KUALA LUMPUR (March 8): Olympia Industries Bhd is getting a four-storey bungalow as payment for most of a RM5.55 million debt owed by a company controlled by its major shareholder and managing director, Tan Sri Yap Yong Seong, widely known as Duta Yap.
The debt is interest (full amount: RM5,547,651.31) incurred from the RM55.3 million that Yap's 100%-controlled City Properties Sdn Bhd (CPSB) owed Olympia previously, which had been offset via the transfer of 15 condominium units at 9 Madge in Taman U-Thant to Olympia in 2015.
Olympia said in a stock exchange filing today that its unit United Malaysian Properties Sdn Bhd will get the bungalow, located at Taman Sri Hartamas with a built up of 543.9 sqm, from Sri Aman Development Sdn Bhd (SADSB), a company in which Yap has an indirect 75% stake, held via his son Yap Wee Sean. UMP has inked a sale and purchase cum settlement agreement with SADSB and CPSB for the related party transaction.
“The proposed transaction will enable the company to recover most of the outstanding amount due from CPSB, as well as to increase its portfolio of investment properties,” Olympia said, adding that the deal is expected to be completed by the second quarter of this year.
After setting-off the bungalow's purchase price of RM5.5 million, CPSB still owes Olympia RM47,651.31, which it shall pay off "at such times and in such manner as CPSB and the company may from time to time agree upon".
Yap holds a 32.52% stake in Olympia. He also controls Dutaland Bhd, where he has a 53.78% stake and is its managing director.
Olympia shares closed 0.5 sen or 4.76% higher at 11 sen today, giving the group a market capitalisation of RM112.58 million.
TOP THIRTY SHAREHOLDERS No. Name of Shareholders No. of Shares %
1. Kenny Height Developments Sdn Bhd 180,000,000 17.59 2. RHB Nominees (Tempatan) Sdn Bhd OSK Capital Sdn Bhd for Seni Kasuari Sdn Bhd 127,841,395 12.49 3. Duta Equities Sdn Bhd 125,122,083 12.23 4. MP Factors Sdn Bhd 34,603,560 3.38 5. CIMSEC Nominees (Tempatan) Sdn Bhd CIMB Bank for Azizan bin Abd Rahman (MY0531) 29,395,270 2.87 6. RHB Nominees (Tempatan) Sdn Bhd OSK Capital Sdn Bhd for Duta Equities Sdn Bhd 27,550,000 2.69 7. Lim Kok Thay 14,513,765 1.42 8. Ng Eng Siong 8,970,000 0.88 9. Lim Chau Liang 6,000,000 0.59 10. HLIB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Teng Siew Kean (MG0090-199) 5,470,900 0.53 11. Lim Pay Kaon 4,000,000 0.39 12. Lim Pei Tiam @ Liam Ahat Kiat 3,900,000 0.38 13. Vun Shui Moi @ Vun Siew Moi 3,553,300 0.35 14. Ng Soo Yong 3,400,000 0.33 15. Wong Hon Yee 3,196,821 0.31
Borneo forest emerges as front runner to replace Jakarta as Indonesia’s capital •Bukit Soeharto in the centre of the country meets the criteria as it’s close to airports and free of earthquakes •Current capital Jakarta is home to 30 million people and approaching total gridlock *New capital in East Kalimantan will have spill over effect to Sabah economy in terms of tourism revenue...
Jelebu is the driest place in MY with lowest rain per annum. Thus, with 1400 acres in Jelebu, Olympia jewel land can be nation's largest solar farm if Nenek Yap intend to go big in solar industry. LSS3 with 1000MW capacity in bid in 2019-2020 years. Many over-look this Nenek Yap huge potential. wakaka
PETALING JAYA: Investors should remain invested in the listed number forecast operators (NFOs) for 2020, says AllianceDBS Research analyst Cheah King Yoong.
The bullish stance is backed by the government’s intensified clamp down of illegal NFOs, the gaming sector’s fundamentals and its “exciting growth prospects”. “For 2020, we do expect the clampdown on illegal NFOs to further intensify with the enforcement of minimum penalties for both sellers and punters part in the illegal NFO market and potential sector liberalisation to attract punters back to the legal market.
“Market may have underappreciated the minimum penalties announced in Budget 2020. “We believe that such high penalties and long jail terms imposed on both punters and illegal operators, if enforced and marketed effectively, could greatly discourage both parties from participating in the illegal NFO market. “Therefore, we believe there is still plenty of room for the NFOs to grow their earnings if the authorities successfully reduce illegal NFO activities, ” Cheah said in a note yesterday. The government in Budget 2020 has proposed a higher minimum mandatory penalty of RM100,000 for punters patronising illegal gambling outfits, along with a minimum mandatory jail sentence of six months. For illegal operators, a higher minimum mandatory penalty of RM1mil and a 12-month minimum mandatory jail sentence will be imposed. Cheah pointed out that while there are no official estimates of the illegal NFO’s market size, it is estimated to be about two times of the legalised NFO market.
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....
Posted by HoselGoh > 2018-08-13 09:32 | Report Abuse
Buying interest seems strong today. No wonder top volume..