Posted by Victor Yong > 2020-06-03 11:57 | Report Abuse

any cross-selling between singer and cosway of bjcorp? acquisition of singer, PE should be lower to around 10, share price of bjcorp should be higher than 33sen. NTA of bjcorp RM1.20+, 50% of NTA~60sen :)

Corporate Profile
Singer (Malaysia) Sdn Bhd (97871-K) (“Singer”) is a consumer durables marketing company that runs on both direct selling and retail marketing platform by merging the best features of a direct selling system with the convenience and reach of a wide retail chain nationwide.

Established since 1906 in Malaysia as a branch of Singer Sewing Machine Company of USA, the Singer brand has been trusted for generations for its sewing machines catering for both the home and industrial use.

In 1989 Berjaya Corporation Berhad (554790-X) (Berjaya) made a takeover bid for SSMC Inc, the parent company of Singer on the New York Stock Exchange which resulted in Berjaya acquiring 100% equity in Singer. Through various subsequent corporate exercises, Singer became a wholly owned subsidiary of Berjaya Retail Bhd on 14 June 2010.

Today, with a retail network of over 700 shops in major townships, suburban and rural areas 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 etc, 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 3 to 48 months.

With our philosophy ‘Singer Your Friend For Life’, we are committed to making a positive difference to our customers by offering easy payment scheme to enable them to own more household products to make a house a home.

Posted by Victor Yong > 2020-06-03 12:08 | Report Abuse

Bjcorp is quite rich, continued to buy more bjtoto shares till ~48%. if the bjcorp distribute bjtoto shares back to bjcorp shareholders, kayalah shareholders :)

1562 BJTOTO BERJAYA SPORTS TOTO BHD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016)

Particulars of Shareholder 36

Name : BERJAYA CORPORATION BERHAD
NRIC/Passport No./Company No. : 200101019033 (5547
Nationality/Country of Incorporation : Malaysia

Address:
Lot 13-01A, Level 13 (East Wing), Berjaya Times Square, No. 1 Jalan Imbi55100 Kuala Lumpur Wilayah Persekutuan Malaysia

Descriptions (Class and Nominal Value):
Ordinary shares


Name and Address of Registered Holder:
You are advised to read the entire contents of the announcement orattachment.To read the entire contents of the announcement or attachment,pleaseaccess the Bursa website at http://www.bursamalaysia.com


Details of Changes

Date of Notice : 31/03/2020

Transactions:
No. Date Transaction Type No of Shares Price (RM)
1. 30/03/2020 Acquired 100,010 -
2. 31/03/2020 Acquired 15,700 -


Circumstances by reason of which change has occurred:
Acquisitions of shares via open market - Deemed interested by virtue of its100% equity interest in Berjaya Group Berhad, the intermediate holding companyof Berjaya Land Berhad

Nature of Interest:
Deemed Interest

Consideration:



No of Shares Held After Changes:
Direct : 29,075,402 shares (2.1740%)
Indirect/Deemed Interest : 609,898,926 shares (45.6000%)
Total : 638,974,328 shares

Remarks:
You are advised to read the entire contents of the announcement orattachment. To read the entire contents of the announcement or attachment,please access the Bursa website at http://www.bursamalaysia.com

Posted by Jeffreyteck > 2020-06-03 12:53 | Report Abuse

Singer, those old days privatised now throwing back to listed company, very kind of BJ VT.

Posted by Victor Yong > 2020-06-03 12:53 | Report Abuse

~ 1 1/2 years sudah, cakap pandai :)

Berjaya’s proposed restructuring to give clearer business valuation

Friday, December 21st, 2018 at , Business | News

Many conglomerates are becoming more specific with their businesses, says CEO

By RAHIMI YUNUS / Pic By TMR File

Berjaya Group’s proposed restructuring, as announced by founder and substantial shareholder Tan Sri Vincent Tan (picture), is expected to provide more clarity to investors and fund managers on the value of each business within the conglomerate.

Areca Capital Sdn Bhd CEO and ED Danny Wong Teck Meng said many conglomerates are becoming more specific with their businesses.

“It attracts investors and gives clarity in buying shares. Some investors like certain businesses within the group, but do not want the exposure to other businesses that could drag the performance,” he told The Malaysian Reserve (TMR).

