Current offer price is telling us future offer price will be lower. We have to make sure VT MUST offer to take private Bjland now or not allowed to make an offer to Penta. It would be absurd if SC does not make sure an offer be made to ALL

No, bjcorp should offer all shareholders, not just penta. We minorities are not panda...

Bjcorp Bjland
0.280 0.355
0.300 0.380
0.350 0.440
0.400 0.505
0.500 0.630
0.600 0.760

This is why I like this exchange ratio

Actually, I want to exchange my bjland into bjcorp at this ratio... :)

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6054497


Bjcorp offers to buy bjland at 0.38 with bjcorp shares at 0.30, equivalent to 1 bjland exchanges into 1.267 bjcorp. Wonder if it'll be extended to minority shareholders?

my concern is Penta was "lucky" to get out at 0.70 and "keen to further invest in BJLand despite falling prices without support" currently. Has Penta "forced" VT to absorb BJLand then and is Penta "tipped" to buy BJLand now. Who's the ultimate beneficiary of Penta? Any relation to VT? I suppose these are not difficult to find out given what Bursa and SC are empowered with...

And its Penta buying this second round...

Fainted, its actually Penta selling to BJCorp for 0.70 per share the last round, shares + ICULS + cash deal. Is Penta related to VT and if SC is aware of this at all?!?

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5115889

No of securities disposed 299,363,000
Price Transacted ($$) 0.700
Circumstances by reason of which Securities Holder has interest Beneficial interest
- Cessation as a substantial shareholder following the completion of the disposal of shares pursuant to a
conditional Share Sale Agreement dated 2.12.2015 entered into between Penta Investment Advisers Ltd,
Juara Sejati Sdn Bhd and Berjaya Corporation Berhad

Nature of interest Direct interest


Date of notice 02 Jun 2016

quarterly report will be announced close to the end of March

Okinawa four season is at least a 3 years project and BJLand is receiving almost 100 million dividend from BJToto every year. BJLand debt is mainly a result of halted, failed or awaiting court order projects in China, Jeju Island, and Sungai Besi. With the proceed from Vietnam and Kyto sale, BJLand will be basically debt free even with a 0.10 special dividend. Question is, does VT mean what he said? That's a bigger issue, investors have little trust in him.

an interesting event, Classic Union buying 15% of 7-11.

If its VT and related companies disposing those shares, there would be an announcement. Given size of acquisition, it's strange there's no news about seller. The stake is more than 5%.

Not sure if those shares were bought from VT and related companies. If not, liquidity is further squeezed. With less than 900 million shares left to grab if VT's 80+% is considered out of touch, that's not even RM 270 million currently.

I'm clueless, kind of hoping some of you might have something to share...

Or, privatization deal to be announced soon?

Wonder why? BJCorp not looking to privatize BJLand after this deal?


http://www.bursamalaysia.com/market/listed-companies/company-announcements/6043613


Name PENTA INVESTMENT ADVISERS LTD
Nationality/Country of incorporation Virgin Islands, British
Descriptions (Class) Ordinary Shares

Name & address of registered holder (1) Penta Master Fund Ltd, Craigmuir Chambers, Road Town Tortola, BVI - acquired 84,584,632 shares
(2) Penta Asia Long/Short Fund Ltd, Craigmuir Chambers, Road Town Tortola, BVI - acquired 17,000,000 shares

Date interest acquired & no of securities acquired

Date interest acquired 18 Jan 2019
No of securities 101,584,632
Circumstances by reason of which Securities Holder has interest Direct Business Transactions from Macquarie Bank Limited Hong Kong Branch. Penta Investment Advisers Ltd is adviser to the fund.


Total no of securities after change

Direct (units)
350,770,620
Direct (%)
7.03

Alas, bjland needs money from asset disposal, kyoto four seasons and continental Vietnam, first?!?

if VT to privatize BJLand after floating hotels in Singapore, the cost will be much higher, given that the hotels value are reflected in the stock market. My best guess would still be privatizing BJLand before listing in Singapore. If there's anything to worry, it would be VT has no intention to privatize BJLand or listing in Singapore. These 'views' are anything but to prop up share price in the short term.

VT needs to privatize BJLand before he can list hotels in Singapore, at least that's my understanding

actually, I start buying bjland only mid of last year when it fell below 0.30. BJCorp, on the other hand, been a few years since it said it's getting the Vietlott license.

real 'monk' stock, market up, no movement, market down, no movement, sigh!

real 'monk' stock, market up, no movement, market down, no movement, sigh!

