Posted by jamesooi > 2018-10-30 18:13 | Report Abuse

MAA Market Cap as at today is RM127.185 million or 0.465 per share but Bank and Cash equivalents as at 30-6-2018 was RM 147,866 million plus retention by Zurich Insurance was RM93.75 million = RM 241,616,000-00 or = to RM 0.883 per share.

MAA shares are way below market price, potential of taking private.

Posted by Cipta > 2018-10-31 10:50 | Report Abuse

On behalf of the Board of Directors of MAAG (“Board”), TA Securities Holdings Berhad wishes to announce that Bursa Securities has vide its letter dated 30 October 2018 decided to grant the Company an extension of time of up to 30 April 2019 to submit the regularisation plan to the regulatory authorities after due consideration of all facts and circumstances on the Application, including
1) the financial position of MAAG based on its latest financial statements, (go Green? )
2) the Company’s on-going businesses that are revenue generating (biz is performing?)
3) as well as the developments towards regularisation of its financial condition. (Australia and Philippine? )

Posted by CharlesT > 2018-10-31 10:52 | Report Abuse

Rights issue like MNRB?

Posted by Cipta > 2018-10-31 10:59 | Report Abuse

MAA is cash rich.

MAA sold its takaful to Zurich so it no need raise RM200mil from shareholders. Yet MAA distributes special dividends to shareholders from the proceeding of the sales.

MAA affordable to increase its insurance share to 70% in its Philippine insurance co without asking money from shareholders.

MNRB is larger than MAA. But MAA has more than RM200mil cash in hand while MNRB asking RM400mil from shareholders.

Posted by CharlesT > 2018-10-31 11:02 | Report Abuse

Oh they sold their core biz to Zurich so now hv to build another core biz

Posted by Cipta > 2018-10-31 11:07 | Report Abuse

MAA building its new core biz by its existing fund.

MNRB co's fund not enough to support its existing core biz hence asking for capital injection from shareholders.

Posted by CharlesT > 2018-10-31 11:09 | Report Abuse

I guess not core enough that's why Bursa ask for a regularisation plan?

Posted by Cipta > 2018-10-31 11:20 | Report Abuse

MAA is categorized in Finance Sector in BSKL. It must meet Bursa and BNM regulations that's why it caught in pn17.

Posted by firehawk > 2018-11-05 09:41 | Report Abuse

The most important thing the directors wish to do now, is delay the regular dividend /special dividend pay out .....

Posted by theong > 2018-11-05 11:07 | Report Abuse

Back to 0.5 cents.

Posted by TheContrarian > 2018-11-05 13:08 | Report Abuse

Half sen?

Posted by Cipta > 2018-11-05 13:23 | Report Abuse

If there is no something in progress, Bursa would not allow to extend the reregulation of its business.

Posted by TheContrarian > 2018-11-05 13:39 | Report Abuse

MAA's case is different. Its problem is has too much cash. Bursa has no problem granting extension.

Posted by Cipta > 2018-11-05 14:06 | Report Abuse

A cash rich co no need been listed if they no business plan to utilise the cash in new biz or expansion. Afterall, Bursa is the platform to raise fund.

Anyhow, being a pn17 co with too much of cash still a wonderful status than those other pn17. :)

Posted by TheContrarian > 2018-11-05 21:59 | Report Abuse

MAA is classified as a PN17 company because it lacks a SIGNIFICANT business and this is because its cash holdings is more significant/higher value than the value of its current core business.

Posted by Cipta > 2018-11-09 09:58 | Report Abuse

----------TheContrarian MAA is classified as a PN17 company because it lacks a SIGNIFICANT business and this is because its cash holdings is more significant/higher value than the value of its current core business.----------------------

MAA curent core biz is larger than many listed company.

< because its cash holdings is more significant/higher value than the value of its current core business.> If MAA distributes its large portion of cash as dividends, will it be out of pn17? the answer is NO.

Posted by TheContrarian > 2018-11-09 11:58 | Report Abuse

No?