Wong said a conglomerate is more difficult to be evaluated and any split would help investors to choose which stocks to invest in and maximise results.

He added that a potential restructuring exercise of Berjaya into individual businesses would be along the lines of what Sime Darby Group did with its plantation and property units last year.

Tan said the proposed corporate exercise would see the privatisation of convenience chain store operator 7-Eleven Malaysia Holdings Bhd and property and hotel business arm Berjaya Land Bhd (BLand).

The 66-year-old business tycoon also plans to float mobile telecommunications service provider U Mobile Sdn Bhd on Bursa Malaysia, while the hotel business of BLand is envisioned to be listed on the Singapore Exchange next year.

Additionally, Tan said his flagship Berjaya Corp Bhd (BCorp) is working on a deal to sell its Four Seasons Hotel and Residences Kyoto in Japan for about US$700 million-US$800 million (RM3.34 billion) for a profit of US$400 million.

Tan’s locally listed companies include BCorp, 7-Eleven Malaysia, BLand, Berjaya Sports Toto Bhd, Berjaya Food Bhd, REDtone International Bhd, Berjaya Media Bhd (BMedia) and Berjaya Assets Bhd.

MIDF Amanah Investment Bank Bhd head of research Mohd Redza Abdul Rahman said a break-up basis is positive because there will be no more conglomerate discounts on BCorp’s share price.

“Each will be pegged near to its peers and maybe better, if these entities are market leaders,” Mohd Redza told TMR.

Tan said 7-Eleven Malaysia is currently undervalued compared to the 7-Eleven convenience store operator in Thailand, CP All pcl.

7-Eleven Malaysia’s share price closed one sen or 0.79% higher at RM1.28 yesterday.

The price level is, however, at a 15-month low for the convenience store chain operator.

BCorp’s share price edged 1.82% or half-a-sen more to 28 sen at yesterday’s close, giving it a market capitalisation of RM1.35 billion.

The stocks were actively traded yesterday, with 35.2 million shares changing hands at a combined value of RM9.92 million.

Tan said he intends to sell his 46% stake in 7-Eleven Malaysia to BCorp, followed by a takeover offer to buy out the company.

Tan said he would also inject one of his profitable privately owned businesses into BMedia as part of the regularisation plan for the Practice Note 17 company.

The publisher of The Sun daily said the core business of BMedia would eventually change on the back of the challenging print business today.

Meanwhile, BCorp and 7-Eleven Malaysia clarified on Bursa Malaysia yesterday that the proposed restructuring plans are the personal ideas and strategies of Tan — who is deemed as a controlling major shareholder of the group.

The boards of directors of both companies are not aware of, and have not deliberated on any of the plans or proposals, including the delistings of 7-Eleven Malaysia and BLand.

In addition, BCorp clarified that it is still in negotiations with potential buyers for the possible sale of its Four Seasons Hotel in Kyoto and has not entered into any definitive agreement.

Separately, BL and announced in an exchange filing yesterday that it narrowed its net loss to RM1.77 million in the second quarter ended Oct 31, 2018, from a net loss of RM99.9 million a year ago.

Revenue declined by 6.52% year-on-year to RM1.51 billion — mainly due to lower revenue in gaming by Sports Toto Malaysia Sdn Bhd; lower contribution from HR Owen plc; lower progress billings from the property development segment; and lower hotel and resort occupancy rates.

The company foresees the performance of both the property development, and hotels and resorts business segments to remain satisfactory for the financial year ending 2019.

Posted by Victor Yong > 2020-06-03 12:57 | Report Abuse

banyak cerita tapi tak jadi :) tahun ini 2020

Vincent Tan plans to list U Mobile by 2020, to delist Berjaya Land
V. RAGANANTHINI /19 DEC 2018 / 18:54 H.

KUALA LUMPUR: Berjaya Corp Bhd’s (BCorp) founder and executive chairman Tan Sri Vincent Tan Chee Yioun (pix) today announced a slew of corporate exercises, including the potential listing of U Mobile Sdn Bhd and the delisting of Berjaya Land Bhd (BLand) from Bursa Malaysia.

