Thxs for the formula...but I thought Sumatec only focus on oil and not gas? Anyway if into gas what is the production sharing ratio? As what matters is what is Sumatec's share for gas and what have been produced so far?

Yup...back to drawing board...selling pressure is just too much...unless Doh can announce something great soon?
RM10.95 Million Buyers Vs RM14.74 Million Sellers!

I mean if the production sharing is like Indonesia (85:15)...then for every 1,500 barrels produced...Kazakhstan Govt. get 1,250 barrels, Sumatec only gets only 250 barrels per day? correct me if wrong?

Just wondering what is the production sharing composition for Sumatec in Kazakhstan?

"In Indonesia, for petroleum, the production sharing composition is 85% for the Government and 15% for the investor. As for gas, the share is 70% for the Government and 30% for the investor.
For CBM gas, the share is 55% for the Government and 45% for the investor "

if it turns into a frenzy would be best... but could it also culminate in a bloodbath later?

today the volume is no longer there...time to jump ship if still got profit?

All Quiet on the Western Front today? "Im Westen nichts Neues" let's hope things will heat up after 4pm today...

Things are looking good for Doh Fried Chicken today?

Just passing by....do keep a lookout for Perisai to submit its regularisation plan by Feb 11, 2018...

"Practice Note 17 (PN 17) company Perisai Petroleum Teknologi Bhd was granted an extension of up to Feb 11, 2018 to submit its regularisation plan.

However, the time extension is without prejudice to Bursa Securities' right to proceed to suspend the trading of its shares and to delist the company in the event it fails to submit a regularisation plan to the regulatory authorities on or before Feb 11, 2018; fails to obtain the approval for the implementation of the regularisation plan; and fails to implement the plan within the time frame."

http://www.thesundaily.my/news/2017/11/13/perisai-petroleum-shares-flat-despite-time-extension

Thxs for the answer...

traderman 4 cent to 6 cent is 50% increase. now, you cant even get 0.055

the next phase will be the accumulation phase by investors and syndicates alike...just like what happened to Sumatec earlier...which also had high volume of turnover...but stuck at 0.055-0.6 for some time...until it suddently doubled up to 0.115 recently....so patience is a virtue...

https://klse.i3investor.com/servlets/stk/chart/1201.jsp

Episode II The Jedi Fights Back!

According to Kenanga Research...resistance level is identified at RM15.15 (R1) and RM19.20 (R2)

Conversely, keen investors could look to a possible reentry at more attractive levels near supports at RM12.65 (S1) and the next support level at RM10.63 (S2)?

Source: Kenanga Research - 17 Jan 2018

Waaa...all can't wait for tomorro...

Accumulate while it's still cheap...Remember other than O&G, Glotec also has Palm Oil & Automotive business...as a components supplier to Geely/Proton & high Palm Oil prices...profitability is improving and should be indicated in the coming quarter's results around CNY...

也是哈哈 :)

Btw you are right...we are investing in a biz & not casino ...chances of getting 50~100% returns within 2~6 months with Glotec is very much better than FD at even 3.5% per annum..If want fast returns...go for Hengyuan...can up or down as much as RM2.30 in one day... :)

Just passing by...many moons has passed and still stuck at 3 sens...Doh Fried Chicken? one wonders when Doh family will goreng DBE? biz guarantee will be good... as CNY just around the corner and GE14 coming after that...

The highest was 13 sens with a volume of 1.116 billion on Tuesday 16 Jan 2018...given the high closing of 10.5 sens on Friday with a volume of 313 million...sudah ada billion usd fun..d?, can Sumatec breaks it own record next week" Go..go..Sum..ua Go!

This time M's Magic not strong enough...needs more power...bruders!

Other than selling Gas...Glotec can do other things to monetize their confirmed Gas Assets:

1. Sell a % of this Gas Assets to interested parties/ investors to generate immediate revenue.
2. Do an off market sale of Glotec/NuEnergy shares to prominent investors e.g. like Priceworth from a low of 9 sens shoots up to a max of 32 sens after the announcement of Rashid Hussein becomes a substantial shareholder.

