Luckily I ran all my 500 lots of MRCB-CN few days before at 0.07 and above with some good profits. Bought average 0.02..... Knowing very well the sharks won't push MRCB on days close to it's expiry........pity those who bought last few days between 6 to 7.5 cents. May have to convert CN to mother shares lah
Anson938, thanks a lot. I just check the notice issued by CIMB. They will use these 5 days average price to deduct RM1.60 and divide 2.5 X number of MRCB CN that anyone hold once the trading time expired tomorrow 5pm. Need to wait 7 working days for them to issue the cheque to holders of MRCB CN after 31st May 2013. My sincere thanks Anson938. My bloody remisier keep chasing me to sell and I bet she does not even know about this. What kind of remisier lah.
I bought at Rm1.90 on 2012 ... But After I average down at RM1.50... And Sold ALL at RM1.78... Still make some profit... Dont care the price will go up RM2.00 or not...If stuck at higher price... Must make A GOOD average..!!
PKNS's resistance to MRCB'S proposal to acquire PJ Sentral could be a major setback for the entire MRCB-Nusa Gapurna deal.Selangor MB Tan Sri Khalid Ibrahim does not think PKNS is getting a good deal as Nusa Gapurna and wants to exercise the option to buy back the 70% stake in PJ Sentral it does not owned to regain 100% control.
MRCB falls on news of Nusa Gapura merger falling through By John Loh
PETALING JAYA: Malaysian Resources Corp Bhd (MRCB) shares lost as much as seven sen on Monday, tumbling to a low of RM1.52 on news its RM729mil merger with Nusa Gapurna Sdn Bhd may be scuttled.
The builder-cum-developer was down five sen to RM1.54 at midday, with some 7.87 million shares done at prices ranging from RM1.52 to RM1.58.
A business weekly reported on Saturday that the Selangor State Development Corp (PKNS) had sent a letter to MRCB saying it wanted out of the MRCB-Nusa Gapurna deal.
The state-owned entity is purportedly looking to exercise an option to buy out Nusa Gapurna's 70% interest in the RM3bil PJ Sentral development. PKNS has a minority 30% stake in PJ Sentral.
CIMB Research said in a report PKNS' resistance was a “setback” to the merger.
“There could be a near-term share price overhang triggered by this news, but it could be offset by large-scale job wins, conclusion to the Eastern Dispersal Link divestment, and positive resolution to the Nusa Gapurna deal in the second half of 2013,” the research house said, maintaining an “outperform” call on the stock with a target price of RM1.98.
“We do not, as yet, see this development as a potential deal breaker. But deal completion could take longer than the fourth quarter 2013 time frame if the state government stays firm on its stand.
“We understand that MRCB's proposed acquisition of the 70% stake in PJ Sentral is interconditional on PKNS's acceptance of the offer,” CIMB Research added.
MRCB shareholders will vote on the proposed merger at an EGM this Thursday.
UOB Kay Hian also confirmed in a note to clients that PKNS intended to acquire the remaining 70% share in PJ Sentral's Lot 12, which spans nine acres.
But the Gapurna family would continue to finalise its merger with MRCB as it believes the “demand” from PKNS was unfounded, the brokerage said.
“It is unfounded because the total implied value of Gapurna's asset (injection) into MRCB includes other land banks, and their construction/security division as well. What PKNS wants is only the price of the nine-acre land.
“Assuming PKNS succeeds, the entire MRCB-Gapurna deal will collapse. Lastly, we think the share price will react negatively, given the huge amount of uncertainties.
”Losing the management from Gapurna and yet another chance to transform MRCB will send the share price downward, in our opinion,” UOB Kay Hian explained.
The brokerage expects MRCB to dip closer to its one-year low of between RM1.20 and RM1.30.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
mattewchew_482
11 posts
Posted by mattewchew_482 > 2013-05-22 19:54 | Report Abuse
hope next week can hit rm2.00.. reduce some loss