Posted by wantanmi > 2020-06-01 22:11 | Report Abuse

Yup! How to limit up? when share suspension is up to 5 pm tomorrow? Also very suspicious why story of Singer sale to BJCorp news released by insiders so fast! even before full details of Restructuring Plan is out??

Posted by firehawk > 2020-06-01 22:24 | Report Abuse

wtf! taking so long time ... why last 2 days didn't get it ready?

Posted by sunnyegg > 2020-06-01 22:29 | Report Abuse

Just hope that VT giv us good news =)

Posted by cheng3333 > 2020-06-01 22:32 | Report Abuse

this news is a shock. it needs more time to cool down.VT asked for two days' suspension.

Posted by sunnyegg > 2020-06-01 22:34 | Report Abuse

Can it be a shock

Posted by sunnyegg > 2020-06-01 22:34 | Report Abuse

And good news? Haha

Posted by birkincollector > 2020-06-01 22:35 | Report Abuse

why is it good news to buy over singer leh? its sunset business wor

Posted by sunnyegg > 2020-06-01 22:35 | Report Abuse

Haiz, now we can just wait for the news =) Hopefully we all earn money together!!!

Posted by Victor Yong > 2020-06-02 08:48 | Report Abuse

Will fall ... Investors don't like largest shareholder selling private company to listed companies


Bhd (BCorp) is acquiring home appliances distributor Singer (M) Sdn Bhd from major shareholder Tan Sri Vincent Tan.

“The market talk is that BCorp is purchasing Singer from Tan, ” a source told StarBiz yesterday.

Trading in BCorp has been suspended from yesterday until 5pm today, pending a material transaction.

The stock last traded at 19 sen on Friday, with a market capitalisation of RM930.49mil.

Last year, the Berjaya group announced that it had planned to inject Singer into BERJAYA MEDIA BHDas part of the company’s regularisation plan.

According to its website, the Singer brand was established in Malaysia in 1906 as a branch of US-based Singer Sewing Machine Co.

In 1989, Berjaya Corp made a takeover bid for SSMC Inc, the parent company of Singer, resulting in BCorp acquiring 100% equity in Singer.

Singer became a wholly-owned subsidiary of Berjaya Retail Bhd, which also owned 7-Eleven Bhd, on June 14,2010.

Berjaya Retail, which was listed in 2010, was however taken private within less than a year by Tan, who cited the company’s poor share price performance as one of the reasons for the privatisation exercise.

According to Singer’s Malaysian website, the company has a retail network of over 700 shops in major townships, suburban and rural areas.

It is supported by more than 3,000 sales associates and 350 authorised after sales service contractors.

“Singer sells and provides easy payment scheme for its variety of consumer durables, both brown and white goods, flat panel television, refrigerator, washers, furniture, motorcycles, wellness products and digital products to Malaysia consumers.

“Singer was the pioneer in offering flexible Easy Payment Scheme giving customers the option of paying for the purchases by monthly installments that ranges from three to 48 months, ” it said.

Posted by firehawk > 2020-06-02 09:05 | Report Abuse

if the 2-day suspension is only for him to sell Singer to BCorp ... then all the small holders will cheer and thank for his kind and generous .... is a very clever and respectable person!

Posted by firehawk > 2020-06-02 09:07 | Report Abuse

play them gao gao !!

Posted by Douduo > 2020-06-02 09:36 | Report Abuse

Hahahaha.......talk about passing the buck on BJMedia...since already played gao gao!!... make money from other shares first. Only pariah counter will afraid of day traders. Don't dream about money coming back to shareholders. That never happen before after the 4 seasons and Vietnam cases.

Now the boss going to get money from sale of Singer to BJCorp, he may use the money to privatize BJLand for himself to get the RM650 million from GMOC Arbitration & another billion from Jeju Korea instead of sharing with shareholders? With the money VT may be increasing his stake in 7-11 or say invest in his pet hobby Cardiff FC. Bro, just dream. Its ok to dream that the shares will shoot up...

Posted by Miz Raya Bloom > 2020-06-02 10:38 |

Post removed.Why?

Posted by kahhoeng > 2020-06-02 11:12 | Report Abuse

yeah, with 2 days suspension, think it's strange if it is only to buy singer.