Speaking at a press conference, Tan said the listing of U Mobile will take place either in 2019 or latest by 2020. He noted that U Mobile, which has transformed the local mobile space with competitive pricing, is ready for listing with its positive earnings before interest, taxes, depreciation and amortisation (ebitda) and good customer base.


The group is also weighing the possibility of delisting BLand on Bursa Malaysia, which will then be listed on the Singapore stock exchange.


As for Berjaya Media Bhd, Tan said a profitable private company will be injected into it as part of its regularisation plan to be uplifted from Practice Note 17 (PN17) status before considering a privatisation exercise.

Tan expressed his optimism on BCorp’s business outlook in the coming year.

“We have some good positive things going on. For example, we have the environmental business, our sanitary landfill (for which) we are making headway overseas. We are constructing one in the Philippines now and are going to be building several there. We are also looking at Vietnam and a few other countries,” he said, adding that the environmental business holds bright prospects for the group.

Tan also said that he is planning to sell a prime asset – the Four Seasons Hotel in Kyoto, Japan, which could bring in a gain of disposal of US$350-400 million (RM1.46-1.67 billion) if the deal materialises.

“I think in the next 60 days, we are going to conclude that. I think we will do very well in the investment, we will make a big profit. This is the plan (but it is) subject to confirmation.”

Meanwhile, BCorp, which is working with the Pahang state government via a joint venture to develop an airport on Tioman Island, is hoping to secure approvals from the government in the next few months.

Terming this as a viable business, Tan said this will transform the island’s tourism scene while bringing in more investments.

Commenting on the gaming industry, Tan noted that sales of Berjaya Sports Toto Bhd have increased and will double if the illegal bookies are weeded out. He added that being the sole operator in Vietnam, the long-term prospect for its gaming and lottery unit in the country is good.

Speaking of Berjaya Food Bhd, Tan said there will be more Starbucks stores to be opened and business for the chain has been profitable.

Meanwhile, the revamp of the menu of Kenny Rogers Roasters has turned out well, with the restaurant chain recognising better sales.

Posted by Douduo > 2020-06-03 13:14 | Report Abuse

Hahahahaha......Don't need to spam the thread. Must have bet alot on Berjaya?...Whatever the spin, bale out of VT, Singer & BJMedia is not good news!...As long there is foreign selling, Berjaya will drift lower & lower even with shares buyback. A very simple theory, all investors want some return from what they invested. So, if a company doesn't give you anything but only take and take...for no reason for you to hold on and support them anymore.

So, trade along with them to get something back. World is changed after 2020.

Posted by Victor Yong > 2020-06-03 13:38 | Report Abuse

The pe computed was understated, should not be based on net payment. :)

Tan will provide BCorp with a profit guarantee that Singer will achieve a profit after tax of RM20 million per year for the financial years ending Dec 31, 2020 and Dec 31, 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,” the group said.

Posted by scanluver > 2020-06-03 13:45 | Report Abuse

Victor Yong, what's with that wall of spam? Are you doing this our of motivation or desperation?

Posted by Victor Yong > 2020-06-03 14:23 | Report Abuse

Bjcorp could be much higher, I think VT let it remains low enough for company share buyback, own buyback , etc first.


At current price level, pretty low risk supported by nta of rm1.2+, bjtoto stake ~48%, etc.

Believe VT would do something after he has had enough of bjcorp shares, personal opinion

Posted by Victor Yong > 2020-06-03 14:52 | Report Abuse

Bjtoto - market cap ~RM3.148bil, share issued 1.351bil

Bjcorp's stake in bjtoto, say, 48%. 48% x 1.351bil share = 648.48mil shares


Bjcorp shares issued ~5.215bil shares


each share of bjcorp is entitled to number of bjtoto shares~ 648.48mil/5.215bil shares = 0.124 bjtoto shares . share price of bjtoto ~RM2.33, 0.124shares x rm2.33 ~ RM0.29



NTA of Bjcorp ~ RM1.2+..............



if VT gets more bjcorp shares, maybe, one day, he would distribute the stake in bjtoto to all bjcorp shareholders.


Period!

