BJCorp's annual report falls on April of each year while the Vietnam Toto is launched in July. Thus, if there's any contribution from Vietnam Toto, it could only be felt beginning quarterly earning Aug-Oct. If there's a healthily consistent show of increased from in BJCorp financial results in coming quarters, that should in a way suggest the earning potential of Vietnam Toto to BJCorp. My guess...

If I vote NO, there's still chance 2.50 cash is still there... like I said, if Rozali so confident about the value, honor a 2.50 capital repayment in exchange for share to minority shareholders. He can laugh to the end at the expense of us leaving the boat at a big discount to book value and forgoing such a 'great' business opportunity

Jay, were you sent by Rozali or investment banks trying to push through the deal? You are full of craziness... Puncak has a net asset of 3.41 and cash of 2.50 NOW before any plantation deal or TRIPLC deal being completed. If Rozali don't want to give 2.50, give the company to me, and I will give 2.50 to every shareholder after I appoint asset management company to sell off Puncak's other businesses and lands+properties. I believe, after paying everyone 2.50, I will be left with at least 0.50 per share from garage sale, that's RM 250 millions easy money! I'm not greedy, if Rozali want to push through the TRIPLC and plantation deal, let me GO by capital repayment of 2.50 in exchange for share.

rMoi, I did three, call email and meeting, not sure can post his name though

How much I hope bjcorp can inform us how it's profit is linked to vietlott's

Without fight, surely no chance of a capital repayment cash out option, with a fight, who knows?

steveooikp, focus on the balance sheet and the deals announced, so long companies are run properly, share price will reflect soon... in Puncak case, we, minority shareholders, have to voice out to have the chance to exit Puncak through capital repayment of 2.50 per share. Attend EGM together, voice out together!

steveooikp I intend to hold at least 95% until EGM, the other 5% has been mainly for trading purposes, and ask for cash-out option for minority shareholders that includes me.

jay, I am a Puncak shareholder, and frankly, I don't want Puncak to buy TRIPLC, I would rather Puncak taken private at 2.50 per share or, even better, have the whole company liquidated, at least 3 per share...

so another 1 dividend and traded at 0.10 per share after deal with net asset per share of 2.40? I don't want another 1 dividend, I want OUT!

steveooikp, Puncak has cash per share of 2.50, net asset per share of 3.41. I don't think my average cost of 1.80 is high. The problem is how the board has responded so far to market concern!

cheoky thank you for your support, would be even greater if you could attend the EGM to protest. I used to give some reservation due to our quality board, but Puncak is really puncak in this, blatant disregard of minority shareholders interests despite strengthening in Malaysia securities regulation of the past decade. Has it not so mad at how the board has responded to shareholders concern, I would have kept quiet.

Just called Adrian of Public Investment Bank, the independent adviser of Puncak Niaga acquisition of TRIPLC. I have asked on what I should do if I would like to request for a capital repayment for minority shareholders disagreeing with the deal. He said he would get back to me. Public Investment Bank contact number is 603-2166 9382.

shouldn't we focus on the deals and the balance sheet? Once these two are in order, so will the share price. Fight to get a capital opt-out at 2.50 cash per share if Rozali believe the deals he has inched are good.

Don't know yet, we need to get the independent adviser report first before an EGM is called.

rMoi,

I could be wrong with Rozali disposing TRIPLC shares, cause I was not able to reconfirm of late through Bursa website. I could have misread other director(s)' disposal as his.

rMoi,

I have made official complaint to SC over two issues:

1. CIMB analyst report not based on factual information and an unwillingness to present a corrected version besides not replying my emails.

2. Concern over Puncak Niaga's pricey plantation and questionable TRIPLC deal (Tan Sri Rozali has been disposing shares of TRIPLC lately.)

If you have similar concerns, you can email: aduan@seccom.com.my
OR call 03-6204-8999 Investor Affairs & Complaints Department now before the EGM. It should help if there are more people calling SC up for help before EGM. Should we fail in our attempt during EGM, we shall call up SC to make appointment immediately.

stockraider,

good to know you have experience doing it but sad to know you are interested with the work in Puncak due to smaller investment. Having approached SC for my concerns already, I will stick to my plan to voice out in EGM. Failing which, I will ask minority shareholders participation to meet SC together, believing that numbers count when approaching SC. Just hope that minority shareholders here hoping to get it resolve will attend and support.

steveooikp, hmm... heard there's also some guy name Saiful can't shit for days for who knows what reason? Never realize Rozali is so hardworking for us minority shareholders...

stockraider,,

Seems you are familiar with the process, wonder if you have approached SC for that?
I think I needs sufficient number of minority shareholders to have any impact. That's why I am urging any of you to attend EGM to get Rozali's nod to cash option to concerned shareholders. If failed, we of all concerned shareholders shall approach SC together.

