Posted by candygirl > 2019-02-27 17:58 | Report Abuse

IT IS WORTH MORE THAN 1.50

Posted by theong > 2019-02-27 17:58 | Report Abuse

Who know Danny was working for them to scare us to sell our share.

Posted by candygirl > 2019-02-27 17:59 | Report Abuse

easily above 1.50

Posted by TA_trader > 2019-02-27 18:04 | Report Abuse

i am so disappointed. I was waiting for danny at 0.40. Didnt managet to get any from him there.

Posted by markus > 2019-02-27 18:10 | Report Abuse

MAA asset is mostly all cash and investment that can be convert to cash easily. It's not hard to value. There shouldn't be any illiquidity discount. And in fact i see the philippines insurance is a jewel in its current holding. It's growing year by year and making profit. I think it will continue to grow. It's a good way to tap into that emerging market. If MAA manage to sell both its insurances arm (Conventional insurance and Takaful) TWICE to Zurich at a PREMIUM... Don't you think the Philippines Insurance should demand at a premium price too?

As said before, in Malaysia capital market, there's a lot of precedents of those offers which is NOT FAIR. I ALREADY expect this day will come. I was expecting he offer RM1.50 . The rich big shareholder opress the small shareholders. It's common. It's business. They are rich not because they are generous or fair to the investors but shrewd and cunning.

Of course you can reject his offer. You SHOULD reject the offer. Please REJECT his offer. Please don't sell/accept at RM1.10 . It's blatant day light robbing and he's taking chances and assume there's going to be lots of naive investors in MAA.

To be honest, if i were him, i would offer such ridiculous low price too and take chances. The share WORTH RM2 per share. I OFFER to buy at RM1.10

You judge yourself if it's fair.

Posted by TheContrarian > 2019-02-27 18:30 | Report Abuse

Needs 75% minorities to vote yes and not more than 10% to vote against.

Posted by candygirl > 2019-02-27 18:30 | Report Abuse

DON'T ACCEPT . REJECT OFFER PLEASE

Posted by candygirl > 2019-02-27 18:33 | Report Abuse

Major shareholders are abstained from voting for this egm

Posted by markus > 2019-02-27 18:47 | Report Abuse

MAAG Shares held by TY = 105,777,084 (38.67%) * Cannot vote in the proposals.
MAAG Shares not held by TY = 167,740,668 (61.33%)

10% of shares NOT held by TY = 16,774,066

I hope there's enough of shareholders with shareholding of 16,774,066 shares will VOTE AGAINST his ridiculous offer. In EGM, i will ask him to shove that offer back into his @**.
We only need 10% of sensible and rationale people to reject this proposal.

What he offer is almost exactly the amount of CASH the group has now per share. The rest of the investment (Philipines General insurance) he wants to keep for himself.

Posted by markus > 2019-02-27 18:53 | Report Abuse

I wrote back in December 2018 :

Dec 12, 2018 04:32 PM |

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 dompeilee > 2019-02-27 18:54 | Report Abuse

Cannot blame major shareholders for taking advantage of weak mkt sentiment to buy cheap...so many have done it eg Kian joo farkers, Ptg tin bust**ds etc etc

Posted by markus > 2019-02-27 19:02 | Report Abuse

NTA = RM2.00
Offer Price = RM1.10

DISCOUNT of 45% ! I did not expect this kind of unjust,unfair, unreasonable offer.

And the company is all mostly cash. Nothing illiquid about MAAG.

Posted by TheContrarian > 2019-02-27 19:09 | Report Abuse

Let's all hold out for higher offer. Now we all know why the Company hasn't been doing any share buy backs.

Posted by markus > 2019-02-27 19:16 | Report Abuse

we know why some invisible hands pressing the share price down just to make as if the offer price looks attractive (in terms of the premium over the market average price).

Posted by balvin71 > 2019-02-27 19:31 | Report Abuse

What happens if offer is rejected? Not necessary he give higher offer. Maybe no revise offer, than stock go back to RM0.40. How?

Posted by candygirl > 2019-02-27 19:38 | Report Abuse

They have pushed the price down till now until some investors are happy to be offered 1.10

Posted by sheep > 2019-02-27 19:45 | Report Abuse

tomorrow limit up.

Posted by candygirl > 2019-02-27 19:55 | Report Abuse

of course:)

Posted by markus > 2019-02-27 20:23 | Report Abuse

@balvin71 He is hoping the rest of shareholders worry then blindly sell to him the share at RM1.10 ... when the share is worth RM2.00 . As mentioned earlier, if i were him, i also will take chances and see how it goes. No harm trying to offer at ridiculous low price. See how many naive investors out there and chicken out.

To be honest, if the deal does NOT go through (which i hope), the share price can swing both ways. The market is very unpredictable. Market can anticipate that TY will come back and offer higher, then share price will go up with market anticipation and perception. Or it will float around the offer price RM1.10 as market see and already set it as a "floor" price. Also there is possibility the share will go down as market think MAAG has no hope.
"Remember that the stock market is a manic depressive"
But why you worry? You will not invest in this company in the FIRST place if you care so much what the market think its worth.