额 或者不用担心，这艏船永远都不会动？

that would be absurd, given BJCorp bought BJLand a few years back at 0.70 valuation...

Bjcorp privatizing bjland at 0.70 per share after 0.10 special dividend, think possible?

Yes, with increased crude oil price, HengYuan will benefit from re-priced inventory. It may not be good operating wise though, given that the company will have to pay more each time it replenishes crude stock. Not sure about refining margin myself though. Technically, it should be good.

It would be very difficult to privatize at 0,5+ per share when BJC had previously bought so much from VT and his friend at 0.70 per share and after VT had just announced his intention to sell Kyoto Four Season for a USD 350-400 mln profit. BJLand owns 50% of Kyoto Four Season.

frankly, don't know if BJCorp or BJLand will rise first, but having invested equally in both BJCorp and BJLand, guess I'll be able to benefit from asset disposals and VT's consolidation plan.

frankly, don't know if BJCorp or BJLand will rise first, but having invested equally in both BJCorp and BJLand, guess I'll be able to benefit from asset disposals and VT's consolidation plan.

My personal view, most likely BJLand will be privatized. If not privatized, VT will need to find buyers so that VT's group of companies holding on BJLand will be reduced to address SC concern. That's almost an impossible task. If sold at discount, VT's group of companies buying at premium will suffer. If sold at premium, current share price will need to rise quite significantly (and that would need a lot of good news.)

I'm looking at BJCorp offering 0.70 (cash or a deal similar to what's offered to VT years back) to BJLand shareholders after BJLand distribute 0.10 special dividend. Hmm... Am I asking too much?

err... as much as I wish BJCorp and BJLand will distribute more dividend, it would seem rather hard given VT's 'big plan.' Take BJLand for example, it has a net debt excluding BJToto's 700 million net debt of approximately 1.73 billion. Kyoto Four Seasons and Vietnam disposal would total roughly 2 billion before any tax. BJLand needs money to develop Sungai Besi project or Okinawa's hotel (err... possibly Tioman and Pangkor too?!?) Clueless how much it would cost BJLand to explore these projects, but won't be surprised to see billion figure. So, I would be happy to receive 0.10 for a start. And hopefully more when Sg Besi, China and Jeju project disputes bring in more cash to BJLand.

Hopefully, 0.10 per share dividend to bjcorp and bjland shareholders coming Dec...

birkincollector, it doesn't really matter who's buying or selling. At current price and uncertainties, it may not be suitable to new buyers and certainly not suitable for traders seeking short-term gain, it could still be good to those holding for value. If VT really keen to privatize BJLand, price should not be too low, given previous transaction at above 0.70 (can't remember the exact figure, its a share swap + cash + warrant deal) and VT's other companies still holding over 8% of BJLand. If VT not privatizing BJLand, can only hope for quick resolution to Jeju's court case, reclaiming back China project disposal, completion of Vietnam projects and Kyoto Four Seasons...

Any of you have done analysis on Hibiscus's profitability at various crude oil prices? Do you mind sharing? Thanks...

ivan9511 there's no need to scare the other investors. VT had mentioned will distribute dividend with the money from disposing Kyoto Four Season... BJLand owns 50% of Kyoto Four Season. If BJCorp wants to privatize BJLand or 7-11, BJCorp will need all the money he can use.

To me, except for BJLand, I won't vote for any other acquisition. It's absurd, BJCorp already too diversified and needs trimming, how on earth can he come up with the idea of buying 7-11?!? Probably that's why he's the billionaire and I can only cry foul here.

err... what I meant is, if one tries to buy just to profit from the 'big plan', probably its a wrong idea. If you were to buy and hold in hope for the plan be truly materialized, its hard to comment. If you are an investor who has been holding it for quite some time, my guess is your cost per share will definitely be much higher than current 20.5 cents. Its then crazy to sell just because you are pissed off by VT. Holding it for a few more months is not too bad after all given uncertainties.

ooh, whats more, recent VT's act is like slapping his minority shareholders on his face or his BOD slapping him. Right after VT disclosing his "big plan", the BOD is announcing that they are unaware of the "big plan" except for trying to sell Kyoto Four Seasons...

Gangnam, during the AGM last year, I raised the issue on whether BJLand will be able to collect the rest of payment from China disposal. I was told by VT's son pretty much like no issue getting the rest of the money back. During the AGM this year, I asked about the liquidity in BJLand and the huge premium BJCorp paid to acquire VT's stake, and I was told privatizing BJLand is not on table. Guess what, BJLand not receiving the batch of China disposal and VT's planning on privatizing BJLand now. The Vietnam disposal announcement saying 'significant gain' from disposal to be completed Q4 this year, guess what, nothing is announced. Only the news of disposing Kyoto Four Seasons is floated now.

