The commencement of piling works at now, it could be due to
Final approval from the local council of Cameron Highland on the said road works.

Jaks local result have been under perform for few years, due to inflation and high interest marker condition.
Jaks do need to get sizable projects to replenish it's order book.
The LSS5 scheme will be catalyst for Jaks to gain good result.

At this moment, private placement will only base on minimum scenario, warrant conversion would not happen.

However, he said this on 13-feb-24, so target Q3-24 onward, RM580mil for FY-24

In addition, he sees construction activities carried out by its 90%-owned subsidiary Berjaya Construction Bhd giving the group’s revenue a boost this year. He says Berjaya Construction will not only carry out construction works for internal projects from Berjaya Group, but will start bidding for external projects such as the flood mitigation packages.

BLand has set a sales target of RM580 million for 2024, almost double that of 2023.

“We will be more active in property development this year. We have been holding back for three years due to the pandemic, even though we did not stop,” says Syed Ali.

BjCorp share holding of SIAMH is of 520mil, at SGD0.23 book value, 3.5:1 forex.
Almost RM420mil worth.
Higher than Redtone.

BjCorp will not re-value their shares in Redtone, unless they dispose off Redtone.
However, BjCorp will re-value their shares in SIAM-holding after it's listing at SGX.
In 2022, BjCorp stated that re-valuation would have gain of RM192mil, based on SGD:RM of 3.2, now it should be much better.

Boycott will not ended, until the war is over.

Price to drop back to 30s, while it appear another few Qtr result in losses.
Prepare the ride.

Section 3 is at 83% status, focus 1% per month, it take 17 months to complete, on June-2025.

Section 7 is at 65% status, focus 1% per month, it take 35 months to complete, on Oct-2026.

Afterward, toll operator will take 3 more years to break even, from their loan repayment.
Means WCE will see the first profit make Qtr at 2030.

Beside sales drop, the impact of USD hike 4.7:1 is at Dec-23, Q2 result will be very bad.

Worst yet to over.

Pengunjung Starbucks dianggarkan susut hingga 40 peratus - RHB Investment

The last batch of disposal of 30,771,580 shares were by Bj Sompo Insurance.
This could be an indication, which BjCorp prepare to dispose off Bj Sompo.

Of course SBB can not reach 500 mil, as presently public holding is 22%, about 100mil, could be SBB, to reach 80% threshold.

Bjland treasury shares at 30-09-23 is of 79,837,104.
Max 10% is 500,000,000 shares to SBB.

Today start SBB of 8,000,000. Still have 400,000,000 to go.

Believe the group strategy is to dispose off those old and non-5 star hotels, and switch to 5-stars hotels like those hotels at Iceland and Japan.

The Sheraton Hotel at Hanoi Vietnam is 5-star, not sure if they like to keep it.

1. Berjaya Beau Vallon Bay Beach Resort Limited
2. Berjaya Praslin Resort – Seychelles
3. Berjaya Hotel Colombo – Sri Lanka
4. Berjaya Makati Hotel, Makati – Philippines
5. Sheraton Hanoi Hotel, Hanoi – Vietnam
6. Berjaya Eden Park London Hotel – United Kingdom

The above 6 hotels were planned to dispose off, for RM1.2Bil to pare down debts.

In addition, the Group recorded a gain on disposal of The Castleton hotel operations in the UK,
amounting to RM12.44 million, as disclosed in Note A3.

Sale of a foreign hotel business operations RM64,423,000.00

On behalf of the Board of Directors of BCorporation, Mercury Securities Sdn Bhd is pleased to announce that PrimePartners Corporate Finance Pte. Ltd., being the Sponsor and Issue Manager for the Proposed Listing had on 23 November 2023, lodged the preliminary Offer Document of SIAMH in connection with the Proposed Listing with the SGX-ST, acting as agent on behalf of the Monetary Authority of Singapore.



This Announcement is dated 24 November 2023.

