Posted by TheContrarian > 2016-05-26 09:51 | Report Abuse

Even if privatization is not successful Company will be delisted for not maintaining 25% public spread.

Posted by TheContrarian > 2016-05-26 09:54 | Report Abuse

What the offeror is doing is legally nothing wrong, but morally it is cheating on the minorities. SC can't do anything. There has been so many precedents like AP Land.

Posted by TheContrarian > 2016-05-26 11:25 | Report Abuse

GiveMeFive, a controlling shareholder is not allowed to buy more than 2% shares over a six months period (or one year, can't remember) WITHOUT having to make a general offer for the rest of the shares.

Posted by Junichiro > 2016-05-26 15:35 | Report Abuse

This is a hopeless company, formerly FACB. I have 100 shares left after countless capital reduction. If Dr Chen wants it, I am willing to give it to him free. 5cts x 100 + ? what do I get?

Posted by willc48 > 2016-05-27 09:44 | Report Abuse

This is a joke of Tan Sri Chen trying to squeeze existing shareholders with offer at RM0.05 buyout of remaining shares not belong to himbeven though he has >50% in control. Trying to forceful pit yo shareholders. He can forget it as Kbunai has plenty of projects in pipelines but put on hold pending buying over. What justice of the board officers for not be interest of shareholders but supporting this person to buy at shareholders' loss .

Posted by GiveMeFive > 2016-05-27 10:26 | Report Abuse

Please anyone who has friends in the mass media to report this unfairness and unreasonable offer in all newspaper.

Posted by pvjsabah > 2016-05-27 15:25 | Report Abuse

Word on the ground is some China Co. is going to buy the place......... the least he can do is provide a fair price........

Posted by oasischeah > 2016-05-27 15:25 | Report Abuse

I have alot of this share and is not sure to sign off the sale form. This a a major loss as I bought it some 10 years ago.

Posted by TheContrarian > 2016-05-27 16:16 | Report Abuse

I sold this share some 10 years ago, you must have bought from me!

Posted by jt888 > 2016-05-27 16:37 | Report Abuse

I have written in to the Starbiz , email : starbiz@thestar.com.my .
If you have the Star newspaper, just go to the Biz section, there are many more email addresses of the various columnists. Just include their email addresses.
Please everyone , let's highlight it to the press . The more people that write in the better , otherwise they may just ignore us.

Posted by jt888 > 2016-05-27 16:38 | Report Abuse

Hopefully , over this weekend , some of you can send some emails over to the Starbiz.

Posted by tomwah > 2016-05-27 16:40 | Report Abuse

cut off few day ago ,,,,,game over

Posted by TheContrarian > 2016-05-27 17:07 | Report Abuse

Game over, Chen has achieved over 75%.

Posted by TheContrarian > 2016-05-27 17:24 | Report Abuse

The Company might even be suspended from next month before eventually be delisted. The intention to delist had been announced by the Company.

Posted by TheContrarian > 2016-05-27 17:28 | Report Abuse

Minority shareholders who own over 105,000,000 shares have accepted Chen's offer of 5 sen helping him to achieved 75% a few days ago.

Posted by jt888 > 2016-05-28 00:22 | Report Abuse

http://www.mswg.org.my/files/editor_files/file/2016/english%20newsletters/20.05.2016_Newsletter_14_May_2016_to_20_May_2016_V2.pdf
The above is the newsletter from Minority Shareholder Watchdog Group commenting on the takeover case .

Posted by GiveMeFive > 2016-05-28 05:51 | Report Abuse

"file not find" :( jt888, could you cut and paste the contain here. :) thanks

Posted by willc48 > 2016-05-28 06:17 | Report Abuse

stupid to accept. minority investors being bullied with such a low price while Kbunai book value is far than that with many projects put on hold pending buyout. Who is the major benefitors? This Tan Sri.

Posted by TheContrarian > 2016-05-28 09:30 | Report Abuse

If you don't accept you will eventually hold unlisted shares which you can't sell anymore.

Posted by TAH > 2016-05-28 14:15 | Report Abuse

I agreed with Willc48. Keep until he offer higher price not at this beggar price. He thinks minority shareholders are Hak Yee !