Honestly i don't care what the market think. We already saw lately it's being manipulated. It is so obvious. I only care one thing. What i believe how much this company is WORTH.

“ Price is what you pay; value is what you get." Invest for the LONG TERM.

In a "worst" case scenario (not exactly worst/bad at all hence the inverted comas "") , if there is more 10% shareholding shareholders against and the company get delisted due to other criteria (below shareholding spreads etc) there is probability the dissident shareholders (those that reject his offer) just hold on to shares in an unlisted company. I am prepared. I already hold on to this company for 7 years. I can go on another 7 years. I am younger than TY. It's ok. I will wait. You just hold on investment in a private company . Grab is a private company now with private investors. Uber is a private company with private investors. You still get dividend if the company declares dividend.

Posted by Hazel Pang > 2019-02-27 20:40 | Report Abuse

Does that mean that they won’t declare dividend?

Posted by TheContrarian > 2019-02-27 21:17 | Report Abuse

You are been offered RM1.10, there's no more dividend.

Posted by sheep > 2019-02-27 21:20 | Report Abuse

i thought we should get 6sen dividend for year ending 2018 & 2019 as declared? so we should get balance 3sen for year ending 2018.
Pls remind TY on the above

Posted by TheContrarian > 2019-02-27 21:36 | Report Abuse

Any dividend paid would be reduced from the SCR offer price.

Posted by theong > 2019-02-27 21:42 | Report Abuse

Let us form a group to reject the offer.Anyone want lead?

Posted by Hazel Pang > 2019-02-27 21:44 | Report Abuse

Thx TheContrarian

Posted by theong > 2019-02-27 21:45 | Report Abuse

I can share info and get 5000 lots for vote.

Posted by sheep > 2019-02-27 21:54 | Report Abuse

The offer will remain open for MAA's board of directors' acceptance until March 29.

No egm called to vote? just through letter of offer?

http://www.theedgemarkets.com/article/melewar-offers-take-maa-private-rm110-share

Posted by markus > 2019-02-27 21:59 | Report Abuse

they will have to call for EGM later date to vote after "independent advisor" report etc...

Posted by Baobab > 2019-02-27 22:11 | Report Abuse

I think the offer price of RM 1.10 ridicule the intelligence of the shareholders. Is this the way to reward the loyal shareholders?

Posted by Snake > 2019-02-27 22:14 | Report Abuse

Rm1.50

Posted by moneycashrich > 2019-02-27 22:15 | Report Abuse

Not that I like the offer price. No reason for me not to take and move on from this stock.

Posted by smartklseguru > 2019-02-27 22:33 | Report Abuse

I guess the only way to win is to push the price higher

Posted by TheContrarian > 2019-02-27 23:03 | Report Abuse

The offerors are reading the comments in the forum. Hahaha.

Posted by theong > 2019-02-28 00:48 | Report Abuse

Yes I believe so.Before and after announcment.

Posted by sheep > 2019-02-28 08:16 | Report Abuse

wah! qr so bad.... down more than 100%. next one will be worst...
so better take up the offer.... good play
wakakaka

Posted by balvin71 > 2019-02-28 08:34 | Report Abuse

No sellers....only buyers

Posted by theong > 2019-02-28 08:36 | Report Abuse

No seller because it limit up price.

Posted by henrygan99 > 2019-02-28 08:56 | Report Abuse

NTA RM1.94 . cash + Debtors (from sale of previous companies) almost rm1.13. Based on Dec 2018 accounts. Almost 43% discount from NTA with the offer of only Rm1.10. The major shareholders are taking us for a ride. They use existing company cash to pay minority charity shareholders.
They only compare with market values of the share price . Totally ignored the NTA and recent sales of associated companies.

If company is liquidated , the forced sale value will not be less than rm1.74 . (say 10%) discount .
If they force us via the independent advisors, we will need to write to Minority protection body.
The independent advisors must take into account of the NTA of rm1.94 , not only the share price in the last few years.

Worst case scenario is MAA get delisted and we become minority shareholders of an unlisted company.

Lets wait and see what the independent advisors have to say before making decision

Cheers.

Posted by balvin71 > 2019-02-28 09:05 | Report Abuse

JamesOoi, what is your take? You have been giving very sensible advice all these years.

Posted by TheContrarian > 2019-02-28 09:28 | Report Abuse

Mr Balvin, may i propose that you and your friends write to the Company to seek a higher offer price since most of the assets held by the Company are actually cash or cash equivalents.

Posted by balvin71 > 2019-02-28 09:33 | Report Abuse

Better if all of us write in. Than they see many shareholders not happy.