BjCorp now hold 147mil Salcon.

Good progress for Section 6 open on 21-11-23, one step forward.
Anyway, loss on this Qtr result is expected.
Until full opening of all sections, company will suffer losses.
Aim to make profit by year 2026.

Nevertheless, present public spread of BjLand at 21% (about 1.05Bil shares), is not liquidate enough.
Believe that BjLand is seeking investors to raise more funds for those Mega projects.
If buying from BjLand is not able to support them for new fund raising, the best way is raising private placement of at least RM1.0Bil, however, the share price got to push up to RM1.00 in order for BjLand to sell their new share.

With the disposal of STM and HR Owen, BjLand will be 100% Property and Hotel business.
From there, BjLand can raise more fund to focus on all their Hotels and properties works.
This shall be the master plan of BjLand and BjCorp group moving forward.

Inline with BjCorp plan to become Financial Sector, there is intention to dispose SPToto.
With this disposal in place, BjLand could benefit from the disposal of :
1. 100% equity of HR Owen to BjCorp group, worth RM1.0B; BjLand portion is RM0.4B,
2. 100% equity of STM to external party, worth RM4.0B; BjLand portion is RM1.6B,
3. Total fund raise of RM2.0B, could easily pare down BjLand debts to RM1.0B

At present, BjLand has RM3.5B debts, add RM1.6B loan to debts of RM5.1B.
The Debts to Equity ratio may not be 85%, as Okinawa Hotel value shall be added in too.
At present, BjLand equity is RM6.0B, with Okinawa value of RM1.6B, equity is RM7.6B.
Therefore, Debts to Equity ratio is RM5.1B / RM7.6B = 67%.

For Okinawa Hotel fund raising, as USD330 million raised at this junction, which proven that BjLand financial position was healthy to accept the additional loan.

@simon2020, beside Redtone, BjCorp also sold 77.3 million of BjFood shares, for RM50mil,
and sold 30,77 million of BjLand shares.
However, this is the moment for BjLand and BjCorp to raise up after several years of down side.
I do believe that to hold on BjCorp and BjLand should be the most appropriate move instead of dispose of shares, to follow BjCorp movement.
As their transactions are via direct transaction, could be passing those shares to their syndicate parties; prepare for "goreng" upon group release of more good news.

With Mega projects in Japan and Malaysia, BjLand shall be able to attract new players from oversea to buy in BjLand stake.

@simon2020, I have no specific intel to judge how could BjLand run their Mega projects via continuous bank borrowings.
Anyway, Yokohama Hotel financing shall be under BjCorp. BjLand shall only be main contractor for the building works.

BLand future profit must come from the Property division, as the other 3 arms have been giving good results and recover from losses after pendamic period.

In fact, BLand have taken their entitlement of profits, on FY-23 dividend from Hotel Kyoto, first RM100mil paid at Q2-FY23, second RM104mil paid at Q4-FY23.
These two distributions have kept BLand stay positive even with the impairment losses of -RM99mil from GMOC at Q4-FY23.

BLand have established a subsidiary in Japan to undertake the main building works.
Via this company, the work in progress could become work revenue, under property division for the next 4 years. This could boost the revenue of Property division, as it has been under performance for the past 5 years, of RM300mil per year the most.
If Hotel Okinawa is progressing as well as their planning, it will give RM1.5 bil per year;
If Hotel Yokohama also take-off as planned, another RM1.5 bil of revenue recorded.
Even Hotel Yokohama owner is BCorp, however the construction revenue is under BLand as they are the main contractor who carry out the works.

Hotel Okinawa ground breaking was on Nov-2020, 3 years only completed civil foundation work.
I believe the main reason for the slow progress shall be MCO at Japan, second reason should be securing bank loan for the main building works.
As said, GDV was USD1.2 Bil, with the loan of USD330 million, how to complete the work without further borrowings?