If we are only saying this and that here but never voice out, nobody will care how minority shareholders felt! Damn pissed off with how Puncak's board is doing so far.

there's actually uncertainty around the business deal with Vietlott. BJCorp can't reveal the revenue and profit sharing agreement thus far. There's no way to know how much BJCorp is benefiting from the Vietnam Toto deal... I am accumulating anyway, primarily due to improved cash flow from operation after completion of Menara Bangkok Bank and Kyoto Four Season and to be completed soon Ritz-Carlton Residences. With the completion of China property project sale and Jeju court case (hopefully a favorable deal, latest announcement in the quarter report is the judge agreeing to the appraisal of the whole project, yummy yummy), BJCorp debt load should reduce significantly and profits will begin to show after cost of financing reduced...

I want rozali to offer cash for share to minority shareholders at 2.50 in the egm, please attend to show support. Thanks

Puncak offer to buy at 210 million, there are 67.8 million shares of TRIPLC, that's equivalent to 3.10 per share.

it's full of joke, TRIPLC announced selling to Puncak for 3.10 per share, but the director is selling at way below that and the share price is now 1.87. Meanwhile, Puncak is trading at 0.895 while cash per share is 2.50. TRIPLC deal is to exchange share that's worth 3.10, but will minority shareholders be able to collect the 3.10?

hopefully we will see 0.47 before taking a break for the next high...

firehwak,

Are you a Puncak shareholder? Have you invested in Puncak because of me? I believe I was not wrong in valuing the company, and the balance sheet is still showing a net asset per share of 3.41 while its net cash per share is still approximately 2.50 per share. So, what's wrong if I believe Puncak should be valued between 2.30 and 2.80 the least to reflect its net cash and its land holding (it has over 250 acres in Selangor) that's debt free?

If you are not a Puncak shareholder, why are you so pissed here trying to remind 'expert'? If you are, why are you so pissed at the 'expert' here but not the 'expert' publishing expert view but with inaccurate data or majority shareholders sitting in the board not trying to assuage shareholders' fear?

Or, are you the CIMB analyst so pissed at me complaining to SC? Or, are you Rozali or his clan member so pissed at me complaining to SC?

If you are shareholder, exercise your rights rather than who knows what your intention here...

If you are merely trying to have fun over angered Puncak shareholders like me, wonder what you are...

leek, are you sure? BJCorp statement seems to suggest wanting OUT in the Jeju project with compensation...

stockraider, I have done it already...

steveooikp, if you are TRIPLC investor, beware yourself. If you believe the deal is good, look at Puncak's situation now, traded at 0.895 while cash at 2.50. You have to wonder why not a straight cash payout to TRIPLC shareholders? In addition, why hasn't TRIPLC share price in line with the offered price?
And I believe sikit sikit jadi bukit. If you are a shareholder, take it to SC. We are retail investors and don't have the resources like the big guys. There is no harm approaching SC for advice and help. If they can't, fine. If they can, great. Attend AGM and EGM, voice out our concern. If failed, fine. If works, great. Approach newspaper and ministry of finance if have to. And I am not going to let this go easily!

steveooikp, has SC thrown my case into recycle bin? I don't know. I only know I have done my part.

I have presented my case with the SC. Will they take action or my arguments strong enough for them to investigate? That, I don't know. At least I know I have taken my duty as minority shareholder to do what I believe is right. During a conversation with the SC, I was asked if I have approached Puncak investor relation first and if I have written them letter... I told them, I have raised my concern to Rozali during AGM, and my emails to Puncak website was bounced back. These have shown has well received minority shareholders are already. I suppose, fool me once, shame on you; fool me twice, shame on me.

Will I vote against the TRIPLC deal? Of course I will. Will my vote be sufficient to halt the deal? Again, I don't know. But, at least I know I have taken my duty as minority shareholder to fight against a deal that I believe do not benefit minority shareholders, well, me in this case.

Puncak proposes to buy TRIPLC at 210 million, yet TRIPLC's market cap is ONLY 135 million, wonder why? If Puncak traded at 36% cash, will TRIPLC share the same fate pre- or post- deal?

