isten to the Business Radio Station My FM 89.9 comment for Benalec holding.

http://www.bfm.my/biztalk-dom-141223.html

so quiet nowadays.....

share price dropped is matter of fact
MD highly remunerated is matter of fact
Board room tussle is matter of fact
Fund raising is matter of fact
Low dividend is matter of fact

Bro Taciturn.... some point you raised/highlighted quite true and fact. But you not in Melaka bro... heard they always delay payment to suppliers. I can say you are 90% correct. Remaining 10% mainly on ground information i heard. Also, i heard approval for DOE is unlikely. Let see coming Q1 2015.

Bro....... i got someone there during AGM. As far as i know, the board / management never highlight this during meeting? You mean your private meeting between u and Board / Management? Seems they treat you quite well.... maybe you hold lots shares... wakaka

Anyone can answer me? @taciturn and @kukuman @jjwong.

One side the MD said he wants to be transparent and do not want to involve in boardroom tussle. to prevent conflict of interest. On other hand, the management said reward seng hai handsomely because he worked hard to resolve board room tussle. Question now is who are the one that solve board room tussle? The independent or executive directors? Another conflict statement caught red handed. Serious transparency & corporate governance excuses.

with recent heavy floods throughout Malaysia, I wonder DOE can easily grant approval without any major issues. I wonder the authorities will not ask lots questions and giving hard time.

Taciturn dont understand the lesson. If shareholders never brought up during AGM, next year fee should be RM10 million. As MD, he may be enjoys others benefits in kinds (not accusation as i used the word maybe).

if u observe carefully, all resolutions likely voted by the MD and its related friendly parties..... ooooh.... related parties again? The hv to resort to related parties voters and supports. Theoretically, investors already lost hope on this company.

Likely unable to get approval for EIA. They are buying time. I dare them to complete fund raising after Q1 2015. Money already in their account after Q1 2015 and tell u unfortunately defer again. Lots stakeholders against this project ranging from BN due to alliance to Syed, PKR due to environmentalist, Pemandu and Dialog because to ensure sustainability ie no oversupply of oil tankers and Singapore due to shore line, environmentalist and competition. The Jurong Island already hv Pengerang by Dialog is enough.

@Ganasai.... yeah... this company should pay Bangla and Indo well because the Bangla and Indo more hardworking than MD. Without them, where is the land? Wonder how this Seng Hai rewards them?

This company must learn from MAS Independent Directors. The independent directors refused to accept their fee for not performing. The MD should consider to change the independent director.

If the MD really love the company, he should not take such huge remuneration resulting fund raising. If he withdraw less RM6 million, the company can save RM420,000 (RM6million x 7%) per year on interest. The internal control of company so weak resulting RPT happened. The Audit Committee, External auditors, internal auditors, board of directors and managements not doing their job. Shareholders compensating them higher pay to them for not doing their jobs. Family conflicts bring to company and reward himself. Assuming the two brothers not executive directors, will this RPT issue happened? This show that it is personal family problem that bring to the company/board. Instead as shareholders, we must fuck the MD to create mess by bringing ancestors issue to company and cause shareholders to lost money. Agree Kukuman?

@Kukuman ... heard is because of long time dispute and cannot get along on business decision. I know eldest brother quite well.

@Kukuman............... is his duty as director's to resolve. Money paid to resolve issues instead to bring growth to the company. Money wasted. If the company is transparent since inception, this thing wont happen at all. How can related parties can happen but the MD, Board and Management not aware of it? Not competent or cover up or trap to kick the both generous directors LTC and LAC out from the company?

@kukuman ..... frankly. I agree with you on your comments. Based on my earlier posting, these projects create controversy against law makers, environmentalists, Syed, Dialog, Federal and Singapore. I dont think the MD is strong enough to agaisnt so many forces. If without Royal supports, i think they already lost these projects.

if u read from announcement, those vote for surely their own people. Who on earth having 433 million shares will attend? They only hv 11,300 shareholders with 1 person holding more than 100 million shares with 90% holding between 1000 to 200000 shares.