Posted by kahhoeng > 2020-06-03 14:57 | Report Abuse

Sslee Dear kahhoeng,
SC email address: aduan@seccom.com.my
Bursa email address: aduan@bursamalaysia.com
MSWG email address: mswatch@mswg.org.my

Thanks

Posted by Victor Yong > 2020-06-03 15:18 | Report Abuse

VT already possessed ~49% of Bjcorp... wanted another 1bil shares + of bjcorp by selling singer to bjcorp.

if VT returns bjcorp's stake in bjtoto to shareholders of bjcorp, i dont mind VT takes another 1bil shares of bjcorp :)




3395 BJCORP BERJAYA CORPORATION BHD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016)

Particulars of Shareholder 36

Name : VINCENT TAN CHEE YIOUN
NRIC/Passport No./Company No. : -
Nationality/Country of Incorporation : Malaysia

Address:
-

Descriptions (Class and Nominal Value):
Ordinary Shares


Name and Address of Registered Holder:
You are advised to read the entire contents of the announcement orattachment.To read the entire contents of the announcement or attachment,pleaseaccess the Bursa website at http://www.bursamalaysia.com


Details of Changes

Date of Notice : 10/03/2020

Transactions:
No. Date Transaction Type No of Shares Price (RM)
1. 09/03/2020 Acquired 9,000,000 -
2. 09/03/2020 Disposed 139,874 -
3. 09/03/2020 Disposed 1,372 -
4. 09/03/2020 Acquired 141,246 -


Circumstances by reason of which change has occurred:
1) Direct Interest- Acquired via open market.2) Deemed interested by virtueof his interest in B & B Enterprise Sdn Bhd.- Acquired via married deal.3) & 4)Deemed interested by virtue of his interest in B & B Enterprise Sdn Bhd, theholding company of Lengkap Bahagia Sdn Bhd and the ultimate holding company ofNautilus Corporation Sdn Bhd.- Disposed via married deal.

Nature of Interest:
Direct and Indirect Interest

Consideration:



No of Shares Held After Changes:
Direct : 1,189,800,000 shares (23.0360%)
Indirect/Deemed Interest : 1,382,653,754 shares (26.7700%)
Total : 2,572,453,754 shares

Remarks:
You are advised to read the entire contents of the announcement orattachment. To read the entire contents of the announcement or attachment,please access the Bursa website at http://www.bursamalaysia.com


Submitted By:



11/03/2020 07:00 AM


Ref Code: 202003113600269

Posted by Leong1982 > 2020-06-03 16:45 | Report Abuse

Market does not give a shit to the proposal, hahaha, everyone is afraid of someone!

Posted by kahhoeng > 2020-06-03 16:55 | Report Abuse

Market is scared by conman work. Only those with much higher holding cost like me have to wait. But one thing I'm sure, once left, will never look back at this company for life...

Posted by Eddysurge > 2020-06-03 17:23 | Report Abuse

Bjland is good example shown how the BOD didn't defence the market price & simply accepted VT proposed shares equity dilution. When 14% equity shares change hand to bjcorp, A company with assets also shaking. Market price can touch as low at 0.13cents.

Posted by Eddysurge > 2020-06-03 17:43 | Report Abuse

Same as bjcorp, if VT now possess 51%+shares buy back 6%+proposed another Singer additional new share issues+ previously warrant obtained.

Posted by scanluver > 2020-06-03 17:49 | Report Abuse

Agreed. There good play between 0.19 - 0.21 :D

Douduo Hahahahaha......Don't need to spam the thread. Must have bet alot on Berjaya?...Whatever the spin, bale out of VT, Singer & BJMedia is not good news!...As long there is foreign selling, Berjaya will drift lower & lower even with shares buyback. A very simple theory, all investors want some return from what they invested. So, if a company doesn't give you anything but only take and take...for no reason for you to hold on and support them anymore.

So, trade along with them to get something back. World is changed after 2020.

Posted by kahhoeng > 2020-06-03 18:01 | Report Abuse

Fight to have the deal cancelled better...

Posted by stockraider > 2020-06-03 18:06 | Report Abuse

The singer deal positive mah...!!

Can't u see VT is trying very hard to do good leh ??

Example

Share buy back, disposal kyoto hotel to release value, Jeju court case enforcement and China Great Mall arbitration all these are positive news mah....!!

Just that market is weak & no confidence mah...!!