Posted by balvin71 > 2018-11-21 08:52 | Report Abuse

Altech Chemicals shares at 1 year low AUD0.085. Will impact financials (paper-loss) with write downs of around RM8 million.

Posted by Cipta > 2018-11-21 10:01 | Report Abuse

https://www.proactiveinvestors.com.au/companies/news/208379/altech-chemicals-secures-speculative-buy-recommendation-from-state-one-stockbroking-208379.html

Posted by markus > 2018-12-01 12:42 | Report Abuse

anyone knows what happened to the luxury villa MAA owns in Bali; Nagasutra Villa ? sold or where is it park under?

Posted by firehawk > 2018-12-04 10:01 | Report Abuse

lowest again .... :-(

Posted by danny123 > 2018-12-10 11:02 | Report Abuse

AIYA , TODAY 0.40 CENTS YA

WHY ALL OF U GO AGAINST ME FOR THE PAST 2 YRS

PL LEARN HOW TO TRADE, BABY

Posted by balvin71 > 2018-12-10 21:46 | Report Abuse

Columbus Capital being sold. Good or bad?

Posted by TA_trader > 2018-12-10 22:06 | Report Abuse

Danny12, u still havent reply post in feb. In feb u said 0.20 sens div. When it did not happen, u deleted your posts. In august you mentioned bursa will not extend after october anymore. Then later on say suspend nov. In 10th august u said u want sell more at 0.40 sens. I have been queing there for days, why didnt you sell?

Aiyaaa..why for past 2 years you keep talking but didnt honour your words. Then secretly delete your post cover shame shame face?

Posted by danny123 > 2018-12-10 23:47 | Report Abuse

USE UR BRAIN TO THINK HARD N SEE HOW I WROTE

Posted by TA_trader > 2018-12-11 06:42 | Report Abuse

Lol somebody's triggered. Whenever pressed with facts, or whenever somebody disagreed with you, all you do is condemn.

Posted by Cipta > 2018-12-11 12:58 | Report Abuse

i think it is good to sell Columbus Capital with reasons:
1) Australia property market was overheated and now expecting to down turn. This may trigger more default on loan.
2) Hard to get Australia authority's approval to acquire controlling stake in the group.

Posted by TA_trader > 2018-12-11 13:26 | Report Abuse

Thank you for your constructive feedback Cipta.
Having said that, the sale of columbus allows MAA to register a gain as well.

Posted by balvin71 > 2018-12-11 14:34 | Report Abuse

Good points. The cash per share in the company is much more than the share price.

Posted by apolloang > 2018-12-11 14:43 | Report Abuse

dutaland got RM 750 mil cash also 46cts only

Posted by balvin71 > 2018-12-11 14:52 | Report Abuse

That is true.

Posted by Cipta > 2018-12-11 15:11 | Report Abuse

How much debt Dutaland owe?

Posted by TA_trader > 2018-12-11 15:27 | Report Abuse

Lol correct. How much loan?

Posted by TA_trader > 2018-12-12 11:49 | Report Abuse

Net cash 0.52 per share.
After disposing Columbus. Net cash per share = 0.75 ?

Pls sell more.

Posted by TA_trader > 2018-12-12 14:41 | Report Abuse

Mr. All talk "where is your brain" danny123, why so quiet? Come come sell..

Posted by danny123 > 2018-12-12 15:05 | Report Abuse

I DONT NEED U TO TELL ME WHEN TO BUY /SELL

LOST MONEY DONT BLAME OTHERS

I DONT ASK PEOPLE TO BUY AT BEAR MARKET

Posted by TA_trader > 2018-12-12 16:14 | Report Abuse

Danny123,
Referring to your posts in 10th august 2018. Quote unquote "how cheap you want to buy i sell to you, 0.40?can?"

Quite unquote "i want sell more, not much buyer"

Nobody is blaming you. I am just asking since u mentioned earlier that you are a willing seller.