DAP, PKR, Syed, Singapore and Dialog have stakes there. Unlikely smooth sailing.

Benalec indirectly became business rival to Syed

Even Sultan also acknowledged certain quarters purportedly to cause delay. So pls dont expect smooth sailing. I foresee further delay during Q1 2015 because these projects too controversial. As what Kukuman said, it is just work of spinner and buying time.

Speech by HIS MAJESTY:-

In his officiating speech at the opening of the Johor state assembly on May 31, Sultan Ibrahim stated that EIA is required for projects in the state, but went on to say: "But unfortunately, there are irresponsible quarters who use their power over the EIA as a weapon to prevent development that is not in their interest.

"Why are there quarters taking their own sweet time and deliberately delaying the approval? Such action obstructs the state's development and cause investors to run elsewhere.

"Johor is the right of Johoreans and only Johoreans know the situation and needs of Johor.

"Why should there be outsiders who try to interfere and teach us about what we should do in our own state?"

The sultan also cited the projects by Benalec Holdings in the state, for which the EIA is still being withheld.

Aside from a potential threat to Singapore's shorelines, there are also concerns that the project could hurt the Port of Tanjung Pelepas (PTP), Malaysia's second busiest port.

PTP is operated by tycoon Syed Mokhtar Al-Bukhary, seen as a business rival of Sultan Ibrahim.

http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=320911:controversial-forest-city-the-johor-sultans-own-man-made-island&Itemid=2#.VJogq14AA

i was informed that the Federal Government wants to keep cap on supply of oil tankers at Southern Malaysia. The oil tankers by Dialog at Pengerang is already sufficient enough to sustain supply & demand and wish not cannibalization among oil tankers players. Thats why Dialog was granted EPP instead of Benalec. Expecting more delays !!!!!

Sorry all. I was on leave yesterday.

@taciturn... i stay in Melaka lah. Hard to travel KL. My holding is quite minimal already compared to last time. If i want any update, i can call with my buddy working at branch office. He is quite well informed. He told me they are looking for Assistant GM to assist GM because expansion and Johor projects. Seems they are confident to start work at Johor soon.

tomorrow is my turn to attend

Pls update us here how Vincent answers on his salary

SHIT...... i miss it. Tomorrow got EGM. Why they do it separately? to make less shareholders to attend and pass the resolution easily. Very wicked.

Read also want to laugh. Puit puit puit. Group of conmen running company like MLM. Selling hopes. Cause me lost so much money. Make me tue lan. Will go to his grandpa's graveyard and tell him how their grandchildren running the company and cheating old people money like me
http://www.thesundaily.my/news/1093914

see you guys tomorrow !!!!!!! lets beat table, chair and screw directors like how shareholders did for MAS. Foresee Ah Ben soon will be like brother to MAS. Black hole sucking money from publics. Will tell u, if u dont put more money, the company will liquidate.

Important question must ask during EGM

Note 7 - PPE pledged is RM32 million. Note 12(c) Inventories - land held for sale pledged is RM19 million. Note 17 - Cash and bank balances - cash pledged is RM18 million. Later land held for sale RM200 million pledged for bond issues.

Shareholders' funds at 30 June 2014 at RM543 million. Less assets pledged at RM269 million. Meaning actual shareholders' funds is RM269million.

If all assets pledged already, what left to shareholders? peanut? shareholders' shareholding merely paper enjoying beggars' dividend. I give beggar RM1 also higher than dividend if i am holding 300 shares.

Also, lands as at 30 June 2014 at RM258 million less those sold. Remaining lands sufficient to pledge as collateral? How the value the land? Over value so less land to be pledged? At RM42 without margin of safety to bond holders?