Let's see what Glotec will do next? Maybe to get a Billionaire like TSVT to invest?

Agreed...accumulate while still cheap (just like Sumatec earlier) as the risks are low (currently only +- 0.5 sens) but the gains can be easily 100%.....

Glotec will be making more announcements soon since Gas Reserves Assets already confirmed by LEMIGAS ...Production/Gas Sales - Initial POD sales of 12 MMSCFD for 10 years. Estimated total revenue of ~ US$ 430 Million or RM 1,720 Million?

Happii...Happii :)

Well all is well...after LEMIGAS CBM Gas Reserves Certification (Confirmation of discovery of CBM gas Reserves). The following milestones is already on track...

Milestones:
1. Tanjung Enim PSC, South Sumatra - SKK Migas approval for the POD preparation:
The Energy segment will work closely with SKK Migas on the POD preparation with the objective to submit the POD proposal to the Indonesia Ministry of Energy and Mineral Resources through the Head of SKK Migas before the end of 2017 with POD approval anticipated by end of the first half of 2018.

The 2 partners, PT Pertamina and PT Bukit Asam, 2 leading state owned energy and resources companies, have both given their full commitment to the POD preparation and the long term development of the PSC. The initial POD plans covers an area 16 km2 and involves the drilling of 100 wells with an estimated gas value of US$430 million/ RM1,720 million.

2. Glotec/ NuEnergy has executed a MOU with PT Pertamina Gas (“Pertamina Gas”) to explore the supply of CBM gas from the Tanjung Enim PSC to Pertamina Gas for distribution to consumers in Sumatra.

"Pertamina Gas is a subsidiary of PT Pertamina, a state owned oil and gas conglomerate and one of our joint venture partner for the Tanjung Enim PSC. Pertamina Gas has a focus in midstream and downstream gas industry of Indonesia with its primary activities in gas trading, gas transportation, gas processing and gas distribution and other businesses related to natural gas and their inheritance products.

This MOU is an important step for the Energy segment to progress on its POD and for the negotiation of the Gas Sales and Supply Heads of Agreement to agree on the main commercial terms including volume, supply period, supply volume and gas price."

LEMIGAS CBM reserves certification :-
1) The LEMIGAS CBM reserves certification confirms the reserves for the POD target development
areas concentrated in the North (Area A) and South (Area B) area of the PSC covering a total
acreage of 33 km2.
2) The LEMIGAS CBM reserves certification is one of the compulsory and required processes for
the POD submission in Indonesia.
3) The LEMIGAS CBM reserves certification has been prepared based on the most known standard integrated approaches of geological, geophysical and engineering methods which are generally accepted in the CBM industry and oil and gas industry in Indonesia.

NuEnergy Gas Limited (ASX:NGY) (“NuEnergy” or “the Company”) refers to the announcement
titled “Indonesian CBM Reserves Certification for the Tanjung Enim PSC Initial POD” lodged on the
platform on 15 January 2018.

The Company would like to clarify that the CBM reserves certification is one of the compulsory and
required processes for the POD submission in Indonesia that must be administered by an Indonesian government accredited agency such as LEMIGAS.

The CBM reserves certification covers the POD target development areas that has been identified
in the north (Area A) and south (Area B) area of the Tanjung Enim Production Sharing Contract
(“PSC”) covering 33 km2 that will form the basis of the overall POD proposal to be submitted to the
Indonesia Ministry of Energy and Mineral Resources for approval.

Quote"
Milestones:
1. Tanjung Enim PSC, South Sumatra - SKK Migas approval for the POD preparation:
The Energy segment will work closely with SKK Migas on the POD preparation with the objective to submit the POD proposal to the Indonesia Ministry of Energy and Mineral Resources through the Head of SKK Migas before the end of 2017 with POD approval anticipated by end of the first half of 2018.

