Posted by uptrending > 2019-10-07 14:06 | Report Abuse

Already in the posts above

Posted by uptrending > 2019-10-07 14:19 | Report Abuse

Apart from holding 80% stake in West Coast Expressway, the company is holding 40% in Rimbayu, a 1879 acres property development in Kuala Langat, which is about 10km away from Kota Kemuning. The development is handled by IJM Land which holds the other 60%. More than 1000 acres of the land has not yet developed. The GDV over the next 10 years in the region of RM10B. The company's holding cost of the land is only rm5+ per sq ft against a market price of more than rm30 per sq ft. Transactions done in the neighbourhood in the past few years was rm33 per sq ft.

Posted by Darren Soo > 2019-10-07 14:28 | Report Abuse

The right issue is for PA n not ordinary shares, how do think the ex-price will be?

Posted by Darren Soo > 2019-10-07 14:30 | Report Abuse

Sorry should be RCPS not PA

Posted by uptrending > 2019-10-07 14:34 | Report Abuse

Someone can help Darren?
PA usually has a discount.

Posted by Darren Soo > 2019-10-07 14:41 | Report Abuse

Hopefully the price will maintain at current level, then should be good profit if you take up the right

Posted by uptrending > 2019-10-07 14:42 | Report Abuse

And there is a free warrant, 1 for 4 rcps subscribed

Posted by Darren Soo > 2019-10-07 14:44 | Report Abuse

I think the date should be out soon

Posted by uptrending > 2019-10-07 14:47 | Report Abuse

Issue price is fixed to such low price, as well as the warrant conversion price. The 3 major shareholders undertaken to subscribe 80 % of the total rights issue. It is to their advantage if minority shareholders do not subscribe. However, full subscription will raise the required fund.

Posted by Darren Soo > 2019-10-07 14:48 | Report Abuse

true

Posted by firehawk > 2019-10-11 00:15 | Report Abuse

Conversion of RCPS to ordinary share:
The conversion prices of the RCPS have been fixed at RM0.28 and RM0.32 under Option 1 and Option 2 respectively (“Conversion Prices”);

(i) Option 1: (with cash payment)
By surrendering one (1) RCPS together with cash payment of RM0.04 for one (1) new WCEHB Share; and
(ii) Option 2: (without cash payment)
By surrendering four (4) RCPS for three (3) new WCEHB Shares.

Posted by uptrending > 2019-10-12 12:44 | Report Abuse

Unless the mother share drop to 16 cents and below, then rcps holders may use their 4 rcps to convert 4 rcps for 3 mother share under option 2. Otherwise, likely use option 1 for the conversion.

Posted by firehawk > 2019-10-12 20:57 | Report Abuse

When listed, i think rcps will always around 4 sen below the mother share price ... or there will be arbitrage opportunity.

Obviously, the co. hopes rcps holders using option1, this will increase the co, cash flow .....

Posted by sheep > 2019-10-14 09:38 | Report Abuse

sell..gomen lowering toll next year..company will have cash flow problem?

Posted by minigiant > 2019-10-14 09:53 | Report Abuse

Can anyone tell me what will happen to mother share price when the RCPS is listed?

Posted by tiptop168 > 2019-10-14 10:45 | Report Abuse

Drop like hell..

Posted by minigiant > 2019-10-14 10:53 | Report Abuse

Good - I will buy more if it drops like hell. However, I still have not got an answer on what will happen to WCEHB mother share price? i.e. will the mother share adjusted in any shape or form?

Posted by tiptop168 > 2019-10-14 10:54 | Report Abuse

Good luck to you.

Posted by sheep > 2019-10-14 15:18 | Report Abuse

if on 22/10 mother price is 0.40. ex date price will be 0.29..

Posted by Stephenloo > 2019-10-14 16:42 | Report Abuse

What happened?
Suddenly so checp

Posted by Outliar > 2019-10-14 17:12 | Report Abuse

Felicity waited so long for this, my word

Posted by uptrending > 2019-10-14 17:26 | Report Abuse

Sheep,
If you don't mind to show your calculations, thanks.

Posted by CharlesT > 2019-10-14 19:27 | Report Abuse

Looks like no need to wait for ex date to see 0.30+....lol

Posted by Mar Yung Chern > 2019-10-14 20:11 | Report Abuse

when can convert to mother share after subscribe rcps

Posted by sheep > 2019-10-14 20:20 | Report Abuse

Oops, sorry. Mistake. Two shares at 0.40 each entitled to 4 rights. 4 rights can convert to 3 mother shares. Total sum paid = 0.80+0.96=1.76. Total shares = 5. Hence after ex, shud be 0.35.....neglect one warrant..given.
Price up or down after that? Most likely company won't support the ex price cos they already got most of the money... Wakaka..

Posted by uptrending > 2019-10-14 20:40 | Report Abuse

Sheep, thanks..

Posted by Mar Yung Chern > 2019-10-14 20:44 | Report Abuse

uptrending, do you think worth to subscribe this rcps?

Posted by uptrending > 2019-10-14 21:03 | Report Abuse

Die die also must subscribe. It's too cheap.

Posted by uptrending > 2019-10-14 21:11 | Report Abuse

The 3 major shareholders combined currently holds 61+%. They have collectively undertaken to subscribe up to 80% of the rights issue, splitting among themselves proportionately according to the percentage of their shareholdings. Effectively, each of them will be subscbring in excess of about 30% of their entitlements.

