess trust is only when someone is cash strapped!

I sold almost all of my other shares and increase leverage ratio to add, that's why I'm so pissed! I have initially bought out of concern over commodity cycle heading south and thought cash company is the safest. Rozali has a record of share buy back and dividend. Never realize he's such a ... once gotten cash rich and ignores all his minority shareholders

I bought some at .895-.90, 1.05-1.07, 1.12-1.15, 1.22-1.25 those are for trading purposes, primarily bought due to concern over board's crazy deals that might have unrepairable damage to company's balance sheet and profitability (average down?).

To all,

Carl Ichan has a lot of connections and money, I don't. I will try my best to get in touch with LTH, given that it's the only fund holding more than 10% of Puncak and can have an impact. As much as I wish we can have a way to address the Puncak current board, if we were to roll out any resolution and Rozali can vote on it, we will have little or no chance of having it passed. That's why I was hoping to urge and pressure Rozali into giving out capital repayment option to concerned shareholders on recent deals a way out.

Just ask for 2.50 capital repayment in exchange for privatization. Who cares how much Rozali want to take in as salary if its private? Get back our money is far more important now given plantation and TRIPLC deals...

Don't think Rozali care at all... Best direction for us minority shareholders is to push for a capital repayment in exchange for our exit unless Puncak. He can keep Puncak with free lands and properties for his years of service in Puncak majority holding.

I will try to approach LTH this coming few days, see if they are keen to meet and negotiate a way to address this. Best if Rozali offering approximately 2.50 to take Puncak private through capital repayment.

I have another two friends who have purchased Puncak 'thanks' to me... Sigh, felt so bad, not going to recommend people buying shares in the future.

firehawk, that's why during the AGM, I have requested Rozali to buy back shares using 200 million reserve. I didn't ask for the unreasonable. Yet, not only is it ignored, he has shitted us with garbage quarter results (he has mentioned no more surprises during AGM) and garbage deals (he has mentioned the 1.2 billion has strict regulation.) I would be an idiot if I don't fight for a capital repayment of 2.50 in exchange for share.

Err... value trap a technical term for mafia and ponzi?

OSK is holding asset, Puncak is holding cash. One can say asset is hard to value, but when cash is hard to value? That's why I ask if this is a Ponzi, mafia or black society market...

it's a real shame to the market regulators when a company with a 2.50 cash traded at 0.92 and yet its a betting and not an investing. Ponzi, mafia or black market?

firehawk, fight for capital repayment of 2.50 in exchange for share doesn't mean that you will get it. However, if you don't fight for it, you will definitely NOT getting it! Buying Puncak now is risky, but selling now is crazy too. Puncak at around 0.90 has priced in all troubles but not opportunities. There is not telling if the price is manipulated, but the BOD's inaction is what pissed off minority shareholders and a fight for capital repayment is warranted.

Fight for capital repayment of 2.50 in exchange for share