I read from Edge Weekly today, Ritz-Carlton Residences is an almost 1.3 billion GDV project with 50% sold so far. That would mean approximately sales of approximately 600 million will be recorded this coming and next quarter report, assuming that none is recorded last quarterly reporting.

The recovery of Cosway is currently unknown unless you are a big distributor of Cosway and has some insider knowledge about its turnaround.

The rests are simply hard to predict and can be ignored. I am concerned if the over 1 billion assets held for sale will be transacted within the next 3 months and if its cook by BJCorp. Sigh! So hard to analyse...

What's more, BJCorp has already landed on a good project in Vietnam, i.e., Vietnam Toto. BJCorp just need to focus on this while trying to resuscitate Cosway into a profit generator. Any new deal is like its Wendy's, Jollibean, Borders, Papa John's, etc., looks good, sounds good, but not offering minorities much except sales figure.

Bullwinds, in my opinion, asset disposal is important to unlock BJCorp's value. Currently, BJCorp is spending almost 400 million annually on interest expenses by holding assets not yielding income. Selling sufficient assets will lighten BJCorp debt that would directly improve BJCorp's profitability. Every 100 million of interests saved is a 100 million profit. Furthermore, without selling assets to lighten its debt to allow future expansion, BJCorp would have to issue more new shares, which would be bad for minorities.

eddysurge, thanks... I'm just putting my thoughts here, but guess my investment over the past few years is anything but failure...

sigh, guess there's no rescue in place until BJCorp announces the asset disposals...

waiting, waiting, waiting, when will the announcements on the over 1 billion asset awaiting disposal be made? Hopefully BJCorp will raise over 1.5 billion from these disposal.

laulau, its reported in the quarter report.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5650097

On its balance sheet, BJCorp listed RM 1,053,563,000 as non-current assets classified as held for disposal and RM 230,826,000 as liabilities directly associated with disposal group classified as held for sale

Based on BJLand's latest quarter report, half of BJCorp's assets classified as held for disposal is attributed to BJLand intention to dispose its Vietnam property project.

The remaining half has been classified as held for disposal on its balance sheet since 1QFY18 quarter report announced on July 31, 2017. I asked VT's son in the AGM but he said can't disclose until announced...

waiting, waiting, waiting, when will the announcements on the over 1 billion asset awaiting disposal be made? Hopefully BJCorp will raise over 1.5 billion from these disposal.

err... BJCorp by right should have four legs of cash flow generators. (1) Toto and other gaming businesses in Philippine and Vietnam (2) Cosway (3) Property development and investment (4) Other investments (to me, that's a real complex one, haha...) OR three legs by excluding (4) ?!?

(1) is doing OK with further opportunities in Vietnam
(2) is in a bad shape right now
(3) is slowly recovering after disposal of China project, on-the-way disposal of Vietnam project, in court case Jeju project, and completed Ritz-Carlton Residences in KL and Four Seasons in Japan. Others are of small scales if I were not wrong.
(4) I'm clueless, but quite some of them are either sold or in the process of being sold (yet to be announced under BJCorp is an almost 500 million net asset)

Hopefully coming quarterly report will show good profit from the sale of Ritz-Carlton Residences and recovering Cosway operation... Best yet, some announcements at huge profit on the disposal of net asset held for sale of 835 million (1035 million asset - 230 million debt.)

Based on the latest quarter report, BJCorp has a net asset held for sale of 835 million (1035 million asset - 230 million debt.) In addition, the sold China project awaiting last repayment is approximately 580 million. On top of that, Ritz-Carlton Residences gross development value is 1100 million and is handed over to buyers end of Dec 2017 (50% sold?) These together shall bring in at least RM 2 billion, slightly less than half of BJCorp net debt of approximately RM 4.2 billion. I suppose the impact of a higher than anticipated 10 year US treasury bond that caused the tumbling US market last Friday should not be much.

waiting, waiting, waiting, when will the details on the over 1 billion asset disposal be announced?!?

额 娃哈哈?

Rozali and his family will not be able to vote. I suspect LTH has agreed to vote YES. It would be difficult to challenge Rozali now. Though, it would be a shame if we didn't vote NO. Hopefully, we minorities have sufficient NO shares to show SC how angry we are!

angiess, you will need to call broker for help. If you receive the proposal from Puncak, there's a section at the end seeking your vote. I hold my shares in margin account, just need to sign a form by my broker and they'll handle it from there

I'll most likely not attending the EGM, I'll vote NO though on the TRIPLC deal and have my vote sent in

0.01 per share dividend won't even cost more than RM 50 million, 1/8 of the cost of financing. Don't you think its weird that dividend is cut?

err... unless BJCorp announces some good news before CNY, doubt it can move much. I'm aiming the coming quarter report to be profitable due to completion of Ritz-Carlton Residences follows by announcements of the over 1 billion assets awaiting disposal, hopefully I'm right.

rMoi, I won't buy anymore unless price drop to 0.55 - 0.60 range, but only to lower my cost of holding... Meanwhile, I will vote NO to the deal.

rMoi, buy? You sure boh?

err... actually, I bought some at 0.355 a few weeks back and at 0.34 today... hopefully I'm right about Ritz-Carlton Residences bringing in good profit and cash flow this coming quarter report.