The 2 partners, PT Pertamina and PT Bukit Asam, 2 leading state owned energy and resources companies, have both given their full commitment to the POD preparation and the long term development of the PSC. The initial POD plans covers an area 16 km2 and involves the drilling of 100 wells with an estimated gas value of US$430 million/ RM1,720 million.

(If the Initial POD plans covers an area 16 km2 and involves the drilling of 100 wells with an estimated gas value of US$430 million/ RM1,720 million now the estimate gas value should be doubled? The CBM reserves certification covers the POD target development areas that has been identified in the north (Area A) and south (Area B) area of the Tanjung Enim Production Sharing Contract (“PSC”) covering 33 km2 that will form the basis of the overall POD proposal to be submitted to the Indonesia Ministry of Energy and Mineral Resources for approval."

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5669773

According to Kenanga Research...resistance level is identified at RM15.15 (R1) and RM19.20 (R2) (already broken).

Conversely, keen investors could look to a possible reentry at more attractive levels near supports at RM12.65 (S1) (support already broken, as currently at RM12.00) and the next support level at RM10.63 (S2)?

Source: Kenanga Research - 17 Jan 2018

More details on Glotec/ NuEnergy operations which are mainly focused in South Sumatra, Indonesia on the CBM exploration activities in Tanjung Enim PSC, Muralim PSC and Muara Enim II PSC. Glotec/ NuEnergy’s immediate strategy and priority is to focus on its PSCs in South Sumatra which cover a total area of 2,280 km2 and are situated in one of the most prolific CBM basins in Indonesia with existing infrastructure (Gas Pipelines) available nearby. The South Sumatra PSCs have unrisked net best estimate of prospective gas resources of 2.2 tcf and an estimated CBM gas value of US$15.4 billion. Glotec/ NuEnergy has the potential to develop and operate a large scale CBM operation in South Sumatra with the Tanjung Enim PSC, Muara Enim PSC, Muara Enim II PSC and Muralim PSC located in close proximity to one another.

Gas Pipelines (existing infrastructure) in Sumatra located near Tanjung Enim PSC, Muara Enim PSC, Muara Enim II PSC and Muralim PSC located in close proximity to one another.
http://www.1derrick.com/uploads/post/test1-yd-anagha-nuenergy-spuds-pilot-well-in-indonesia.png

Refer location of Glotec/NuEnergy 6 CBM Assets in South Sumatra & Kalimantan
http://www.nuenergygas.com/images/map/ngy-ouga-map.jpg

Milestones:
1. Tanjung Enim PSC, South Sumatra - SKK Migas approval for the POD preparation:
The Energy segment will work closely with SKK Migas on the POD preparation with the objective to submit the POD proposal to the Indonesia Ministry of Energy and Mineral Resources through the Head of SKK Migas before the end of 2017 with POD approval anticipated by end of the first half of 2018.

The 2 partners, PT Pertamina and PT Bukit Asam, 2 leading state owned energy and resources companies, have both given their full commitment to the POD preparation and the long term development of the PSC. The initial POD plans covers an area 16 km2 and involves the drilling of 100 wells with an estimated gas value of US$430 million/ RM1,720 million.

2. Glotec/ NuEnergy has executed a MOU with PT Pertamina Gas (“Pertamina Gas”) to explore the supply of CBM gas from the Tanjung Enim PSC to Pertamina Gas for distribution to consumers in Sumatra.

"Pertamina Gas is a subsidiary of PT Pertamina, a state owned oil and gas conglomerate and one of our joint venture partner for the Tanjung Enim PSC. Pertamina Gas has a focus in midstream and downstream gas industry of Indonesia with its primary activities in gas trading, gas transportation, gas processing and gas distribution and other businesses related to natural gas and their inheritance products.

This MOU is an important step for the Energy segment to progress on its POD and for the negotiation of the Gas Sales and Supply Heads of Agreement to agree on the main commercial terms including volume, supply period, supply volume and gas price."
https://klse.i3investor.com/servlets/staticfile/314862.jsp

3. Receives CBM Reserves Certification by LEMIGAS
http://disclosure.bursamalaysia.com/FileAccess/viewHtml?e=2821857

what is the next support level since rm12 already broken?