Posted by markus > 2018-12-12 16:32 | Report Abuse

I'm betting Tunku will attempt to take company private at the lowest price possible next year 2019 or 2020. It is going to be those commonly “not fair” but "reasonable" kind by independent advisers. Grab as many share as you can now to make it harder for him to acquire 90% in the offer shares (excluding the shares already held by him) should he offer at ridiculously low price.

There are many precedents out there in Malaysia capital market.

"Another example of a privatisation that was “not fair” was that of Hwang Capital (Malaysia) Bhd by the Hwang family. The privatisation had been expected ever since the company’s asset management business was sold in 2014.

But after the first offer of RM2.65 per share — made in late-May 2016 — failed to go through, the offerors raised the offer price to RM2.94 per share. The deal was advised by Affin Hwang Investment Bank Bhd.

While the second offer ultimately succeeded, it was still seen as “not fair” by independent adviser RHB Investment Bank Bhd. This was because the offer came at a 14% discount to the revised net asset value of the company, which was determined to be RM3.42 per share."

Posted by TA_trader > 2018-12-12 18:19 | Report Abuse

Even if privatisation offer comes in at 50% discount book value. It still comes in at about rm 1.00 per share?

Posted by jamesooi > 2018-12-12 18:51 | Report Abuse

What is your Capital at Risk if you invest in MAAG (12/12/2018) today based on announcement dated 3 April 2018 on PROPOSED VARIATION TO THE UTILISATION OF PROCEEDS FROM THE DISPOSAL OF MAA TAKAFUL BERHAD (“PROPOSAL”). 

MAAG is a PN17 company since 30 September 2011 and still a PN 17 company as at to date. 
The current Paid-Up Capital of MAAG is 273,517,752 shares. 
If current share price for MAAG is RM 0.435 per share as at 12/12/2018, 

Based on PROPOSAL and I am taking 5 items in the Proposal to do a simple calculation on how risky to invest in MAAG now. 

Based on the Proposal on note f, 
Balance of RM 30,854,000 shall be utilized as working capital and share buy-back exercise. So I make assumption on this point by allocating RM 21,250,000 for share buy-back and the balance for working capital. So 2018 share buy-back of 10,000,000 shares at the average price of RM0.80 per share and the shares shall be cancelled after share buy-back. So 2018 , the Paid-up Capital shall be 261,017,752 shares. In 2019 share buy-back of 11,250,000 shares at the average price of RM0.90 per share and the shares shall be cancelled after share buy-back. So 2019 , the Paid-up Capital shall be 248,517,752 shares. 
The Balance of Paid-Up Capital shall be used for dividend calculation in the note b,c,d and g. 

Based on the Proposal on note g, 
Balance of RM 32,822,000 shall be payment of dividends to MAAG Shareholders for 2018 and 2019. The Board intends to utilize approximately RM32.82 million for the payment of dividends to its shareholders for the FYE 2018 and FYE 2019 respectively. 
So, my assumption is MAAG will be proposing dividend for 2018 is 6 sen less 3 sen was paid in 25th April 2018 and balance is only 3 sen for 2018 and 2019 is 6 sen. 

Based on the Proposal on note b, 
To simply the note b, the balance of RM 40,250,000, if unable to identify new business opportunity after 2 years, that is by 30/6/2020, the proceeds allocated for future investment opportunities may be distributed back to the entitled shareholders of MAAG. So, my assumption is MAAG will be distributing further dividend after 30/6/2020 for 16.20 sens. (RM40,250,000 divide by 248,517,752 shares). 

Based on the Proposal on note d, 
To simply the note d, the balance of RM 28,000,000, if unable to identify new business opportunity after 2 years, that is by 30/6/2020, the proceeds allocated for future investment opportunities may be distributed back to the entitled shareholders of MAAG. So, my assumption is MAAG will be distributing further dividend after 30/6/2020 for 11.27 sens. (RM28,000,000 divide by 248,517,752 shares). 