Posted by Paulnga > 2020-06-03 18:10 | Report Abuse

Market has voted for no confidence direct to that jagung man!

Posted by hng33 > 2020-06-03 19:18 | Report Abuse

RATIFICATION OF THE DISPOSAL OF THE HOTEL COMPONENT OF FOUR SEASONS HOTEL & HOTEL RESIDENCES KYOTO IN JAPAN (“HOTEL”) FOR A TOTAL CASH CONSIDERATION OF JPY50.79 BILLION (EQUIVALENT TO APPROXIMATELY RM2.06 BILLION), BEING THE SALE CONSIDERATION OF JPY49.00 BILLION (EQUIVALENT TO APPROXIMATELY RM1.99 BILLION) PLUS THE BUILDING CONSUMPTION TAX OF JPY1.79 BILLION (EQUIVALENT TO APPROXIMATELY RM72.52 MILLION) DUE TO THE TAX AUTHORITY OF JAPAN AND THE SUBSEQUENT LEASEBACK OF THE HOTEL ("TRANSACTION") (“RATIFICATION”)

Remark: bjjcorp rectify that selling price four season from earlier RM 1.87 billion to now at RM 2.06 billion, a increase of RM 190m

Posted by scanluver > 2020-06-03 19:52 | Report Abuse

Looks like they pulled a fast one. How do they expect the older investors to go online and make their voice heard?


Only bad news is EGM for BJCorp to approve Singer purchase is 1 July 2020 by shareholders via online broadcast announced today. When money us concerned VT & Sons moves very fast & has gone high-tech....

Posted by Sslee > 2020-06-03 20:27 | Report Abuse

The EGM only has one ordinary resolution to rectify sell of kyoto hotel nothing to do with Singer purchase.

Posted by hng33 > 2020-06-03 20:30 | Report Abuse

Bjcrop to acquire singer is just MOU. It NO yet to sign any purchase document, therefore no need shareholder approval at all. THe MOU still subject to due diligence account check before to sign purchase document.

The latest EGM call is for four season disposal for RM 2.06 billion instead of earlier RM 1.86 billion. Bjcrop need to seek forgiven from shareholder in EGM for their mistake in under declare on gain of disposal.

Posted by hng33 > 2020-06-03 20:35 | Report Abuse

Shareholder now can request for special dividend via online EGM since bjcorp monetize four season have EXTRA gain RM 190m on top of already net gain RM 480m as disposal is now revise up earlier RM 1,87 billion to RM 2.06 billion

Posted by simon2020 > 2020-06-03 21:11 | Report Abuse

Good idea! Someone should write BOD to include another resolution during EGM for shareholders to approve a special dividend with the extra windfall from sale of Fourseasons Kyoto?

Posted by Sslee > 2020-06-03 21:12 | Report Abuse

@hng33,
Buy bjland or buy bjcorp better?

Posted by KWSI7317 > 2020-06-03 21:35 | Report Abuse

is 120 mil bcos that 1.86 bil yet to add consumption tax. pls ask vt give dividend we all die hard hardhete get nothing.

Posted by hng33 > 2020-06-03 21:40 | Report Abuse

Sslee

The four season is joint control equally by bjcorp and bjland. Bjcorp control 78% bjland, therefore, in turn of profit attributed to shareholder, bjcorp shareholder benefited to most.

Posted by wantanmi > 2020-06-03 22:11 | Report Abuse

Yup! Don't forget even BJCorp controls 78% of BJLand, BJCorp can't use BJLand's 50% share of sales proceeds of RM2.06 billion from FSKyoto unless it takes over 100% share in BJLand through prrivatisation due to the Veil of Incorporation under Company Law.

The only way BJCorp can get BJLand's share of the profits from FSKyoto is by way of a Special Dividend from BJLand...Further BJLand is getting RM650 million from Beijing SkyOcean which BJCorp is not party. So who benefits more?

Posted by kahhoeng > 2020-06-03 23:37 | Report Abuse

Dear Lydia,

How would an MOU that can ONLY be viewed in Kuala Lumpur be useful to shareholders not able to travel to Kuala Lumpur given CMCO?