So is Sumatec & Perisai... but why their price still so high?

Anyway Glotec's last quarter recorded a Q on Q 98.65% improvement in financial performance ...indicating that it's turnaround plan is working after the divestment of loss making units in the last few quarters..now left Automotive, Oil Palm Plantations and O&G Sector NuEnergy which will be making money soon...

https://klse.i3investor.com/servlets/stk/annqtyres/5220.jsp

Will share more info when got time to analyse the latest reports from NuEnergy. Going forward...we think Glotec is far more attractive than Sumatec or PN17 Perisai :)

Starting to look attractive?

Glotec/NuEnergy's Tanjung Enim Commercialisation of Tanjung Enim PSC for 2018

Initial POD in the North & North West area covering 16km2 of Tanjung ENIM PSC, Indonesia.

1. Receives CBM Reserves Certifcation by LEMIGAS:
Tanjung Enim Production Sharing Contract Initial Plan Of Development (POD) Receives Coal Bed Methane Reserves Certification from an Indonesian Authority
http://disclosure.bursamalaysia.com/FileAccess/viewHtml?e=2821857

2. Received approval for POD preparation by the Indonesian Special Task Force for Upstream Oil and Gas Business Activities (SKKMigas)

http://www.morningstar.com/news/null/SIGNALG_1165812_394464/nuenergy-gas-announces-tanjung-enim-receives-approval-for-pod-preparation.html

3. During the POD preparation, the Glotec/NuEnergy will also confirm target gas buyers and negotiate optimal gas sales agreements.

3. Gas Supply MOU signed with PT Pertamina Gas
https://www.thestar.com.my/business/business-news/2017/09/28/globaltec-nuenergy-gas-pertamina-in-coal-bed-methane-gas-supply-mou/

Pertamina Gas is a company who has focus in midstream sector and downstream of gas industry in Indonesia. This company was a subsidiary of PT Pertamina (Persero) which has a role in gas trading, gas transportation, gas process and gas distribution and other business who has related with natural gas and their inheritance products.

http://www.pertagas.pertamina.com/

2018 Milestones:
1. Secure POD approval
2. Commence Full Field Development
3. Production/Gas Sales - Initial POD sales of 12 MMSCFD for 10 years. Estimated total revenue of ~ US$ 430 Million or RM 1,720 Million.

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=81953&name=EA_GA_ATTACHMENTS

Yes, something is pending...the hints are already there...Just wait for more announcements from Glotec/NuEnergy...

"We are into the final stages of the POD preparation (Once the POD is approved, CBM commercial development may commence for that specified resource*.) and look forward to communicating more results."

Quote "The Indonesia CBM reserves certification to be administered by an Indonesian state agency such as LEMIGAS, is one of the required processes in the CBM POD preparation and forms the basis of the overall POD. Once the POD is approved, CBM commercial development may commence for that specified resource.

The CBM reserves certification has concluded with findings of 86.05 Bscf of proved reserves (P1) and 78.84 Bscf for probable reserves (P2) giving a total gas reserves of around 165 Bscf for the * target development areas covering 33 km2 (or 13% of the Tanjung Enim PSC acreage) that would enable NuEnergy to deliver 25 MMSCFD to the market through the development of over 200 wells once the POD is approved.

Commenting on the Indonesian CBM reserves certification by LEMIGAS, NuEnergy Deputy Executive Chairman, Kee Yong Wah said: “This certification is an endorsement and a very clear indicator of the underlying prospects of the Tanjung Enim asset and is in line with our expectation of the coal seams in the South Sumatra region. The Tanjung Enim initial target development area only represents 1.4% of our total South Sumatra PSCs acreage of 2,280 km2 and we are excited about the huge potential of our other South Sumatra PSCs with the expectation that the Tanjung Enim target development area is a representation of the rest of these assets. We are into the final stages of the POD preparation and look forward to communicating more results.”