Posted by wantanmi > 2020-06-02 12:37 | Report Abuse

Yup! A simple announcement to buy Singer doesn't need 2 days suspension. There's more to meet the eyes....since 6% shares buyback is not enough to pay for Singer, BJCorp may swap its BJLand shares with VT to pay the balance? Later once the RM650 Million is received from Beijing SkyOcean & compensation from Jeju Kyoto. VT carry out Berjaya Group Restructuring Plan killing 3 birds with one stone?

Posted by scanluver > 2020-06-02 12:41 | Report Abuse

VT bailing himself out by having BCorp takeover Singer? Thank you retail investors while stupid crab like 888STOCK888 is hoping the share wll hit RM1 by EOD? HahahHAHAHAHahaha

Posted by PMHLDG288 > 2020-06-02 18:00 | Report Abuse

VT expected sharp decline of share price after the announcement. he should ask for one month's suspension.

Posted by egosky > 2020-06-02 20:06 | Report Abuse

The acquisition will involve the issuance of new BCorp shares at an issue price of RM0.33
each, representing a premium of RM0.14 or about 74% over last Friday’s closing price of
RM0.19 per BCorp share. BCorp will issue about 1,175.76 million BCorp shares for the
net payment of RM388 million. In addition, TSVT will provide to BCorp a profit guarantee
that Singer will achieve a profit after tax of RM20 million per year for the financial years ending
31 December 2020 and 31 December 2021. Based on net payment of RM388 million for the
100% stake in Singer, this profit guarantee of RM20 million per year will translate to a net
price-earnings multiple of 19.4 times.

Posted by 123eztrade > 2020-06-02 20:16 | Report Abuse

don't waste your time in buying any BERJAYA stocks, except for BJTOTO.

Posted by kahhoeng > 2020-06-02 20:18 | Report Abuse

Write to SC to oppose the deal!

Posted by firehawk > 2020-06-02 20:18 | Report Abuse

see how the pariah play the show?

2-day suspension and let them hv fantastic hopes ......

Posted by Leong1982 > 2020-06-02 20:24 | Report Abuse

Pity BJCorp shareholders especially those aunties and uncles who dumped in their retirement money in BJCorp for 10 years.
From RM1.00-RM1.50 in 2010 to RM0.20....
Invest RM50k in 2010, today only become RM10k or lesser...
What a bad investment!

Posted by money2alvin > 2020-06-02 20:38 | Report Abuse

Share price tomorrow will stable at what price? 0.19 or 0.33 or 0.25?

Posted by hng33 > 2020-06-02 20:40 | Report Abuse

Bjcorp exchange value have increase from previous 30sen (acquire bjland from Penta investment) to 33sen (acquire singer from Bjretail).

http://www.singer.com.my/

Posted by Eddysurge > 2020-06-02 20:42 | Report Abuse

Bjland deal already issued of iculs, warrant & cash and latest penta deal with bjcorp new issuence shares that's causing share stagnant for both bjland and bjcorp. Gain nothing from both. The sunsets bjsinger bussiness bail out with new issuence of bjcorp shares will see purposely diluted the shares and continue squeeze the market price. The long term will cause VT to further control the company.

Posted by hng33 > 2020-06-02 20:48 | Report Abuse

The upcoming REAL catalyst is Bjcorp will record massive net gain RM 480m after tax from disposal four season hotel in japan, nett EPS = 9sen.

DISPOSAL AND LEASEBACK OF THE HOTEL COMPONENT OF FOUR SEASONS HOTEL & HOTEL RESIDENCES KYOTO, JAPAN

On behalf of the Board, Maybank IB wishes to announce that the Disposal was completed today following the settlement of the Total Consideration by the Purchaser in cash and BKD has on even date entered into the Lease Agreement with the Trustee and the Purchaser.

This Announcement is dated 10 March 2020.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3028849

Posted by kahhoeng > 2020-06-02 21:02 | Report Abuse

hng33, 480 million profit will have a net eps of less than 7. 5 sen if the singer deal goes through! It's a bad deal, but I guess you won't care.