Fake news is not from you per say, I'm merely pointing towards dishonesty from BJCorp and BJLand's management! You can cry wolves many times, just do not expect people to respond when after tiring of listening to crap.

You guys must be joking, money already in his pocket...

Gangnam, I'm merely writing based on what I read from annually and quarterly reports. I am holding BJCorp and BJLand shares, and surely I would like to see their share prices perform. Unfortunately, VT has way too many mismanagement coupling with poor disclosure to the shareholders. I am still holding because I believe I am a long term investor and I'm not interested at posting fake news to entice buyers so I can sell to some others,

You guys have been wrong about how much BJCorp owning BJLand...

BJCorp owns approximately 73% of BJLand. The rest, approximately 8%, is owned through VT's personal capacity or other listed companies. Its so complex that I didn't even try to dig. Though, its fair to say its VT buying through Berjaya Retail of sometimes last year, that causes VT's total ownership in BJLand to cross 80%.

BJLand's businesses are less complex than BJCorp's, primarily into gaming business and car dealership through BJToto, property development and hotel businesses. During its high, BJLand invested heavily into Japan, South Korea, China, and Vietnam. Unfortunately, Its venture into South Korea and China are not doing well while its Vietnam venture doesn't seem to be on good position too. Japan's Kyoto Four Season is a success only after BJCorp buying over 50% to complete to project. My guess, the money stuck in China and South Korea is killing BJLand's cash flow, forcing BJCorp to assist BJLand as a last resort (who knows, there could be more, given VT is famous).

Lately, BJLand has been slowly sorting out its messes. It has successfully completed Kyoto Four Season. Meanwhile, it has been able to unload China project even though it has not been able to collect the rest of the payment, approximately 560 million. On top of that, BJLand has tried to sell some of his Vietnam venture. Well, it was said the deal will be completed during the Q4 this year with significant gain. Unfortunately, we have yet to see it materialized. Finally, South Korea's Jeju project is currently in court case after failing to getting it fixed.

VT and his family shout "wolves coming" too many times already, 人格破产? Minority shareholders like us are just 殃及池鱼, sigh!

VT and his family shout "wolves coming" too many times already, 人格破产? Minority shareholders like us are just 殃及池鱼, sigh!

Kyoto Four Season is a 50% BJLand 50% BJCorp joint-venture

joetay10, land is not considered a liquid asset. BJToto has approximately 700 million net debt. Taking this debt out of BJLand balance sheet, BJLand still has approximately 1.8 billion net debt. This yet to include the proceeds from disposals of (1) Kyoto Four Season (2) Vietnam property projects and the court ruling on (1) Jeju Property project (2) Sungai Besi land swap and (3) China property project...

bjcorp owns approximately 72% of bjland. To privatize BJLand, BJCorp needs to acquire approximately 1.4 billion shares. A per share offer of 0.60, 0.80 and 1.00 respectively, BJCorp will need to spend 840 million, 1.12 billion, and 1.4 billion respectively. It would be a stretch to BJCorp balance sheet if it were to acquire 7-11 as well.

bjcorp owns approximately 72% of bjland. To privatize BJLand, BJCorp needs to acquire approximately 1.4 billion shares. A per share offer of 0.60, 0.80 and 1.00 respectively, BJCorp will need to spend 840 million, 1.12 billion, and 1.4 billion respectively. It would be a stretch to BJCorp balance sheet if it were to acquire 7-11 as well.

it will cost more to privatize 7-11 than to privatize BJLand... If VT try to privatize 7-11 first, it would pretty obvious an attempt to raise cash for himself at the expense of BJcorp minority shareholders...

i would prefer VT driving BJCorp to sustainably giving out 0.10 per share dividend every year and let share price responds accordingly

Frankly, don't like BJCorp buying 7-11 idea AT ALL! 7-11 was previously owned by BJCorp, listed only to be acquired cheaply by VT. After listing 7-11 and makes plenty, he's asking BJCorp to buy 7-11 again?!?

Will vote against this for sure... Would support a share swap for BJLand like what BJCorp has offered him 2 years ago or purely cash deal with a valuation at least equal to what's offered to him.

Will appreciate special dividend if assets are disposed though, could use some cash after holding BJCorp the past 3 years with no cash dividend...