Please refer the attachment for the full announcement made by NuEnergy.

This announcement is dated 15 January 2018."

Today Sumatec...Tomorrow Glotec?

The price of gas used for cooking and fuel by the industrial and commercial sectors will be increased in 2018, reflecting the higher price of natural gas in the international market.

Among the sectors that will be heavily impacted is the rubber glove industry, which is set to see costs increase by an average of US$0.50 to US$0.75 per 1,000 pieces of gloves, depending on the type of gloves and efficiency of the factories.

He said the increase was significant and that glovemakers would have to pass the additional costs to customers.

Read more at https://www.thestar.com.my/business/business-news/2017/11/30/gas-price-hike-in-2018/#Zr1VIc0scBJ8hD9M.99

Perisai not looking good today...time to move?
http://www.theedgemarkets.com/article/globaltec-shares-rise-after-aussie-unit-gets-indonesian-certification

The next Sumatec :)
http://www.theedgemarkets.com/article/globaltec-shares-rise-after-aussie-unit-gets-indonesian-certification

Goodbye & Thxs Sumatec @11.5 sens! Next...Hello Glotec...

"Acted for Berjaya (China) Great Mall on its sale of the construction project of Berjaya (China) Great Mall Recreation Centre to Beijing SkyOcean International".

Corporate and M&A: PRC firms - ranked: tier 2
Han Kun Law Offices 汉坤律师事务所
https://www.hankunlaw.com/images/office/hk_pic_officebj.jpg

Han Kun Law Offices has a leading presence in the TMT sector, where the team receives a steady flow of instructions from a range of industry players.

Track Record: It advised Uber (China) on its $35bn merger with Didi Chuxing, acted for iDreamSky Technology during its take-private transaction and delisting from NASDAQ, and assisted Tujia.com, China’s largest B2C sharing accommodation platform, with its acquisition of short-term rental website Mayi.com. Other highlights include assisting Karl Lagerfeld with the sale of its China business, advising Taikang Insurance Group on its investment in IHH Healthcare’s China business, and acting for Berjaya (China) Great Mall on its sale of the construction project of Berjaya (China) Great Mall Recreation Centre to Beijing SkyOcean International.

Chaoying Li splits his time between the firm’s Beijing and Shenzhen offices, while Dafei Chen operates from Beijing and Hong Kong. David Tang focuses on corporate compliance, foreign direct investment and cross-border M&A, and ‘corporate star’ Bing Xue specialises in venture capital, private equity and M&A transactions.

Leading individuals
David Tang - Han Kun Law Offices
https://www.legal500.com/firms/32650-han-kun-law-offices/33644-beijing-china

DAFEI CHEN
Han Kun Law Offices - Beijing
Dafei Chen - Han Kun Law Offices
9/F, Office Tower C1 Beijing, Beijing, China 100738
Tel: 8610-85254618 Fax: +86 10 8525 5511 Email: dafei.chen@hankunlaw.com
https://www.chambersandpartners.com/Asia/person/337217/dafei-chen

Agreed...in the meantime to focus more on BJCorp as any actions by TSVT will also benefit BJCorp as the major shareholder of BJland. Good Luck!

Just wondering how U Mobile will fit into Berjaya Group's Restructuring Plan under BJCorp, BJLand & BJAssets?

Quote" U Mobile speeds past 10% market share, nears IPO

“What we spoke of last year remains on track — ebitda (earnings before interest, taxes, depreciation and amortisation) positive by this year and IPO by next year. But we cannot specify whether it is early or late 2018, it all depends on the market,” U Mobile CEO Wong Heang Tuck tells The Edge.