Today's announcement is another big joke! Director Jumsi selling at discount?!? Wonder another why...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5298209

Particulars of Director
Name JUMSI BIN BATRI


Type of transaction Date of change No of securities

Disposed 20/12/2016 20,000

Disposed 21/12/2016 15,000

Disposed 22/12/2016 29,000

Puncak proposes to buy TRIPLC at 210 million, yet TRIPLC's market cap is ONLY 135 million, wonder why? If Puncak traded at 36% cash, will TRIPLC share the same fate pre- or post- deal?

Today's announcement is another big joke! Director Jumsi selling at discount?!? Wonder another why...

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5298209

Particulars of Director
Name JUMSI BIN BATRI


Type of transaction Date of change No of securities

Disposed 20/12/2016 20,000

Disposed 21/12/2016 15,000

Disposed 22/12/2016 29,000

vietlott Mega 6/45 Dec 23 jackpot now at 98.384 billion Vietnamese Dong

steveooikp, Puncak is valued at 36% cash! Any of WTK, OSK, coastal, pantech, or mmode having the same problem? Don't cite me China companies listed in Malaysia, I am not holding a China company in my portfolio and the China companies have core businesses while Puncak doesn't have one...

rojakinvestor,i never said this world is fair, but it will be worse if minority shareholders keep silence and never fight back... BTW, I am only asking for 2.50 and its NA is 3.41

Jay, if the deal is so good, Puncak share price will not be as low as 0.89. In addition, if the board is so firm on the value creation, why not roll out a cash out option to minority shareholder like me who is pissed off over the board's inaction for the past few months after AGM? I am not expecting much, just 2.50 per share, Puncak's current cash per share, a shy off the 3.41 net asset per share Puncak is holding now.

steveooikp, I will vote NO and seek either special dividend or cash out option for minority shareholders. If not successful, I can only pray hard hard Rozali getting juicy projects for Puncak so I can still sell between 2.30 and 2.80. Of course, knowing well when saying this, firehawk will come up and wonk wonk wonk... just wonder, why hasn't he answered my questions?

don't know if we can vote the deal down... if not, better hope Rozali getting contracts after contracts to juice up the profit, sigh!

I am wondering if, with a current market capitalization of less than 450 million, minority shareholders of Puncak have been bullied to sell by quarter after quarter of losses despite still holding 1.1 billion cash and a falling share price masterminded by somebody?

Quite frankly, except for hng33, I have seen none raising concern if Puncak's balance sheet is in good position, businesses acquired are good and will benefit shareholders, and so forth. Without good business in its coffer, do you think its wise to trade on Puncak's news?

To me, Puncak is still holding on to 2.50 cash per share and I sincerely believe cash is cash. It doesn't make sense to sell just because the deal is completed or share price is in terrible shape. Though, hng33 seems to take it differently. I respect that particularly after he's making good money over his trades.

My current take is as follow. Plantation deal is bad if compared to a recent deal, TRIPLC deal may not actually good to Puncak shareholders, don't like the operating cash flow figures but can't really conclude without doing a detailed analysis. Meanwhile, after reporting quarter after quarter of impairments, the board has basically kept silence without doing anything, share buy back or briefing through newspapers for example, to assuage minority shareholders that have been treated like disposal diapers.

Anyway, just releasing my disappointment...

selling at 0.90? biggest joke, I may and am suffering from losses, but to ask me to sell at 0.90 when cash is at 2.50? I would rather pursue SC for assistance, which is what I am doing now!

hng33, I sincerely hope you are shooting the right guy here. I am not Roger that curse you here and there. I do know that you were suggesting us to sell around 2 before special dividend and I never curse you or blame you for in and out of Puncak knowing well that you are good at trading, making money in the process (I actually admire you for that, if you have read my earlier comments here about your trading skills. I have also mentioned that I am terrible with short term trades, having to over-analyze before selling.) While there may be some trading opportunities along deals announced by Puncak, I do have my reservation about the deals so far. (BTW, I didn't sell and regret that because reading Rozali's characters wrongly.)

While not happy about the announced impairments, I am more concerned about recent ventures, particularly I don't like Rozali latest moves in plantation and TRIPLC. I have shown my work on the plantation deal here earlier, so I shall leave this out. On TRIPLC, to me, reported profit is only part of the equation, the cash flow statement and balance sheet are equally important. And I am not particularly fancy about TRIPLC's cash flow statement or balance sheet.

19/12/2016 21:02

hng33,

I was wondering if you have looked into TRIPLC's financial reports to justify if the acquisition is fair to Puncak's minority shareholders. Without going into details, based on TRIPLC's annual reports for the past 2 years, operating cash flow didn't exceed 20 million while it has investment and debt servicing needs. Having to pay 210 million for this deal, Puncak has to spend more to rather than benefitting from the operating cash flow, not to mention if the 20 million cash flow is sufficient for Puncak current asset base.