Posted by TAH > 2016-05-28 15:08 | Report Abuse

Kbunai is now financially ok, the unscrupulos director want to take its private, shame on him .

Posted by jt888 > 2016-05-28 21:55 | Report Abuse

GiveMeFive :

www.mswg.org.my/files/editor_files/file/2016/english%20newsletters/20.05.2016_Newsletter_14_May_2016_to_20_May_2016_V2.pdf' target='_blank'>http://www.mswg.org.my/files/editor_files/file/2016/english%20newsletters/20.05.2016_Newsletter_14_May_2016_to_20_May_2016_V2.pdf

MSWG’S COMMENTS:

We have received request to comment on the unconditional voluntary take-over offer of all KCB shares by the Offeror. From the surface, the take-over offer would deem to be unfair, as the offer price of RM0.05 per share is at a discount to the market price of RM0.06 (the market price prior to the announcement as at 28 April 2016) and to the net asset (“NA”) per share of RM0.1453 (unaudited NA as at 31 March 2016). However, taking into consideration that KCB has been suffering losses for the past few financial years and the market price has been declining much lower than the NA per share, the offer may serve as an exit opportunity to shareholders to monetise their investments in KCB.
We will further comment on this offer when the Independent Adviser issues their advice. The offer document is also subject to the approval by the SC.

-----------------------------------------------------------------------------------------------------------------------------------
You can go to www.mswg.org.my & look under Newsletter dated 20.5.2016.

Posted by jt888 > 2016-05-28 21:56 | Report Abuse

Today's Starbiz section also commented on KCB .

http://www.thestar.com.my/business/business-news/2016/05/28/privatising-karambunai-who-will-blink-first-pitfalls-of-overseas-mas-maybulk-leads-the-way/

Posted by jt888 > 2016-05-28 22:00 | Report Abuse

The Starbiz Saturday, 28 May 2016

Privatising Karambunai – who will blink first

TAN Sri Dr Chen Lip Keong’s attempt to take property and tourism outfit Karambunai Corp Bhd private is set to be a long-haul affair between minority shareholders and the gaming tycoon himself.

At a buyout offer of five sen per share, vis-a-vis Karambunai’s net tangible assets (NTA) per share of 14.5 sen, the proposed exercise is already facing strong resistance from some minority shareholders, who have deemed the offer as grossly unfair.

As it is, some of them have even taken the case up to the Minority Shareholder Watchdog Group (MSWG) in the hope that the organisation that protects the interests of minority shareholders would intervene.

Meanwhile, acceptance of the buyout offer - whose first closing date is June 9 - has been lukewarm at best. Chen, the president of Karambunai, has so far only managed to increase his stake in the company to 76.15% from 68.46% since announcing his takeover bid on May 5.

Similarly, Chen’s shareholding in Petaling Tin Bhd (PTB) – for which he had also made a bid to take private on May 5 - remains unchanged at 65.07%. The buyout offer of 23 sen per PTB share was also at a significant discount to the company’s NTA per share of RM1.03.

Trading in the shares of Karambunai has already been suspended due to the counter’s slight shortfall in the public shareholding spread, which stood at 23.85% as of May 25.

Minority shareholders are likely to hold out for a better offer for Karambunai.

So, who will budge first remains to be seen.

Certainly, poor market conditions always offer opportunities for company owners to take their listed entities private. But it is also pertinent that offerors take into serious consideration the interests of minority shareholders.

As to what’s fair or not may be a subjective matter. And that’s where the test of who is able to stand the pace of the corporate game comes into play. If minorities do not yield to Chen’s offer of five sen per share for Karumbunai, it will be a long haul for the tycoon to take the property developer private.

Posted by keluang_man > 2016-05-28 22:42 | Report Abuse

haha sudah kena tipu dengan calvin ka??

Posted by GiveMeFive > 2016-05-28 23:12 | Report Abuse

jt888, thanks and hope we will be given a more reasonable deal :)

Posted by TheContrarian > 2016-05-29 00:18 | Report Abuse

Chen has said he is not revising his 5 sen offer and now that he has owned more than 75% of the shares he wants the Company delisted.