To be sure, an IPO would be aided by at least two stalwart backers — Berjaya Group’s Tan Sri Vincent Tan and Singapore Technologies Telemedia (ST Telemedia), Singapore’s Temasek Holdings-controlled active investor in the communications, media and technology space and the largest shareholder of the city state’s mobile and pay-TV operator, StarHub."

http://www.theedgemarkets.com/article/u-mobile-speeds-past-10-market-share-nears-ipo

With the money received in 2018 from:

1. Jeju Project Compensation of minimum RM542 millions...
2. 60% sales & profits of RM1.18 Billion GDV for Ritz-Carlton Residences as most contract construction cost has been accounted for earlier...

will more than cover the deferment of payment from the China property project disposal...2018 maybe the year for TSVT to restructure Berjaya group including BJCorp, BJland and BJAssets?

Quote "Vincent Tan’s return may signal expansion drive

Tycoon Tan Sri Vincent Tan’s return to the helm of conglomerate Berjaya Corp Bhd has fuelled talk of possible major developments in the near future, including overseas expansion.

On Nov 1, after more than five years in retirement, Berjaya Corp announced Tan’s return to the board of directors as executive chairman. His son, Datuk Seri Robin Tan, 43, will relinquish his position as group chairman while retaining his position as CEO."

http://www.focusmalaysia.my/Mainstream/vincent-tan-s-return-may-signal-expansion-drive

run already...time to invest in other sunken treasures buried in the deep sea.
Everyday needs to dive deeper and deeper to find it.

check comments :)

ah hah...already 100% profit...should take back some capital first and invest only the profits..:)

More information for sharing....

The Berjaya Group accounted for the construction and development of the Ritz-Carlton Residence in accordance with MFRS 111 and MFRS 118 (to be replaced by MFRS 15: Revenue from Contracts with Customers), whereby Revenues from the sale of units can only be recognized once the unit is sold and handed over to the buyer. While Construction Contract Contract costs are recognised as expenses in the period in which they are incurred.

"That's why the Sales & Profits don't seen to be included ( recognised) in BJCorp/ BJLand earlier Quarterly Financial Reports (until Ritz Carlton Residences is handed over on Dec 08 2017 to the Buyers).

However all the construction contract cost for development of Ritz-Carlton Residence has been recognised as expense in the period they were incurred earlier.

Refer Pg. 54 BJCorp Annual Report 2016

The potential compensation from Jeju Land Project to be awarded by the Korean Court in 2018 could be in the region of RM541,965,000 for BJLand & BJCorp!

NOTES TO THE FINANCIAL STATEMENTS - 30 APRIL 2016
(l) Status of Berjaya Jeju Resort Limited (“BJR”) project

BJR has previously commenced development activities on Jeju Island, South Korea (“Jeju Project”) over certain parcels of land purchased from Jeju Free International City Development Center (“JDC”) in 2009. These lands were expropriated by JDC from various landowners. On 20 March 2015, the Korean Supreme Court ruled that the expropriation of the lands by JDC from these landowners was invalid. As explained in Note 42(6), BJR has suspended the development of the Jeju Project due to the breach of the terms and conditions of the land sale and purchase agreement (“Land SPA”) by JDC when it failed to deliver unencumbered titles to the said lands to BJR.

BJR has commenced legal proceedings against JDC seeking compensation for damages incurred which include the costs incurred by BJR in developing the Jeju Project. The outcome of the legal proceedings will determine whether BJR is able to recover the costs amounting to RM541,965,000 incurred to-date on the development of the Jeju Project.

Based on the legal opinion obtained from its lawyers, BJR has determined that it has the legal right to claim for damages under the Land SPA, Korean Civil Code and case precedents established in the Korean Courts. BJR’s lawyers have also opined that it is probable that BJR will prevail in its lawsuit against JDC on the claim for costs incurred.

Refer Pg. 60 BJCorp Annual Report 2016
http://www.berjaya.com/pdf/annual-reports/bjcorp16.pdf

Thanks for sharing information on the response from TSVT's son during the last AGM with regards to the confirmation on getting compensation from the Jeju Project at full cost...based on Berjaya's legal experience the estimate time frame is approximately 3 years...