Frankly, can only hope SC or LTH will intervene to require Puncak board offering cash out option, approximately 2.50 per share, to minority shareholders not buying the rosy picture Puncak board is trying to present.

hng33,

If Puncak's acquisition of TRIPLC is so good and wise, share price would have risen to reflect the news. Unfortunately, the acquisition, if based on the market's perception, if not a terrible one, will be an mediocre one.

Puncak is holding 290 acres of land in Selangor, of which 250 acres in Kuala Selangor. If it can't even roll out a plan after so many years after purchase or months after selling of water business, how would additional acre benefit Puncak?

If Puncak's willing to pay premium to acquire plantation and construction company, why isn't Puncak willing to buy back shares, which is at 36% of company cash level or 27% net asset level?

You are trading to seek short-term gains on Puncak, but when you sell at premium, someone has to buy and hold. Apparently, there isn't much interest in the market now.

firehwak,

Are you a Puncak shareholder? Have you invested in Puncak because of me? I believe I was not wrong in valuing the company, and the balance sheet is still showing a net asset per share of 3.41 while its net cash per share is still approximately 2.50 per share. So, what's wrong if I believe Puncak should be valued between 2.30 and 2.80 the least to reflect its net cash and its land holding (it has over 250 acres in Selangor) that's debt free?

If you are not a Puncak shareholder, why are you so pissed here trying to remind 'expert'? If you are, why are you so pissed at the 'expert' here but not the 'expert' publishing expert view but with inaccurate data or majority shareholders sitting in the board not trying to assuage shareholders' fear?

Or, are you the CIMB analyst so pissed at me complaining to SC? Or, are you Rozali or his clan member so pissed at me complaining to SC?

If you are shareholder, exercise your rights rather than who knows what your intention here...

If you are merely trying to have fun over angered Puncak shareholders like me, wonder what you are...

firehwak,

Are you a Puncak shareholder? Have you invested in Puncak because of me? I believe I was not wrong in valuing the company, and the balance sheet is still showing a net asset per share of 3.41 while its net cash per share is still approximately 2.50 per share. So, what's wrong if I believe Puncak should be valued between 2.30 and 2.80 the least to reflect its net cash and its land holding (it has over 250 acres in Selangor) that's debt free?

If you are not a Puncak shareholder, why are you so pissed here trying to remind 'expert'? If you are, why are you so pissed at the 'expert' here but not the 'expert' publishing expert view but with inaccurate data or majority shareholders sitting in the board not trying to assuage shareholders' fear?

Or, are you the CIMB analyst so pissed at me complaining to SC? Or, are you Rozali or his clan member so pissed at me complaining to SC?

If you are shareholder, exercise your rights rather than who knows what your intention here...

If you are merely trying to have fun over angered Puncak shareholders like me, wonder what you are...

Seems like BJCorp has been able to correct some past mistakes or sail through its issues:

1. Manage to grab the Vietnam Toto license and operate with success. Unfortunately, the profit sharing agreement with the Vietnam government is not revealed, wonder how it would show in the income statement?

2. Manage to complete Menara Bangkok Bank and soon Ritz-Carlton Residences. The project has been delayed for a few times. Menara Bangkok Bank was handed over sometimes in April-May this year and Ritz-Carlton Residences early next year. Just wonder where's the profit from completing Menara Bangkok Bank is showing?

3. Manage to complete Kyoto Four Season with an opening of the hotel October this year. Wonder the profit from selling the residences (half with the other hand yet to be sold) be shown in coming quarter report?

4. Manage to collect half of the payment from selling China property project. Wonder if the escrow account fund has been declared as BJLand's cash in hand in early balance sheet statement already?

5. Jeju project is still a court case, hope it will be resolved soon.

6. Cosway, a costly acquisition, seems not to benefit BJCorp much? Hope things will turn around soon for Cosway, just a bit doubtful given poor economic environment currently...

ysn8, tell your broker you would like to vote for the event, and you will be given a form to sign. Just tick on NO and your broker will process for you. You don't have to be there to say NO to Rozali.

roger, do you even know you can vote without having to attend? So, you don't need to give me your proxy... think you are same as always, full of useless comments

roger, if you a shareholder and you are concerned, call or email SC. And you are always welcomed to vote NO to any deal Puncak board has to offer unless it has initiated share buy back to the tune of RM 200 million or offer 2.50 per share cash out option to shareholders (that's what I believe, among other ways, options that will assuage shareholders concern).