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).

Excellent, since Rozali can't vote in both TRIPLC and Puncak, lets make sure the deal can't go through...

firehwak, is your 'expert' refer to me? I have to wonder...

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...

Need to know what LTH has in mind... Puncak currently has a NA of 3.41 per share, of which approximately 2.50 CASH per share. I can only hope Puncak (with LTH fighting for it?) offering 2.50 to shareholders wanting out instead of joining his GRAND vision, since he has been so KIND to other shareholders but not his...

Congrats to TRIPLC shareholders, I am a shareholder of Puncak Niaga and I am pissed off by the deal. I will vote a definite NO in the coming meeting!

I will vote NO to the TRIPLC deal, good thing that Rozali is not allowed to vote!

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5292081

We refer to the Company’s announcements dated 18 April 2016, 17 August 2016 and 17 November 2016 in relation to the Heads of Agreement entered into by the Company and Puncak Niaga Holdings Berhad (“PNHB”) in order to facilitate discussions and negotiations for a potential disposal of the businesses of TRIplc to PNHB (“HOA”). On behalf of the Board of Directors of TRIplc (“Board”), Hong Leong Investment Bank Berhad (“HLIB”) wishes to announce that the Company intends to implement the following proposals:

(i) proposed internal reorganisation by way of a members’ scheme of arrangement under Section 176 of the Companies Act, 1965 (“Act”) comprising the following:

(a) proposed share exchange of the entire issued and paid-up share capital of TRIplc of up to 69,125,085 ordinary shares of RM1.00 each in TRIplc (“TRIplc Shares”) for up to 69,125,085 new ordinary shares of RM1.00 each in a new investment holding company, PEB (“PEB Shares”) on the basis of one (1) new PEB Share for every one (1) existing TRIplc Share held by the existing shareholders of TRIplc as at the entitlement date to be determined later (“Proposed Share Exchange”); and

(b) proposed transfer of the listing status of TRIplc to PEB and the admission of PEB to the Official List of the Main Market of Bursa Securities and the listing of and quotation for the new PEB Shares on the Main Market of Bursa Securities (“Proposed Transfer of Listing”).

The Proposed Share Exchange and Proposed Transfer of Listing are collectively referred to as the “Proposed Internal Reorganisation”.

(ii) proposed disposal by PEB of the entire issued and paid-up share capital held in TRIplc to PNHB for a cash consideration of RM210 million (“Disposal Consideration”) (“Proposed Disposal”).

Progress made in the BJLand disposal of China property project:

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5291973

BERJAYA LAND BERHAD (“BLAND” OR THE ”COMPANY”) ANNOUNCEMENT

DISPOSAL OF THE BERJAYA (CHINA) GREAT MALL RECREATION CENTRE IN SANHE CITY, HEBEI PROVINCE, PEOPLE’S REPUBLIC OF CHINA FOR A CASH CONSIDERATION OF RMB2.08 BILLION (“DISPOSAL”)

Further to the Announcement made on 16 December 2015, the Board of Directors of BLand wishes to announce that the Disposal has been completed with the receipt of RMB1,015.00 million by Berjaya (China) Great Mall Co. Ltd, a 51%-owned subsidiary of BLand following the fulfilment of all conditions precedent per the Construction Project Transfer Agreement (“Contract”) with Beijing SkyOcean International Holdings Limited for the Disposal (“Completion Date”).

Kk1234, guess most likely scenario would be a rally if retail investors sell or continue falling if retail investors hold...

voon1900 barely, less than 2% of my holding in Puncak currently, only for trading purpose (hands itchy? Think too dangerous to really buy and hold now). Dare not invest given current crazy deals by Rozali, sigh!

actually, bought at 0.895 but think I am acting out of anger, which is bad for investment or trading purposes...

Can only hope SC will bring justice for us minority shareholders. Of course, if you are a shareholder, your complaint will help.

hohup is related to Insas's boss, not BJC's VT, as far as I know...

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

If you are a concerned shareholders, please make the call or email. I am not providing my version, and believe your version should offer a wider perspective to SC. In addition, every additional voice makes a difference. So, exercise your rights as a minority shareholder.

haha... Puncak needs to only buy back shares, the company has over 1.1 billion cash but the market cap is less than 420 million. Buy out all shareholders, including Rozali, and the management is getting 700 million cash plus lands for free. Luckily, I am not selling my shares...

need time to draft the letter lah... none of you want to draft, only waiting for others to do the job...

From star paper today:
VT: sales (Vietnam Toto) have far surpassed our expectations. We only launched one jackpot. We are going to launch 10 to 12 games and it's going to be fantastic. Can it get bigger than B-toto? Much bigger, but not many people understand it.