Since first legal proceeding commence on 6 November 2015 and since the land price appraisal report of the Jeju Project has been completed by the Korean court appointed land appraisal company and the land price appraisal report has been submitted directly to the court for consideration as of end 2016 and reported in BJLand quarterly report ended 31 Jan. 2017?

The Announcement of the Jeju Land Project Compensation to BJLand for losses and damages incurred, by Korean Court should be due in 2018...as approximately 3 years already?

Quote "Based on the legal advice in respect of the legal proceedings and the eventual enforcement of the claim award, the
BLand board of directors estimated that the reasonable time frame to recover the outstanding Final Instalment is approximately 3 years"

Refer Pg. 10
BERJAYA CORPORATION BERHAD
UNAUDITED INTERIM FINANCIAL REPORT FOR THE PERIOD ENDED 31 OCTOBER 2017
NOTES TO THE INTERIM FINANCIAL REPORT
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5650097

The Berjaya Group accounted for the construction and development of the Ritz-Carlton Residence in accordance with MFRS 111 and MFRS 118 (to be replaced by MFRS 15: Revenue from Contracts with Customers), whereby Revenues from the sale of units can only be recognized once the unit is sold and handed over to the buyer. While Construction Contract Contract costs are recognised as expenses in the period in which they are incurred.

"That's why the Sales & Profits don't seen to be included ( recognised) in BJCorp/ BJLand earlier Quarterly Financial Reports (until Ritz Carlton Residences is handed over on Dec 08 2017 to the Buyers).

However all the construction contract cost for development of Ritz-Carlton Residence has been recognised as expense in the period they were incurred earlier.

Refer Pg. 54 BJCorp Annual Report 2016

The potential compensation from Jeju Land Project to be awarded by the Korean Court in 2018 could be in the region of RM541,965,000 for BJLand & BJCorp!

NOTES TO THE FINANCIAL STATEMENTS - 30 APRIL 2016
(l) Status of Berjaya Jeju Resort Limited (“BJR”) project

BJR has previously commenced development activities on Jeju Island, South Korea (“Jeju Project”) over certain parcels of land purchased from Jeju Free International City Development Center (“JDC”) in 2009. These lands were expropriated by JDC from various landowners. On 20 March 2015, the Korean Supreme Court ruled that the expropriation of the lands by JDC from these landowners was invalid. As explained in Note 42(6), BJR has suspended the development of the Jeju Project due to the breach of the terms and conditions of the land sale and purchase agreement (“Land SPA”) by JDC when it failed to deliver unencumbered titles to the said lands to BJR.

BJR has commenced legal proceedings against JDC seeking compensation for damages incurred which include the costs incurred by BJR in developing the Jeju Project. The outcome of the legal proceedings will determine whether BJR is able to recover the costs amounting to RM541,965,000 incurred to-date on the development of the Jeju Project.

Based on the legal opinion obtained from its lawyers, BJR has determined that it has the legal right to claim for damages under the Land SPA, Korean Civil Code and case precedents established in the Korean Courts. BJR’s lawyers have also opined that it is probable that BJR will prevail in its lawsuit against JDC on the claim for costs incurred.

Refer Pg. 60 BJCorp Annual Report 2016
http://www.berjaya.com/pdf/annual-reports/bjcorp16.pdf

The Ritz-Carlton Residences, Kuala Lumpur, Jalan Sultan Ismail is developed by Wangsa Tegap a subsidiary of BJCorp on "The Land" owned by BJLand, that's why it was mentioned by Edge Property that Berjaya Land Bhd has reintroduced its Ritz-Carlton Residences Kuala Lumpur, located at the intersection of Jalan Sultan Ismail and Jalan Ampang, with new interior design concepts. So any sales and profits from the Ritz-Carlton Residences will also accrue to both BJCorp & BJLand.

See BJLand's extensive Land Bank in KL and Malaysia
https://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160731_at_1.28.18_pm.png

https://klse.i3investor.com/blogs/icon8888/99941.jsp

Today's 710,327,800 share volume really hot!

We think the profits from sales of Ritz Carlton Residences will be reflected in BJLand/ BJCorp coming qtr results?