BLand property division will load with plenty of works:
1. Hotel at Okinawa, RM6bil, in 4 years
2. Hotel at Yokohama, RM6bil, in 4 years
3. Sg Besi works, GDV RM8bil, (based on former report), in 10 years
4. Work with Landasan Lumayan Berjaya JV, GDV RM8bil, in 10 years.
5. Work at Times Square Condo, GDV RM600mil, in 4 years
6. Dev at Penang, Bkt Jalil, Shah Alam, and SRKU, GDV RM1bil, in 4 years.

@simon2020
Secured a USD300million, RM11.6bil loan, does not means immediate borrowing will up RM1.6bil. Borrowing will pick up while they draw-down from bank during the hotel construction period.

Anyway, the recovery of RM650mil, which Bland portion of RM330mil, is no more great news as compare to the won case of STC relocation and development of Okinawa Hotel, the development of Yokohama Hotel is under BCorp, not BLand.
Plus the development of SRKU scheme and River side scheme under LLBSB.
These will be the potential movement of BLand going forward.

From record frozen assets of Beijing SkyOcean namely shares in Tuopai Shede Wine, shall worth RMB3.8Bil. Good enough for the repayment, however, knowing ZhouZheng has declared bankruptcy, how much could it worth now, and how many debtors are queing up to get back from him, will be an issue.

If GMOC case settled, and STC appeal case closed with Selangor state, BLand shall boost for next high with their new plan on:
1. Okinawa Hotel, up to 2027
2. Yokohama Hotel, up to 2028,
3. Sg Besi new development plan, up to 2035.
4. Development of river side conds jointly venture with Landasan Lumayan, up to 2032.

However, if the debts were recovered, it will be gain of RM473mil on BLand group, plus interest gain of RM65mil.
With exclude minor minority interest, Bland can get RM270mil profit, from the collection.

Nevertheless, as BLand declare impairment, means the recovery of debts could be challenging: as compare to Jeju Resort case, there was no impairment being allowed.
Finally, Jeju debts were recovered.

From report, state that:
The courts in the People’s Republic of China and Hong Kong had ordered that various assets of Beijing SkyOcean and its Guarantors to be frozen and would be appraised for auction to eventually recover the Final Award.
Due to the Covid-19 situation in China previously, the abovementioned recognition and
enforcement proceedings had been delayed and are still ongoing at this juncture.

Impairment have been made since 2017, while they take legal suit to buyer.
Total impairment have come to RM473mil.
The initial debts is of RM595mil, with interest, built up to RM650mil, as recorded.

This time with Four Season Hotels at Okinawa, and Yokohama, USD1.2Bil each, RM6.0Bil.
Can they get new foreign to buy in again ?

Refer to year 2004 to 2206, BLand could attract foreign fund manager to but in their shares up to RM5,00; that time BLand selling their Mega projects at GMOC, at China; Jeju Resort at Korea, and Kyoto Hotel at Japan.
End up, they manage to complete only one job, but price drop to 20sen.

Due to high RM:USD rate recently and poor spending power in present inflation,
foresee same store results and profit will be poorer vs previous year.
Forthcoming two Q1 & Q2 would not be good.

Left pocket to right pocket, the proceed from disposal of BLand, swap to BFood.

Borrow USD at current high exchange rate to JY should be fine. Work shall be done in JY.
Once Fed Reserve interest rate start drop back, projected exchange rate of JY will drop.
Present JY:USD is 150:1, if it drop to 100:1, there is capital gain of 33% on exchange rate.
As repayment will be 5 to 10 years from now.

As Yokohama Hotel also will be started at 03-2024.
Which means another syndicated loan will be taken, the group borrowing will increased further.

Only get a syndicated loan of USD330 million.
Gross Development Value of USD1.12 billion.
Are there more loans will be borrowed for the whole project ?

the Four Seasons Okinawa is targeting its grand opening in the second quarter of 2027
3.5 years from now.
It is like Genting developed Genting S'pore previously.
Take so long to see their actual openning.