Sales revenue increased 4.6 times in less than 2 months...

rMoi, you need to go through the book to know if anything hanky-panky. At least the plantation deal has something similar that we can compare and raise concern to SC. anyhow, add your name to the list if you are interested to meet SC for petition.

How many of you is interested to approach SC with regards to Puncak situation? Please repost this with your username included:

1. kahhoeng

Salam, we won't have any chance unless LTH is involved...

firehawk, you are right there are many selecting criteria for picking stocks, but a share at less than 40% net cash and you are here trying to emphasize what? I am not selling mine thanks to some garbage management but I am not selling to some comments here either.

firehawk, Puncak is still holding on to 2.50 cash!

stkoay, the asset sale story will result in this company holding on to 1.2 billion CASH with NO debt and a market cap of less than 500 million. Properly managed, Puncak should have a bright future. Really didn't expect Rozali to be this short-sighted!

stockraider Rozali is paring his stake in TRIPLC, it could be his approach to unload TRIPLC or an attempt to allow him voting for the acquisition. TRIPLC is definitely a BAD deal for Puncak.

angiess Puncak just committed to buy plantation co which requires heavy capital investment going forward!

lcwin, probably NO non-KLCI composite stocks in the future, and warn against these companies to all asking my opinion.

Guess I have trusted too much on balance sheet analysis, macro analysis, and believing too much in the ability of regulation.

stockraider, I didn't voice out earlier because I can't see the future on how he treats the balance sheet, 4th quarter 2015, and subsequent 3 quarters of 2016. I have done my part of URGING him to initiate share buy back to assuage concerned shareholders like ME... He said it will be put into consideration but worry about against the LAW. Those who have attended the AGM can vouch for me if Rozali and I had that conversation in the AGM. If a request for share buy back is not even taken into consideration, are you expecting another special dividend?!?

What's worst, Puncak is traded at less than 40% CASH and 30% NET ASSET with less than 40 million debt. Yet, there's little sign buyers are coming in. Worst yet, Puncak majority shareholders and chairman of Puncak say and do nothing! So, that means buying 1.00 cash with 0.40 cash is a worse deal than buying a plantation at premium because Puncak has to SPEND to develop the LANDS for potential future positive CASH FLOW. My ass!

Unfortunately, I can't PROVE any hanky-panky in the deal, but it SMELLS BAD!!! Had I have any proof, you will know if I will approach relevant authorities for justification.

Put it in other words, would Rozali buy this DEAL if its from his own pocket? If yes, why not just declare another special dividend, and he can easily afford to buy with his own cash and let us Puncak minority shareholders off the DEAL!!!! I almost want to say P*K*M* already

stockraider, the deal is to buy from Ling family! Taan's land is in proximity to Kuching city, which is closer and lower cost to operate. Please lah, could you kindly go through both deals, and raise your points after reading them? At least hng33 is pointing what's wrong with my understanding. You are simply make it up as it goes...

If Shin Yang Group can sell so EXPENSIVELY to Puncak, why sell so CHEAPLY to Sarawak Oil Palm?!?

Stockraider, you are the one who have to understand, Puncak is engaging in a deal with Shin Yang where there's a similar deal to compare with. Rozali is slapping with minority shareholders and forcing to take whatever he likes! (1) Puncak is buying at a much higher premium assuming tress above 18 months old as MATURED, and he expect everyone of us to take it as he INVENTED the terminology? (2) Puncak is buying ONLY 36% (had not hng33 pointed out, I would have thought Puncak is buying a higher 60% interests, which would be a better deal) leaving Puncak minority shareholders on hook to a potentially HIGH bill when the company plants more trees and suddenly DECIDE to buy 100%

Wake up, minority shareholders need to learn to complain and not sit quietly!

stockraider, compare Puncak's deal with Sarawak Oil Palm's deal, you would think the deal is absurd. Puncak assumes trees with 18 months and older 'matured', and paying planted area vs unplanted area with a RM 15 thousand/acre premium. With only a 36% actual interests, minority shareholders will be on potential hook to pay this premium in future acquisition.

Jay, rozali arranged the plantation deal to the extent that he doesn't need shareholders approval...that's why I'm hoping SC intervention on the ground 1. Puncak purposely invested to avoid PN 16 classification 2. Plantation deal can't stand to pass a PN 16 classification approval given it's not generating positive cash flow at least for another 2-4 years until trees truly matured and can't be core given effective interests of 36%. Anyway, let's see how, yet to firm up my petition letter to SC