EGM set so close to CNY trying to dissuade shareholders from attending and vote NO...

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=13737&name=EA_GM_ATTACHMENTS

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of Puncak Niaga Holdings Berhad (the “Company”) will be held at Concorde I, Level 2, Concorde Hotel Shah Alam, No. 3, Jalan Tengku Ampuan Zabedah C9/C, 40100 Shah Alam, Selangor Darul Ehsan on Tuesday, 13 February 2018 at 9.30 a.m. or any adjournment of the Extraordinary General Meeting, whichever is later, for the purpose of considering and, if thought fit, passing with or without modifications the following resolution:

rMoi, more like trying to rally (a small one?!?) due to acquisition of TRIPLC...

No... BJcorp has never been the owner of oldtown, ONLY Kenny Rogers and Starbucks that's been listed through BJFood

haha ... Dennis, you have a point, guess that the benefits of being the BIG boss...

no, oldtown and umobile not owned by BJCorp... all the while owned by VT himself

laulau, didn't read that part, thought the 3 years was referred to BJLand's claim on China Property Project disposal final settlement?!?

Just hope that BJCorp will be able to report at least RM 100 million profit from the Ritz-Carlton Residences project through the 50% sold...

Laulau, thanks... VT son suggested during the AGM that they have no problem getting compensation for the JEJU project at full cost, but they want more, so the whole process will take time and they are not certain how long it would take...

Ritz-Carlton Residences is developed by BJCorp's subsidiary and has nothing to do with BJLand. Think its only mentioned because BJLand is the company being published...

The project is completed a few months ago, well, that's according to the guy in the newspaper when asked during the AGM. When reading through the quarter report, though, the sales and profit don't seem to be included then. Only when I read it in Focus today that Ritz-Carlton Residences is only handed over to buyers early last year. Thus, I believe the sales and profit will show during coming quarter report announcement that reflect Nov '17 - Feb '18 performance.

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...

Will sell once profitable, and will MAKE SURE I will never touch this company, EVER... Sending signal to SC and Rozali, will never entertain any attempt to throw garbages at minority shareholders!!!

waiting, waiting, waiting, when'll BJCorp announce the details of the over 1 billion assets awaiting disposal?!?

Thought MOL is owned by VT, nothing to do with Bjcorp?

What good is bjcorp assets if they were impaired regularly or sold at loss/payment not received? Guess this is among the reasons bjcorp share price not performing at all.... sigh, hope it's not another 3 years in waiting...

Ok thanks

laulau, the restatements are not significant,,,

BJCorp needs to release some good news for price to move up, a highly profitable divestment would be great, or the Vietnam government agrees to allow BJCorp publishing the details of Vietnam Toto venture (must be dreaming, sigh!)

Saw an article on Focus (think its published last Friday, but I read it only today,) that Puncak Niaga is looking to inch a NRW (non revenue water) project from the federal government. Probably that's why the share price is moving somewhat....

Based on the article though, the chances of materializing the deal is very slim, given the election is close, water issue is sensitive and Pakatan Harapan is holding to three states.

Eddysurge, I'm merely responding to s_id1234 comment :)

err... another 2 possibilities, VT can't tahan his non-performing son(s) and/or daughter(s), OR, VT felt guilty letting his son(s) and/or daughter(s) taking blame for his stupid deals?!?

Can only hope BJCorp or BJLand announcing a highly profitable disposal, given its over 1 billion of BJCorp asset awaiting sale. 500 million profits from the disposal, is it too much to ask?!?

Oh... forgot to add, BJCorp on group level has a 6 month financing cost of 188 million. Assuming BjCorp is able to cut debt by half, that would means BJCorp will be able to 'book' roughly 188 million of profit a year simply by cutting financing expenses... Well, probably leveraging can be considered another leg of BJCorp, except its purpose is only to drag BJCorp down...

BJLand has two legs, NFO and property development & investment. The NFO business, though profitable, has declined but luckily downtrend is halting. The property development & investment over the past few years went into S Korea, China, Vietnam, and Japan. All except Japan, yet the smallest of all overseas ventures, is in trouble and divestment process... Only thing to hope, a better price for Vietnam project, a faster claim on China project, and favorable court judgment on Jeju project.