The total gross development value (GDV) is RM1.18 billion. Already 60% sold in Dec. 2017?

"kahhoeng Read in Focus, Ritz Carlton Residences is only handed over on Dec 08 last year, no wonder sales figures and profits not shown in the quarterly results..."

Quote "Berjaya Land reintroduces newly designed Ritz-Carlton Residences Kuala Lumpur

Berjaya Land Bhd has reintroduced its Ritz-Carlton Residences Kuala Lumpur, located at the intersection of Jalan Sultan Ismail and Jalan Ampang, with new interior design concepts.

The luxury residences are designed by world-renowned, multi-award winning interior design firm Peter Silling & Associates.

“Buyers can now choose from three interior design concepts — Modern, Classic and Finesse — to match their own individual styles," said Berjaya Land CEO and director of Wangsa Tegap Sdn Bhd Datuk Francis Ng in his welcoming remarks at the media preview of the newly designed project.

The 48-storey project offering residential suites is developed by Wangsa Tegap, a wholly-owned subsidiary of Berjaya Corp Bhd. The total gross development value (GDV) is RM1.18 billion.

Sitting on a 2.7-acre freehold site and one of the two towers at Berjaya Central Park, the Ritz-Carlton Residences consists of 288 suites with unit sizes ranging from 1,023 sq ft to 4,284 sq ft. Prices start from RM2,500 psf while the maintenance fee is RM1 psf.

“The residences are slated for completion by 1Q2017 as it is now 91% to 92% completed. The current take-up rate is at 30% so we are eyeing to achieve another 30% — making it 60% by this year end.

“Also, the tenant ratio is 50% foreigners and 50% locals. This development is targeted at high-net-worth individuals where 30% of our buyers are actually multimillionaires,” he claimed."

https://www.edgeprop.my/content/888755/berjaya-land-reintroduces-newly-designed-ritz-carlton-residences-kuala-lumpur

We think the profits from sales of Ritz Carlton Residences will be reflected in BJLand/ BJCorp coming qtr results?

The total gross development value (GDV) is RM1.18 billion. Already 60% sold in Dec. 2017?

"kahhoeng Read in Focus, Ritz Carlton Residences is only handed over on Dec 08 last year, no wonder sales figures and profits not shown in the quarterly results..."

Quote "Berjaya Land reintroduces newly designed Ritz-Carlton Residences Kuala Lumpur

Berjaya Land Bhd has reintroduced its Ritz-Carlton Residences Kuala Lumpur, located at the intersection of Jalan Sultan Ismail and Jalan Ampang, with new interior design concepts.

The luxury residences are designed by world-renowned, multi-award winning interior design firm Peter Silling & Associates.

“Buyers can now choose from three interior design concepts — Modern, Classic and Finesse — to match their own individual styles," said Berjaya Land CEO and director of Wangsa Tegap Sdn Bhd Datuk Francis Ng in his welcoming remarks at the media preview of the newly designed project.

The 48-storey project offering residential suites is developed by Wangsa Tegap, a wholly-owned subsidiary of Berjaya Corp Bhd. The total gross development value (GDV) is RM1.18 billion.

Sitting on a 2.7-acre freehold site and one of the two towers at Berjaya Central Park, the Ritz-Carlton Residences consists of 288 suites with unit sizes ranging from 1,023 sq ft to 4,284 sq ft. Prices start from RM2,500 psf while the maintenance fee is RM1 psf.

“The residences are slated for completion by 1Q2017 as it is now 91% to 92% completed. The current take-up rate is at 30% so we are eyeing to achieve another 30% — making it 60% by this year end.

“Also, the tenant ratio is 50% foreigners and 50% locals. This development is targeted at high-net-worth individuals where 30% of our buyers are actually multimillionaires,” he claimed."

https://www.edgeprop.my/content/888755/berjaya-land-reintroduces-newly-designed-ritz-carlton-residences-kuala-lumpur

woa...10 sens already...