Best regards,



On Wednesday, June 3, 2020, 11:20:18 PM GMT+8, Berjaya. com. my-Media <media@berjaya.com.my> wrote:

Thank you for your email.

We regret that we are unable to email a soft copy of the MOU.

The MOU has to be viewed at the Registered Office of Berjaya Corporation Berhad at Lot 13-01A, Level 13 (East Wing), Berjaya Times Square, No. 1 Jalan Imbi, 55100 Kuala Lumpur.


Kind regards,
Lydia



Dear Lydia,

I am a minority shareholder of Berjaya Corp. I am deeply concerned over the deal between Berjaya Corp and Berjaya Retail announced June 02. Would you kindly email me a copy of the MOU through email as I do not live in Selangor or Kuala Lumpur to visit the office for review?
Thanks.

Best regards,

Posted by 888STOCK888 > 2020-06-04 07:34 | Report Abuse

See you at EGM. :)

Posted by simon2020 > 2020-06-04 10:06 | Report Abuse

Frankly can't see how the Singer purchase will benefit BJCorp other than enrich VT?

Purchase price RM536 million. Finance by payment of RM148 million cash to pay off Singer debts and issue of 1.17 billion new BJCorp shares value RM388 million.

In other words, BJCorp will pay RM148 million cash to VT and issue additional 1.17 billion new BJCorp shares for Singer with a paid-up share capital of RM438 million. Means VT got also additional premium of RM536-RM438 = RM98 million just by transferring ownership of Singer to BJCorp?

Singer has an existing issued share capital of RM438 million. Purchase consideration of RM536 million. After setting of inter-company debts of the Singer Group of RM148 million.
net payment of RM388 million.

BCorp will issue about 1.17 billion new shares for the net payment of RM388 million.

Tan will provide to BCorp a profit guarantee that Singer would achieve a net profit after tax of RM20 million per year for the financial years ending December 31, 2020 and 2021.

Posted by Eddysurge > 2020-06-04 10:25 | Report Abuse

@kahhoeng, 成功集團董事會和勝加陳老板簽諒解備忘錄是危險和爭議的。 一間擁有無數的子公司既然需要動用發行母公司新股去稀疏股權。而影響的是小股東利益和長期股票質量。希望大家勿須通過謀體和有司法機關要求公道。

Posted by kahhoeng > 2020-06-04 10:29 | Report Abuse

eddysurge， only SC can intervene, hope every concern shareholder write to SC

Posted by Eddysurge > 2020-06-04 10:34 | Report Abuse

I hope SC issue statement to public as soon as possible due to Sslee already written.

Posted by Eddysurge > 2020-06-04 10:42 | Report Abuse

History shown, even bjland, bjfood, bjtoto and previously bjauto hardly contribute greatly compared loss to shareholders.

Posted by Douduo > 2020-06-04 10:56 | Report Abuse

Hahahahaha....once VT gets additional 1.17 Billion shares from sale of Singer. May flood the market like Penta did last time to press from 35 sens to 19 sens...VT may bring price down further to 15 or even 10 sens no? Think foreign investors will run be4 this?

Posted by Teresa55 > 2020-06-04 12:35 | Report Abuse

All the minority shareholders , we should sign a petition to SC .

Posted by Eddysurge > 2020-06-04 13:18 | Report Abuse

How to sign petition? This is new for us.

Posted by simon2020 > 2020-06-04 14:18 | Report Abuse

Can someone start here? then forward link to SC to bring Change to how Berjaya is run...

https://www.change.org/start-a-petition?source_location=homepage_large_button

Posted by scanluver > 2020-06-04 14:25 | Report Abuse

If everyone truly wants to make a difference, just picket in front of SC. The press will be there.

Posted by shortinvestor77 > 2020-06-04 19:40 | Report Abuse

BoD so many Sohai don't even know Bursa Rules to call for EGM for the rectification. So late to call and have to tell Bursa

Posted by shortinvestor77 > 2020-06-04 19:40 | Report Abuse

the truth.

Posted by jackson88 > 2020-06-05 08:46 | Report Abuse

Hi, is this a good share to buy in the long term?

Posted by kahhoeng > 2020-06-05 09:28 | Report Abuse

sslee, may I know if you have deleted your post wrt to email to BJCorp, MSWG, SC and Bursa? Could you please repost? Meanwhile, may I know if you have received a reply from BJCorp, SC and Bursa yet? Thanks.