Posted by 888STOCK888 > 2020-06-02 21:17 | Report Abuse

hng33 is only here to make 2 cents profit and run... Hehe

but if this is a bad deal, why VT wants large amount of share exchange under his name at a premium price at 0.33 per share? He could have suck all the cash from BJCORP. Because he knows the shares will worth much more than 0.33 within next 2 years after privatise BJLAND. 2 years still quite a long time for small investors.

Posted by wantanmi > 2020-06-02 21:18 | Report Abuse

Yup! Don't cry over spilt milk...now we know a benchmark has been set for the next obvious privatisation project according to VT's restructuring plan outlined earlier once the RM650 million is received by BJLand...

"The acquisition will involve the issuance of new BCorp shares at an issue price of RM0.33
each, representing a premium of RM0.14 or about 74% over last Friday’s closing price of
RM0.19 per BCorp share. BCorp will issue about 1,175.76 million BCorp shares for the
net payment of RM388 million."

Posted by kahhoeng > 2020-06-02 21:24 | Report Abuse

Stock888, BJCorp will bear a 140 million inter-company debt on top of who knows how much Singer is bearing only to receive a 40 million profit guarantee. Who knows how much Covid 19 and digital impact will be on Singer. If it's bad, saying cash flow negative after 2-3 years, BJCorp will on top of giving 1 over billion of BJCorp shares to VT and 140 million cash through debt owed, bear the future cash top up to keep Singer floating.

Posted by kahhoeng > 2020-06-02 21:28 | Report Abuse

stock888, and NO, BJCorp NOT just issue 1 over billion shares. The deal is basically asking BJCorp to pay VT 140 million cash + over 1 billion BJCorp shares for 2 year profit guarantee of RM 20 million each!

Posted by 888STOCK888 > 2020-06-02 21:40 | Report Abuse

Thanks Kahhoeng.

However it looks like VT wants an easier and cheaper option to gain another 20% in control of BJCORP shares... It's paving way for him to HAVE even more control of BJCORP if BJLAND privatisation plan go through....

VT treated small shareholders very badly in the last 10 years... I don't think most shareholders will say yes to this deal...

Posted by Eddysurge > 2020-06-02 21:41 | Report Abuse

Bjland should be 100% acquisition since bjcorp already deep through. For bjland and bjcorp minority.

Posted by 888STOCK888 > 2020-06-02 21:46 | Report Abuse

Still don't understand why took 2 days to announce this lousy deal?

This deal could have been sweeten by BJLAND privatisation offer which will create large NTA value to BJCORP and has direct access to the income from bjtoto... + compensation from overseas

Posted by kahhoeng > 2020-06-02 21:47 | Report Abuse

stock888, VT owns about 5% of BJLand himself, there'll be no dilution if BJLand is taken private by BJCorp through share issuane. Anyhow, without a clear evaluation of covid19 and digital impact over singer future business prospect, the deal should be halted!

Posted by kahhoeng > 2020-06-02 21:48 | Report Abuse

or 7%, forgot already

Posted by sailang_now > 2020-06-02 21:50 | Report Abuse

Somebody must be an insider to know there is a RM140 million intercompany loan by Singer a private VT company?

Posted by Jolly > 2020-06-02 21:54 | Report Abuse

May I ask if I bght the shares at 0.60 , meaning now I will get 0.33 cents only right ?

Posted by kahhoeng > 2020-06-02 21:56 | Report Abuse

It's in the announcement, Singer is valued at 536 million. But Berjaya Retail owes Singer 148 million. So, basically, BJCorp issue RM 388 million worth of BJCorp shares while waiving the RM 148 million owed by BRetail.


https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3055489

For shareholders’ information, the unaudited net assets of the Singer Group as at 31 December 2019 is RM561.00 million and the estimated total amount of inter-company debts owing by BRetail to the Singer Group as at 31 May 2020 is RM148.00 million. Assuming the final inter-company debt prior to the completion of the Proposed Acquisition remains at RM148.00 million and no dividends are declared and paid by the Singer Group after the date of this MOU, the net payment for the Proposed Acquisition will be RM388 million. Hence, BCorporation will issue about 1,175.76 million Consideration Shares for the net payment of RM388 million.

