Sabah developers warn of fake agents selling Karambunai shares Updated 8 months ago · Published on 28 Sep 2017 9:54PM ·
DEVELOPERS in Sabah raised the alarm over a group comprising foreign and local agents offering shares of a local company allegedly involved in the development of the RM9.6 billion Karambunai Integrated Resort.
Sabah Housing and Real Estate Developers (Shareda) president Chew Shang Hai noted the group operates in a covert multilevel marketing scheme, allowing them to offer the shares directly to investors through the WhatsApp messaging system.
He said the investors were promised a certain returns from scheme by the company which claimed to be the developer of over 404.6ha of the 1,351ha mega project.
“We are very worried about this trend and Shareda was made to understand that next week around 2,000 investors from China will be visiting Sabah for this purpose,” he said during the sidelines of the opening of the two-day Shareda Property Expo today.
"A check through the Securities Commission showed that the company in question had no approval to offer its shares to the public, but continued anyway through the digital media platform," added Chew.
He said the authorities have been informed over the activities, but Shareda wants the federal government to review the Housing Development Act and the Multimedia and Communications Act to provide stricter control over the digital media promotions.
According to him, two local individuals owned the land in Karambunai, which was about 40 minutes drive from Kota Kinabalu, but added of one of them decided to put it on sale in the market recently.
He said if the activities of these agents if continue to go unchecked could possibly ramp up the prices of the real estate even before the project could commence.
The karambunai Integrated Resort is part of the federal government’s Economic Transformation Programme announced in 2011 and was noted to be able to provide up to 50,000 new jobs to Sabahans.
Its development involve the construction of a water theme park, water spectacles, a fountain, a cable car, a mangrove research centre, a harbour cruise, a spa village and resort. – September 28, 2017.
In 2016, kbunai was making loss. Now, kbunai is very profitable... Do you think there will be a much better takeover offer this year? :)
Karambunai up as much as 9% after close of takeover offer Chen Shaua Fui
theedgemarkets.com
June 10, 2016 16:29 pm +08
KUALA LUMPUR (June 10): Karambunai Corp Bhd (KCB) rose as much as 0.5 sen or 9.09% to 6 sen today, after the close of the unconditional voluntary take-over offer from Tan Sri Dr Chen Lip Keong yesterday, which saw 78.26% of its shareholders agreeing to the offer.
However, at 3.22 p.m., KCB's shares gave up gains to trade at 5.5 sen, after 16.88 million shares exchanged hands. It was the 13th most active stock of the day.
However, KCB’s structured warrant (KBUNAI-WC), which also saw active trades today — it was the 9th most active counter — was still up half sen or 33.33% at 2 sen, after 28.49 million shares were done.
Dr Chen, who had 68.46% in KCB, made the privatisation offer on April 28 at 5 sen per share and 2 sen per warrant. Chen had no intention of maintaining the listing status of Karambunai.
However, independent adviser Inter-Pacific Securities had advised KCB's minority shareholders on May 20 to reject Dr Chen's offer, citing though it can be deemed reasonable, it was "not fair" and that the unfairness substantially outweigh the reasonableness of the offer.
It had gone on to explain that KCB's offer price of 5 sen represented a discount of about 76% to the revalued net asset value (RNAV) per Karambunai share of 21 sen.
It had also noted that the 2 sen per warrant share was a discount of near 40% over the theoretical value of the warrants of 3.31 sen.
At the close of offer yesterday, the offeror held 78.26% in the company and controlled 45.24% of its warrants.
KCB, which is principally engaged in property development and construction activities, as well as leisure and tourism in Sabah, including hotel resort and golf course, has gained 22.22% year-to-date.
Type Announcement Subject PUBLIC SHAREHOLDINGS SPREAD Description KARAMBUNAI CORP BHD ("KCB" OR THE "COMPANY")
STATUS ANNOUNCEMENT ON COMPLIANCE WITH PUBLIC SHAREHOLDING SPREAD Further to the Company’s announcement on 26 February 2018 in relation to the Status Announcement on public shareholding spread requirements pursuant to paragraph 3.3 of Practice Note 19 of the Main Market Listing Requirements (“Listing Requirements”), KCB wishes to make the following Status Announcement on its compliance with the required public shareholding spread in conjunction with the release of its quarterly results for the fourth quarter of the financial year ended 31 March 2018.