Posted by uptrending > 2019-10-14 21:21 | Report Abuse

Obviously it is to their advantage if they could get their excess shares which is priced at such low price. They would be able to increase their shareholdings at relatively lower costs.

Not forgetting that, according to my estimate, their average cost per shares ranged from 70 cents, rm1.10 and rm1. 20 respectively. They have been holding at least 5 years. IJM has the lowest cost among them but IJM first bought into the company in 2005 @28 cents and subscribed the rights issue @rm1.08, 3 for 4 in 2014. The other 2 major shareholders also subscribed for the rights in 2014.

So, this coming rights issue is absurdly cheap.

Posted by Mar Yung Chern > 2019-10-14 21:45 | Report Abuse

but after subscribe this rcps, when can we convert to mother share? will it lock us for a long period?

Posted by uptrending > 2019-10-14 22:07 | Report Abuse

You can convert it to the mother share by surrending 1 rcps +4cent for 1 mother share, to the share registrar of the company at anytime during the 2 years tenure of the rcps OR 4 rcps for 3 mother shares. You can also sell it in Bursa as it is also listed and tradable.

Posted by Mar Yung Chern > 2019-10-14 22:12 | Report Abuse

so you mean once our subscribed rcps list in our account then we are able to convert immediately?

Posted by uptrending > 2019-10-14 23:03 | Report Abuse

Yes

Posted by Mar Yung Chern > 2019-10-14 23:24 | Report Abuse

alright thanks uptrending, so is it possible mother price lower than the price of convert by rcps?

Posted by uptrending > 2019-10-14 23:36 | Report Abuse

The chance is very slim. Even if it happened , I would believe that it will rebound very fast. When the rights issue is completed, it will move to its intrinsic value. This is a long term stock to hold. I believe its value will be reflected towards the completion of the highway in Aug 2021, barring unknown risks.

Posted by uptrending > 2019-10-14 23:39 | Report Abuse

Full completion will be in 2022, upon completion of a 10+ km stretch in Tanjong Karang.

Posted by Mar Yung Chern > 2019-10-15 01:50 | Report Abuse

uptrending can you guide us how to convert to mother share once we received the rcps? the step?

Posted by uptrending > 2019-10-15 06:48 | Report Abuse

Please approach your remisier.

Posted by tiptop168 > 2019-10-15 09:23 | Report Abuse

Margin call...

Posted by Stevecheahsw > 2019-10-15 12:22 | Report Abuse

0.40

Posted by tiptop168 > 2019-10-15 12:43 | Report Abuse

Next 0.35...

Posted by uptrending > 2019-10-15 13:20 | Report Abuse

Operators are here to set TP... lol

Posted by Jonathan Choi > 2019-10-15 21:57 | Report Abuse

uptrending,

You should know, every highway, when built, losses money for about 10 years. Before traffic catches up at some point down the line. I can tell you, 70% of highways in Malaysia is effectively bankrupt, its a murderous business that only looks profitable, if you don't see the capex etc properly.

Northern highway growth rates is about sub 1% per year as a whole. Central region is about 2%. Southern region is about 2% as well.

A new highway, can probably hit about 6-7% growth for about 5 years plus before maturing, to 1-2% growth.

Put those assumptions in and tell me what do you think.

Posted by Mar Yung Chern > 2019-10-15 23:57 | Report Abuse

hi jon choivo, what are you mean to it? is it mean that this wcehb are not worth to invest

Posted by uptrending > 2019-10-16 01:15 | Report Abuse

Jon,

MARC reported in April 2017 that traffic on the North South Expressway growth was 4.4%, contrary to what you mentioned.

https://www.marc.com.my/index.php/marc-rating-announcements/727-marc-affirms-its-aaais-rating-on-plus-rm23-35-billion-sukuk-musharakah-programme

Posted by uptrending > 2019-10-16 01:16 | Report Abuse

Quote

For the first nine months of 2016 (9M2016), the NSE registered a moderate 4.4% growth in traffic volume to 13.4 billion passenger car unit-kilometres (PCU-km)

Unquote

Posted by uptrending > 2019-10-16 01:47 | Report Abuse

I read that on the NSE, the North bound traffic is actually higher than that of the South bound and the revenue from NSE contributed to 80% of Plus. I was also told by a reliable source that there are about 100k heavy vehicles or trucks on the NSE daily. Considering that WCE has a flatter terrain and is running from port to port, about 83 km built by the government is toll free, wouldn't it attract good traffic to it.

We wouldn't have more info than the 3 major shareholders who has invested heavily into the company and now are prepared to fork out hundreds of million to subscribe for their entitlements and even undertaken to subscribe for excess shares up to 80%.

I am riding with them at a much lower cost.

Posted by uptrending > 2019-10-16 07:29 | Report Abuse

So many bidders for Plus.
WCE is a smaller version of the crown jewel in Plus, the NSE.

NSE, contributed 80% of the revenue of Plus.
Plus' 1270Km, which was bid for about RM34.9B EV. NSE being 80% revenue contributor should value at RM28 B
WCE, total length 233 KM+83km, costs
RM 6.69B

wouldn't WCE be viable?

Posted by uptrending > 2019-10-16 07:38 | Report Abuse

NSE, total length is 772km against total length in Plus, 1270Km. Total length of WCE from Banting to Taiping is 316km.