Posted by kahhoeng > 2020-06-02 21:57 | Report Abuse

My bad, initially I thought it's a debt owed by Singer to BRetail, while it's actually the other way round. Anyway, it's basically the same though, RM 148 million cash + RM 388 million of BJCorp shares valued at ONLY 0.33 per share

Posted by Leong1982 > 2020-06-02 22:07 | Report Abuse

Jolly, what 33 cents??? You only have left 19 cents!

Posted by KWSI7317 > 2020-06-02 22:19 | Report Abuse

such a lousy deal need to days to announce f...

Posted by wantanmi > 2020-06-02 22:26 | Report Abuse

Yup! Actually all is not loss. If you study the announcement by BJCorp on proposed Singer Acquisition dated 2 June 2020, it's only a Memorandum of Understanding (MOU) which is legally not binding... They have another 2 months to negotiate a Transaction Agreement with option to extend another month to sign this Agreement. Meaning only September to finalize Agreement? Also with conditions subject to due diligence, shareholders approval in EGM, SC approval for issue of new shares etc..etc...all to be finalized withing 6 months...so in actual fact if the proposed deal realky goes through will only happen in December 2020? So don't have to cry FAMA yet...

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3055489

Posted by kahhoeng > 2020-06-02 22:26 | Report Abuse

Leong, bjcorp has net asset above 1.00, its priced at 0.19 cause market sentiment and VT not declaring dividend for past two years. Bjcorp, a company with over 6 billion of assets, is issuing 20% additional new shares just to buy a 300+ million company, what joke are you talking...

Posted by jetta > 2020-06-02 22:33 | Report Abuse

just share my 2 cents view:

forget about the price bjcorp paid for Singer. Let talk about the motivation phase 1 what VT did.

Before MOU Singer, VT shares hold to bjcorp is around 50%. However, after the MOU Singer, VT shares hold to bjcorp will increase by up to 60%.(which is very important for phase 2 deal !)

Phase 2 deal, bjland in future (I guess only )
After deducting bjcorp hold about 78% of bjland shares, if VT asks for one bjcorp share swap to 1 bjland share ( i assume ), then VT bjcorp shares hold after the deal will become 51% above, this is the main reason why he injects the Singer at first. Otherwise, he may not be able to obtain more than 50% of the bjcorp shareholders' equity after the bjland deal .

Posted by Jolly > 2020-06-02 22:34 | Report Abuse

So , shall we hold back & wait or just sell off ASAP. Any room to increase the value above 0.19

Posted by kahhoeng > 2020-06-02 22:35 | Report Abuse

No need shareholder approval according to MOU, and not any other regulatory bodies. Only hope to stop the deal is through SC, and of course only if SC initiate investigation

Posted by everest > 2020-06-02 22:35 | Report Abuse

should ave some lflying tomorrow

Posted by stockraider > 2020-06-02 22:35 | Report Abuse

Actually reasonable good deal & earning accretive ie}

1. Share price at 19 sen acquisition value at 33 sen.

2. Profit guarantee of rm 20m for next 2 years Bcorp enjoy extra sustainable profits of Rm 20m loh...!!
Positive for bcorp loh....!!

Posted by wantanmi > Jun 2, 2020 10:26 PM | Report Abuse

Yup! Actually all is not loss. If you study the announcement by BJCorp on proposed Singer Acquisition dated 2 June 2020, it's only a Memorandum of Understanding (MOU) which is legally not binding... They have another 2 months to negotiate a Transaction Agreement with option to extend another month to sign this Agreement. Meaning only September to finalize Agreement? Also with conditions subject to due diligence, shareholders approval in EGM, SC approval for issue of new shares etc..etc...all to be finalized withing 6 months...so in actual fact if the proposed deal realky goes through will only happen in December 2020? So don't have to cry FAMA yet...

https://www.bursamalaysia.com/market_information/announcements/company..


Posted by kahhoeng > Jun 2, 2020 10:26 PM | Report Abuse

Leong, bjcorp has net asset above 1.00, its priced at 0.19 cause market sentiment and VT not declaring dividend for past two years. Bjcorp, a company with over 6 billion of assets, is issuing 20% additional new shares just to buy a 300+ million company, what joke are you talking...

Posted by kahhoeng > 2020-06-02 22:42 | Report Abuse

What's 20 million profit to 6 billion shares?