Posted by Sslee > 2020-06-05 11:24 | Report Abuse

Dear Kahhoeng,
I did not delete my previous post dated Jun 3, 2020 10:56 AM
I received the following replied with CC: SC, Bursa and MSWG
Dear Mr Lee,
Thank you for your email.

Based on the latest Record of Depositors of BCorporation as at 28 May 2020, we notice that you are not a shareholder of BCorporation.

Anyway, we wish to inform that the required advisers are being appointed by BCorporation and a full announcement will be made by BCorporation on the proposed acquisition of Singer in due course.

The announcement by BCorporation on 2 June 2020 is on the entering into the Memorandum of Understanding which is subject to the execution of the definitive agreements after the terms and conditions are finalized.

Thank you.
Kind regards,
Lydia Lye


And my replied all:
Dear Ms. Lydia Lye,
Just to put the record straight attach please find my hlebroking debit transaction that indeed I bought BJcorp shares on the same day I make an email to you.

Anyway thank you for your information that the required advisers are being appointed by BCorporation and a full announcement will be made by Bcorporation on the proposed acquisition on Singer in due course.

Please accept my sincere apology as I might had jump the gun in putting forward my questions to the BOD or perhaps a 2 days trading suspension to announced an inter party related MOU is a bit overkill and perhaps the MOU terms and conditions is unclear and the appointment of independent advisor to advice the proposed acquisition is fair/unfair, reasonable/unreasonable and make recommendation to accept or reject the offer is no clearly stated in the Salient terms of the MOU

Refer: SALIENT TERMS OF THE MOU

(i) BCorporation and BRetail have agreed in principle for BCorporation to acquire 100% equity interest in the Singer Group from BRetail for a purchase consideration of RM536.00 million subject to adjustments including set-off of inter-company debts and dividends, to be satisfied via issuance of Consideration Shares at an issue price of RM0.33 per Consideration Share;

(ii) TSVT shall provide a profit guarantee to BCorporation that the Singer Group will achieve a profit after tax of RM20.00 million for each of the financial years ending 31 December 2020 and 31 December 2021;

(iii) The Proposed Acquisition shall be conditional upon, amongst others:

(a) satisfactory due diligence on the Singer Group;

(b) the approval of the shareholders of BCorporation at an extraordinary general meeting to be convened;

(c) consent of the creditors and/or financiers of the Singer Group, if required;

(d) approval from Bursa Malaysia Securities Berhad (“Bursa Securities”) for the listing of and quotation for the Consideration Shares;

(e) approvals or waivers from any other relevant regulatory or governmental authorities (where applicable); and

(f) any other conditions which the parties may consider appropriate,
all of which shall be satisfied within six (6) months from the date of the definitive agreements to be entered into pursuant to the Proposed Acquisition (“Transaction Agreements”) or such other period as the parties may mutually agree;

And make worse by telling minority shareholders that:
DOCUMENT FOR INSPECTION
The MOU is available for inspection at the Registered Office of BCorporation during normal office hours from Mondays to Fridays (except for public holidays) at Lot 13-01A, Level 13 (East Wing), Berjaya Times Square, No. 1 Jalan Imbi, 55100 Kuala Lumpur for a period of three (3) months from the date of this Announcement.

I am looking forward to the independent advisor report and BOD recommendation to either accept or reject the proposed acquisition. Please send my warm regards to the Bcorporation BOD and I reserve the right to put forward my questions to BOD.

Thank you
Have a productive day

Best Regards
Lee Soon Sheng

Posted by Douduo > 2020-06-05 11:38 | Report Abuse

Hahahahaha......someone is playing mind games with minority....anyway coming qtr. results will tell part of the story and future directions.....

Posted by Eddysurge > 2020-06-05 11:59 | Report Abuse

I myself is more waiting for third parties response. The reply from bjcorp is expected.

Posted by kahhoeng > 2020-06-05 12:05 | Report Abuse

Any of you besides sslee has sent sslee's concern to bjcorp, SC, bursa and mswg? Any response? Will email mine this weekend to add a few more concerns of my own