The Company currently does not comply with the public shareholding spread requirements as set out in paragraph 8.02 (1) of the Listing Requirements which stipulates a listed issuer must ensure that at least 25% of its total listed shares (excluding treasury shares) are in the hands of public shareholders (the “Non-Compliance”).
As at the date of this announcement, the percentage of the public shareholding spread of the Company is at 20.72%. The Board of Directors is evaluating various options to address the Non-Compliance but has yet to firm up any option(s) having considered the limitations and practicality in implementing each of the options.
On 5 March 2018 the Company announced that Bursa Malaysia Securities Berhad has vide their letter of 1 March 2018 granted the Company an extension of time of six months until 7 June 2018 to comply with the required public shareholding spread.
Yes need to make announcement already. Share price need to be more attractive to attract any interested investors . Maybe 0.25 should reflect its true value. Its had been bery profitable for the last 1 half years
Any new offer this year? if offer better deal, it is likely to be successful :)
Chen Shaua Fui / June 10, 2016
Karambunai up as much as 9% after close of takeover offer
KUALA LUMPUR (June 10): Karambunai Corp Bhd (KCB) rose as much as 0.5 sen or 9.09% to 6 sen today, after the close of the unconditional voluntary take-over offer from Tan Sri Dr Chen Lip Keong yesterday, which saw 78.26% of its shareholders agreeing to the offer.
However, at 3.22 p.m., KCB's shares gave up gains to trade at 5.5 sen, after 16.88 million shares exchanged hands. It was the 13th most active stock of the day.
However, KCB’s structured warrant (KBUNAI-WC), which also saw active trades today — it was the 9th most active counter — was still up half sen or 33.33% at 2 sen, after 28.49 million shares were done.
Dr Chen, who had 68.46% in KCB, made the privatisation offer on April 28 at 5 sen per share and 2 sen per warrant. Chen had no intention of maintaining the listing status of Karambunai.
However, independent adviser Inter-Pacific Securities had advised KCB's minority shareholders on May 20 to reject Dr Chen's offer, citing though it can be deemed reasonable, it was "not fair" and that the unfairness substantially outweigh the reasonableness of the offer.
It had gone on to explain that KCB's offer price of 5 sen represented a discount of about 76% to the revalued net asset value (RNAV) per Karambunai share of 21 sen.
It had also noted that the 2 sen per warrant share was a discount of near 40% over the theoretical value of the warrants of 3.31 sen.
At the close of offer yesterday, the offeror held 78.26% in the company and controlled 45.24% of its warrants.
KCB, which is principally engaged in property development and construction activities, as well as leisure and tourism in Sabah, including hotel resort and golf course, has gained 22.22% year-to-date. — theedgemarkets.com
Current NAB is 15.12sen, net profit for FYE 31.3.2018 was RM44mil+ now, very profitable now unlike in the red in 2016. PE is around 10 now too. what offer price is appropriate now if any? :)
Don’t know what the problem, this company so far have shown 7 quaters of continued profit. Price have not reglect this shld not be any problem for major shareholders and board of directors to resolve this.
Naga Corp and Karambunai have synergy, the customers can be rewarded by giving them free rooms, etc at karambunai resorts but Naga Corp will pay Karambunai ... reward and royalty program.
Good Annual Meeting this month. Shareholders should vote out the relevant board of directors....company making great profit for 2 years they're not even doing anything to reflect it on stock price. Go and meet with Broking house Research Analysis to promote your company all makan gaji only!!!
Then another FA to be reach 100 mn. So proper plan for next high yield projects such as eco resort, casino, or bukit unggul mixed resort or others investment.
The current board of directors are a usual placid and boring need to change all of them, share price has been like this for years already.
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A new Sabah and new opportunity for Kbunai!