Based on the Proposal on note c, 
The balance retained consideration sum due on 30/6/2019 of RM 93,750,000, if unable to identify new business opportunity after 2 years, that is by 30/6/2021, the proceeds allocated for future investment opportunities may be distributed back to the entitled shareholders of MAAG. So, my assumption is MAAG will be distributing further dividend after 30/6/2021 for 37.72 sens. (RM93,750,000 divide by 248,517,752 shares). 

So, to sum up, What is your CAPITAL AT RISK if you invest in MAAG now. 
IF Share price RM 0.435 and (less balance of dividend left for 2 years is RM 0.09 (on note g) less dividend (on note b) is RM 0.162 less dividend (on note d) is RM 0.1127 less dividend on retained consideration (on note c) is RM 0.3772 = RM0.7419), therefore your Capital at Risk is only RM – 0.3069 per share. 

CONCLUSION
It is Risk FREE.

Calculation for future NTA 
Current NTA as at 30/09/2018 was RM1.93. If next 2 years MAAG still cannot find new businesses, I will assume that MAAG shall be a losing concern for next 4 years, I will discount NTA by 40 sen until 2021 and Less dividend for RM 0.7419 . The Future NTA shall be RM 0.7881. 

The above assumption is The Management cannot identify any new businesses to invest .

Posted by TA_trader > 2018-12-12 23:26 | Report Abuse

Jamesooi,

Thank you for sharing the salient points.

Please correct me if i am wrong. With reference to note g, i dont think they will be paying another 3 sen div in 2018 since we are already towards the end of 2018.

Assuming no share buyback in 2018/2019. Div of RM 32.82 mil to be paid in 2019 should amount to approx 0.12 sens per share and not the 0.09 sens mentioned.

Posted by TA_trader > 2018-12-12 23:43 | Report Abuse

Also, how did u derive that the average share buyback price to be at .80 and .90 per share? With the assumption if sharebuyback is done before dividend (in note g) then the div per share should be even higher isnt it?

Posted by TA_trader > 2018-12-13 00:17 | Report Abuse

Finally, what are the chances of getting delisted without being taken private?

Posted by jamesooi > 2018-12-13 09:47 | Report Abuse

As for share buyback ,I take the worst sharebuy back price, there is no bases , only on assumption for calculation. It can be anyprice if the Management wants to buy. But why Management is not buying at this price? i do not know.

Posted by jamesooi > 2018-12-13 09:59 | Report Abuse

The announcement is dated 3 April 2018 that Div of RM 32.82 mil to be paid in next 24 months and 3 sens was paid in March 2018 and balance is only 0.09 sens as promised by the announcement.

Posted by Cipta > 2018-12-13 10:07 | Report Abuse

If major shareholders want to privatise it, use co money for share buy back and cancel it will be faster n zero cost to increase his %.
But i believe Tunku is not that kind of ppl. He is looking for new venture of business like aluminum raw material manufacturing which is related to his Melewar. Cash has been reserved because some new biz is in discussion, i guess.

Posted by jamesooi > 2018-12-13 10:15 | Report Abuse

For taking private, i think it is slim due to the Management has not increase his stake in the company for long time and chances are this management is not financial strong personally

Posted by TA_trader > 2018-12-13 10:16 | Report Abuse

Hi jamesooi and cipta,
Thank you for your constructive feedbacks.

Kindly enlighten me. Of course being privatised is a positive thing. My concern is, should they drag further(not looking for business), bursa may eventually reject their approval for a further extension to submit their regularisation plan.

In this case, MAA is not obliged to take it private. They can just delist and continue to pay themselves high salary.

Posted by jamesooi > 2018-12-13 10:49 | Report Abuse

They have extended the announcement was dated 3 April 2018 for the proposed variation plans and hope that SC will not extend again.

Posted by TA_trader > 2018-12-13 10:59 | Report Abuse

Thats my concern. What will happen if not extended? And not taken private also. Meaning, it is simply being delisted.