Posted by TheContrarian > 2019-02-28 09:34 | Report Abuse

Selangor Properties is also doing a SCR which was proposed in Oct last year at RM5.70. Sensing unhappiness of the minorities the offer price was revised twice, first to RM6.00 and finally to RM6.30. in the EGM held this month an overwhelming 99% voted yes.

Posted by stock1288 > 2019-02-28 09:50 | Report Abuse

Maybe someone could come out with a standard letter here. And we all send the email to show displeasure

Posted by stock1288 > 2019-02-28 10:02 | Report Abuse

KUALA LUMPUR: Selangor Properties Bhd (SPB) has received the go-ahead from shareholders for it to be taken private, after approving the selective capital reduction (SCR) and repayment exercise launched by the Wen family, who owns a 68.23% stake in the company.

Based on poll results at the extraordinary general meeting (EGM) here yesterday, SPB said 76.301% of its disinterested shareholders, representing 99.023% in value of the total disinterested votes, voted for the plan.

“Further, 0.374% of the votes attached to all the disinterested shares of the total voting shares of SPB voted against the special resolution. Therefore, the special resolution has been carried,” SPB said in a filing to Bursa Malaysia yesterday.

The special resolution required approval from at least a majority of the company’s disinterested shareholders, or 75% in value. Additionally, it must also not be voted against by more than 10% of SPB’s total shareholders.

SPB officials declined to speak to the media at the EGM yesterday.

To recap, on Oct 25, 2018, the Wen family, via its private investment vehicle, Kayin Holdings Sdn Bhd, offered to take the group private at RM5.70 per share via an SCR and repayment exercise.

While Kayin stated that the SCR of RM5.70 represents a premium to the prevailing market price of the thinly-traded SPB shares, dissenting voices among shareholders regarding the offer price led to Kayin upping its offer price twice, first by 30 sen to RM6 per share last December, then to RM6.30 in January this year.

Consequently, entitled shareholders will be receiving capital repayment amounting to RM687.77 million.

“In view that the issued share capital to be reduced is higher than the existing issued share capital of SPB of RM545.37 million, SPB will undertake a bonus issue of up to 382.09 million bonus shares by way of capitalising up to RM382.09 million from the retained earnings of the company, in order to increase the share capital of SPB to a level which is sufficient for the capital reduction,” SPB said earlier.

Shares in SPB rose four sen yesterday to finish at RM6.20, translating into a 52.7% gain from its last price of RM4.06 prior to the October announcement.

Founded in 1963 by the late Tan Sri Wen Tien Kuang and his spouse, the late Puan Sri Chook Yew Chong Wen, SPB currently has a market value of RM2.13 billion.

Following Chook’s retirement in December 2017, Wen Chiu Chi, the third of the couple’s four children, succeeded her as executive chairperson. He was previously the managing director (MD).

One notable development under Chiu Chi’s helm as MD was the AIRA Residences, a luxury condominium project that marked the return of SPB to Malaysia’s property scene in 2016.

Posted by sheep > 2019-02-28 10:32 | Report Abuse

willing buyer, willing seller... RM1.40 i take it

Posted by Bentongchangsifu > 2019-02-28 10:40 | Report Abuse

Will Melewar 3778 being privatise also ? NTA 75sen, share price now only 13sen.

Posted by wkkor > 2019-02-28 10:47 | Report Abuse

someone sell at 0.90 huh?

Posted by sheep > 2019-02-28 10:52 | Report Abuse

no trade will be closed at 0.60. thanks to the few who sold...

Posted by stock1288 > 2019-02-28 11:11 | Report Abuse

KUALA LUMPUR: Shares of low-profile MAA Group hit limit-up, surging the maximum 30 sen a share to a multi-year high of 90 sen on Thursday.

At 10.30am, it was up 30 sen to 90 sen with 4,900 shares done. There were eight million buy orders at 90 sen, according to stock market data.


It has cash and cash equivalents of RM213mil as at Dec 31, 2018.

The cash-rich MAA Group Bhd’s major shareholder, the Melewar group, has proposed that the company undertake a selective capital reduction (SCR) and repayment of RM1.10 a share.

At RM1.10, this would be 83.3% or 50 sen above its last traded price of 60 sen on Tuesday before it was suspended on Wednesday.

Melewar Acquisitions Ltd and Melewar Equities (BVI) Ltd collectively own 38.67% of MAA Group.

The funding for the SCR will be from MAA Group’s own funds.

The Practice Note 17 company has until April 30, 2019 to submit its regularisation plan to Bursa Securities for approval. The company said it does not intend to maintain the stock’s listing
status.

On Wednesday, it announced net losses of RM27.45mil in the financial year ended Dec 31, 2018 compared with net profit of RM25.13mil in FY17.

It was in the red with net losses of RM11.03mil in the fourth quarter compared with net profit of RM2.71mil a year ago. Its net asset per share was RM1.94.

Posted by apolloang > 2019-02-28 11:13 | Report Abuse

when butaland gonna undertake SCR? cash rich but buta