Posted by TheContrarian > 2016-05-29 00:23 | Report Abuse

So sad to see so many people bought into Karambunai. They don't know what they bought. Company never gave dividend, called for rights issue in 2013 @ 10 sen. Money down the drain. Now the exit is 5 sen or nothing. People thinks MCA paper The Star gonna save them?

Posted by jt888 > 2016-05-29 00:28 | Report Abuse

TheContrarian : how much is Chen paying u to be his spokesperson ?

Posted by TheContrarian > 2016-05-29 00:31 | Report Abuse

Go read the announcements on the Bursa Malaysia website. This is public information.

Posted by TAH > 2016-05-29 11:11 | Report Abuse

This DR Chen is an Anaconda. He forgotten that share holders have been supporting the company , now he want to take private, cheaper that a roll of toilet paper, shit ! A lot share holders must be cursing him days n nights. This stock is extremely undervalue cos the properties have not been revalue . So do not sell to him.

Posted by TAH > 2016-05-29 11:42 | Report Abuse

This Dr Chen is filthy rich, yet have no mercy for investors. He thinks he can bring the wealth to graveyard. Bad karma will go after him.

Posted by TAH > 2016-05-29 13:28 | Report Abuse

Follow Mr Calvin Tan 's advice, book the seller at 5sen if u have extra cash to prevent Dr Chen from getting 90% control.

Posted by beso > 2016-05-29 16:56 | Report Abuse

this group of companies do not even earn a single cent for more than 15 years yet people still buying in really speechless

Posted by keluang_man > 2016-05-29 20:29 | Report Abuse

semua sudah kena tipu dengan calvin.hahahah

Posted by TheContrarian > 2016-05-30 00:45 | Report Abuse

Chen doesn't need 90% control, he just wants more than 75% ownership to delist the Company. After delisting, Bursa Malaysia and Securities Commission have no more say in what he does in the future.

Posted by stockmanmy > 2016-05-30 00:56 | Report Abuse

A delisted share just disappear from the radar and you get nothing.

Sell or not?

Posted by small_investor > 2016-05-30 07:02 | Report Abuse

My SIC called said they have 74% aredy ask me just accept the offer

Posted by pvjsabah > 2016-05-30 08:07 | Report Abuse

SURE....they need the commission.....once its of the board...they get nothing......

Posted by GiveMeFive > 2016-05-30 08:51 | Report Abuse

Hi, be fair to the remisier/broker. They are not part of the takeover party and most of them just there to earn a honest living. With the current market conditions, most hardly earn enough commission to meet ends needs.

Posted by TAH > 2016-05-30 08:56 | Report Abuse

Throw the prospectus to the dustbin n wait for the next offer

Posted by TAH > 2016-05-30 08:59 | Report Abuse

HL cap before privatise RM 1+ only, finally RM 10+ . don't forget Oh!

Posted by GiveMeFive > 2016-05-30 09:08 | Report Abuse

Offer price of not less than NTA should be a criteria of SC's approval for the takeover.

Posted by TAH > 2016-05-30 09:18 | Report Abuse

For your info, the present NTA is outdated.

Posted by GiveMeFive > 2016-05-30 09:32 | Report Abuse

I am happy to take up the offer if the offer price is revised to the published NTA of RM0.145. Some said that the revaluated NTA could be more than 25cent .

Posted by TAH > 2016-05-30 09:59 | Report Abuse

U know .it is inhuman act to delist a listed company when u could not manage to acquired 90%.

Posted by GiveMeFive > 2016-05-30 11:08 | Report Abuse

Delisting is a powerful weapon of bursa to make listed companies to toe the line. Now is a tool for takeover offeror to force through their unfair offer price.

Posted by GiveMeFive > 2016-05-30 11:14 | Report Abuse

Bursa/SC should not delisted a company under takeover offer so that the offeror take advantage of the effect of delisting.

Posted by WarrenLim > 2016-05-30 12:05 | Report Abuse

Anyone can asnwer my question,if we don't sell..is that true if chen get over 75% and company will go dilisted and we coudn't sell anymore?

Posted by taitaumau > 2016-05-30 12:24 | Report Abuse

Warrenlim, it will be informative to read Pages 38 & 39 of Independent Advice circular released this morning at Bursa web-site.