BJCorp has more legs, NFO, property development & investment, MLM, F&B, investment and blah blah... NFO through BJToto and Vietnam Toto, and Vietnam Toto has yet to see contribution in terms of profit (luckily the sales is growing.) Property Development & Investment through BJLand and parent company itself, but almost all oversea ventures are big jokes, yet the Malaysia site has yet to come up with mega project (not to mention current oversupply situation making it almost an impossible task?!?) MLM through Cosway bought at high price, and the most recent quarter report suggests Cosway needs more work to recover, F&B is too small with too many brands and genuinely doubt they are run efficiently. Investment in listed and non-listed companies, well, not too bad, given the past few years of divestments bring in the needed cash flow to keep BJCorp floating. Blah, blah cause there are so many others I don't even understand, haha...

Genuinely hope for a faster Vietnam Toto growth, a favorable Jeju court judgment, heavily profitable Vietnam project disposal, and claiming back the China money soon. Wonder if BJCorp has the right person for Cosway now?!?

so long BJCorp is dedicated to cutting down debt, I suppose its a safe investment awaiting catalysts from prospering Vietnam Toto, favorable Jeju court ruling, profit from disposing Vietnam property project, final payment of China property project, and improving Cosway operation (its terrible in this quarter, sigh!)...

miniminer, I genuinely doubt that VT cares about what his minorities think...

Still trying to portray VT a 'nice guy' + philanthropist? LOL

freetospeak, kind of agreeing with supersaiyan3, the management and board is terribly bad at disclosing the issues at hand. Guess until Jeju court case, China Great Mall debt collection, Vietnam property sale, Ritz-Carlton KL sale conditions (its a RM 1 billion project!), and Vietnam Toto breakeven forecast are clearly disclosed to shareholders, its very difficult to know where BJCorp is heading, sigh!

Until VT announcing some good news on any of the above, I have to put my BJCorp investment aside for the next 1-2 years, assuming VT's son has been honest with the Vietnam Toto's breakeven duration...

With BJCorp at 0.35 and BJLand at 0.37, I was wondering if VT looking at exercise to swap BJLand's shares into BJCorp' shares?!?

Well, on the bright side, the operating cash flow is strong, generating 337 million in 6 months and its balance sheet is sitting on over 1 billion of assets to be disposed.

6 months ended
31/10/2017 31/10/2016
RM'000 RM'000

CASH FLOW FROM OPERATING ACTIVITIES

Receipts from operations 4,818,943 4,803,314
Payments for operating expenses (4,422,797) (4,599,664)
Payment of taxes (118,256) (174,965)
Other receipts (including tax refunds) 59,680 26,512
Net cash generated from operating activities 337,570 55,197

CASH FLOW FROM INVESTING ACTIVITIES

Disposal of property, plant and equipment and non-current assets 5,247 5,685
Disposal of investments in subsidiary companies - 126,121
Disposal of investments in associated companies 58,891 279,910
Disposal of other investments 30,473 45,109
Acquisition of property, plant and equipment and non-current assets (92,158) (155,604)
Acquisition of investments in subsidiary companies (10,274) (97,546)
Acquisition of investments in an associated company and a joint venture (15,775) (14,376)
Acquisition of other investments and short term investments (51,723) (5,691)
Acquisition of treasury shares by subsidiary companies - (4,666)
Interest received 36,535 52,262
Dividend received 7,452 11,271
Repayment from/(advances to) joint ventures 68,033 (118,048)
Net cash inflow from settlement for surrendering certain assets and lease interests - 127,309
Other receipts 86,407 11,260
Net cash generated from investing activities 123,108 262,996

CASH FLOW FROM FINANCING ACTIVITIES

Acquisition of treasury shares by the Company - (2,850)
Issuance of share capital to non-controlling interests of subsidiary companies 1,240 1,139
Dividends paid to non-controlling interests of subsidiary companies (48,796) (72,728)
Interest paid (180,741) (194,113)
Drawdown of bank and other borrowings 1,178,197 631,376
Repayment of bank and other borrowings (1,270,273) (1,298,555)
Net (placement)/withdrawal in banks as security pledges for borrowings (39,979) 363,532
Net cash used in financing activities (360,352) (572,199)

NET CHANGE IN CASH AND CASH EQUIVALENTS 100,326 (254,006)

well, its not 王者归来, more like another year of losses

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5650097

1 Revenue 2,185,831 2,457,510 4,384,513 4,681,918

2 Profit/(loss) before tax -153,459 408,489 -91,206 480,097

3 Profit/(loss) for the period -212,989 308,761 -218,995 266,526

4 Profit/(loss) attributable to ordinary equity holders of the parent
-145,985 176,505 -189,381 113,828

Bill Lim, quite frankly, I don't know... From my understanding, Ritz-Carlton Residences is completed and handed over to buyers in this financial quarter whose earning to be reported (I raised the project completion with the board during AGM and was informed, except clueless how it will affect the P&L?!?)

quarter report announcement, waiting, waiting, waiting.... judgment day?