On Page 42 of Annual Report - the director sold 45m shares. Why? foresee share price drop so sold the shares or as director, who even sold the company's shares meaning no confident on own company? if the board always said transparent, the director must explain why? need money? boh lui? where proceeds used by directors?

i wonder the directors scare kena screw tomorrow so now pushing share price up. After EGM, down again.

@taciturn ... why current market slowdown and ringgit depreciate so much due to huge foreign cash outflow and ratings agencies downgraded Malaysia's growth rate, global slowdown, property markets cooling down and oil price dropped and some even predict can go as low as USD20, Other countries foresee to raise interest rates, I doubt the bond issue RM200m will success

@taciturn .... maybe i will attend as proxy. I know even attend also useless because the directors with their shareholdings will vote for and surely pass just that the directors might kena hentam kau kau and likely bond will under subscribe. If under subscribe, the reputation of the company will collapse forever as it indicates public lack of confident on this company.

@Zero.... u sure this is their grandpa's company? really true chinse proverb, Wealth cannot sustain longer than 3rd generations. Ruin at 3rd generations.

Thos making money from ESOS - Page 41 Annual Report 2014.

If share price rise because shareholders pump money in, these are names who will be making more money than investors.

Ng Huat Hoe
Bernard Boey Weng Onn
Kenneth Chin Kah Kiong
Cheong Yew Huat
Wong Wai Li
Teh Siew Yuen
Tang Yek Soo
Koid Heng Hua
Teo Ai Kiang
Dato’ Leaw Seng Hai
Aznam bin Mansor
Koo Hoong Kwan
Wong Yoke Nyen

Question to be asked during EGM

Based on the note 22 on annual report on page 108. The risk free rate used for valuation of esos is 3.91%. Why the bonds' interest rate offers is only at 4%, equivalent to risk free interest rate. Is the bond also risk free? why the company do not intend to do rating?

Question to be asked during EGM
The Company has deferred revenue of RM204 million as at 30 June 2014 which accordingly should be able to materialise within a year. In view of this, why still need to do fund raising? Also Boon Siew projects are based on cash basis meaning that the company should be able to receive cash progressively?

Pls ask how the funds raise will be used? how much for Johor? how much for Melaka and how much for new projects? Otherwise they will mess up the accounts and money will disappear without knowing use for what projects. Tell them precisely to show how the money will be allocated?

Pls ask................... if lands can sell, why use as collateral?

This Benalec even worse la. RM7.5 million plus undisclosed benefits (i believe).

kukuman so funny.

wakakaak..... kukuman.
You dont be surprise if she looks like Jolin Tsai

Can lodge to Home Ministry on happyvic under anti sedition act..... MCMC will reveal his true identity.... wakakakaka

even we have 1 share, we can still vote and question directors at AGM or even walk in to request to vouch documents and asked for information.

No wonder no transparent because we have people like happyvic in that company.

Wakakaka

Proven that this happyvic is a spy sent by this company to observe this forum. I suspect happyvic either a staff there or director... wakakakaka

Siva68 - no comments on ur earlier remarks. Wish to ask...... paying director fee RM7.5m when profits dropped like hell and dividend declared much lesser than director fee.

If tomorrow touch RM0.525, based on this market price, surely bond issue will fail definitely.

Run while you can otherwise you need to crawl.

Yeah ...I agreed with u JJWong. Do you believe the management and directors dont know such related party transactions barring that all are brothers? Meaning that the 2 younger brothers so smart to deceive the board directors and his own eldest brother the MD? I really doubt so.

They will keep telling you of selling land. Question is selling land is their core activity like manufacturing selling their products so dont get excited when seeing they selling land and land is limited. After selling, no more land yet the Pengerang and Tanjung Piai no news. I wonder can this company able to sustain for > 10 years.

RM0.30 / RM0.009 = PE ratio = 33 times which is still expensive. Last time PE Ratio only 16 times. I foresee it will down below RM0.30

jjwong.... waht u meant? u mean Ah Ben is cheap people? wakakakaka