Further share swaps are no more possible for the remaining retailers as Bj Corp only mandate to issue additional 10% of Share Capital which is about 500 million shares, and Penta has taken 291 million. After SC give special exemption for Bj Land public holding at slightly above 15%; the urgency to delist Bj Land is no longer the first priority.
We have invested Bj Land first was due to their successful launch of Four Season Hotel at Kyoto. After two three years waiting time, there were bad news on Bj Land at : 1. Jeju Resort, default by Korea government, JDC law suit of RM500mil ++ ; 2. China Great Mall (50% default payment), arbitration proceeding of RM660 million; 3. Exit of property development at Vietnam, BVIUT, BVFC, and one more Vietnamese Venture; 4. Another possible exit on Sheraton Hotel 50% ownership, value could be RM500 million; 4. Undissolved Court Case with Selangor State Government on Selangor Turf Club (STC), law suit over RM1.0 billion, and unable to start the Mega Development at Sg. Besi, est about RM12 billion.
As minority share holders, we are not able to participate on the negotiations between Group and the respective parties, we only could hope for the best deal. However, as an investor, I always assume if I'm VT, which in past two years, aggressively accumulated his share holding to 85% and yet seeing the price stay at 26c. What will be his feeling?
Lol...this is good news as those with deep pockets...is time to accumulate cheaply, as almost all big impairments has been recognised in BJLand's accounts...starting with next qtr. should show profit with recognition of Vietnam property sale of RM222m...should the money from Jeju Korea compensation of RM1.4 Billion and GMOC property sale of RM600 Million comes this year...the provision for impairment in BJLand's account for this property sales will be reversed and added back to profit...
Let's refresh what had VT say on 17-December-2018.
1. Disposal of Four Season Hotel at Kyoto, to release proceed of USD700~800 mil (RM2.8~3.0 billion); Bj Land received 50% of the proceeds, once the deal completed, he shall give out dividens. I strongly believe VT will give dividends on both Bj land & Bj corp; as the earning will be splitted into 50-50 basis. 2. The remaining proceeds shall be utilised as working capital of Four Season Hotel & Residences development at Okinawa. Another Meja Development with GDV of USD400 mil, to generate GSV of USD1.0 billion in 4 years. 3. Listing of Malaysia Hotels in Singapore Stock Exchange, SDX; 4. Then only call for de-listing of Bj Land.
As step 2, Okinawa development is long term plan, it will affect the de-listing exercise.
Therefore, we could ignore step 2.
Let say, step 1 take another 3 mths, it could complete at June-2019; And step 3, listing Hotels at SDX maybe doen at July-Aug 2019;
Then de-listing of Bj Land could happen at Sept-2019, and completed before end 2019.
If he has not intention to take it private,why would he wants to increase his stake to 85% now?Making money from his counter has never been easy,you have to endure the pain no matter how cheap you buy.Hence don't buy too many in one go,buy it slowly.
Annetan, there are many reasons why Bjcorp raising interests in bjland. It's not a problem if the offer is extended to other minorities. It's a problem when an offer is only doled out to a particular party who had just acquired those stakes days before. What's worse, a deal that pushed public shareholding spread to 85% while bursa and SC are silent with no public announcement on the why! Even worse, the party involved sold his stakes to another party his 'converted' shares without any SC and Bursa investigation!!!
BENNNNNNTAAA CAN HIRE SYNDICATES TO BUY & SELL BJLAND... THIS IS TO SCARE OFF SMALL SHAREHOLDERS... THEY COULD SHORT SELL AND BUY AT LOWER PRICE.... LEFT HAND SELL TO RIGHT HAND... THEY SOLD & BOUGHT BJLAND ALL THE WAY TO 0.18... AND BUY A FEW MILLIONS TO PUSH IT BACK UP TO 0.30...
THEY MIGHT USE THE SAME TACTICS AGAIN AS THEY STILL HOLD BJLAND SHARES... BUT NOW ONLY 15% SHARE LEFT...
15% SHARES OR 760MILLIION SHARES LEFT IN MARKET...
PENTA STILL HOLD 3.2% BJLAND OR 160MILLION SHARES.... WHICH MEANS VT JUST NEED TO ENSURE HE CAN BUY BACK THE 11.8% OF SHARES FROM THE MARKET WHEN HE LAUNCH THE PRIVATISATION OFFER...
THEY NEED TO COLLECT ANOTHER 1.8% BEFORE RESURFACE TO BE SUBSTANTIAL SHAREHOLDER... AND VT TECHNICALLY JUST NEED TO BUY THE 10% FROM THE OPEN MARKET...
WHAT IS THE BURSA RULE ABOUT LISTED COMPANY BEING PRIVATISE???? MUST VT BUY BACK 100% OF SHARES??? OR CAN HE STILL PRIVATISE THE COMPANY IF HE ONLY CAN BUY BACK 95% OF SHARE??? =D
Investors will switch from bjcorp to bjland, hold your breath
bjcorp 27sen vs bjland 25sen but recently the shares swapped between bjcorp and bjland were valued at 30 sen and 38 sen respectively... likely, investors will switch from bjcorp to bjland now :)
privatisation is on the way for bjland... VT has done it before, nothing new to him :)
Vincent Tan counters in the spotlight after 2 privatisations The Editor
TheEdge
July 11, 2011 05:46 am +08
KUALA LUMPUR: Stocks related to Berjaya Group chairman Tan Sri Vincent Tan Chee Yioun may warrant a second look with two companies taken private the past four months.
Last Thursday, Tan’s flagship Berjaya Corp Bhd (BCorp) offered to privatise Hong Kong-listed Cosway Corp Ltd at 45% premium to the latter’s five-day volume weighted average price. That came just four months after a takeover of Berjaya Retail Bhd (BRetail), taken private at 30% premium to its IPO price after only being listed for seven months. Will there be more privatisations to come?
Market watchers reckon that Tan has demonstrated the ability and drive to take action should there be more value to be had. BRetail, which houses 7-Eleven convenience stores and Singer outlets, for instance, was taken private because its shares were trading below their IPO price of 50 sen, Tan’s vehicle Premier Merchandise said in a statement in March.
BCorp’s statement on Cosway last week and the premium to market price it was willing to pay spoke of Tan’s confidence that Cosway could be worth a lot more in a different form. “Cosway could potentially become the main core business for BCorp and will underpin BCorp Group’s performance going forward,” it said of the unit which was floated on the Hong Kong Stock Exchange in November 2009 via a reverse takeover of Berjaya Holdings (HK) Ltd.
With little insight into Tan’s plans for Cosway and perhaps the fact that it could take some time before more value can be seen, BCorp only gained one sen or 0.81% to RM1.25 last Friday.
But with Tan’s drive to create value, should BCorp be worth more? CIMB Research, the only brokerage that has updated its recommendation on BCorp this year, has a “hold” on the stock and a target price of RM1.38 as at June 30, Bloomberg data showed. That implies only 10.4% upside potential from last Friday’s close.
BCorp was trading at a demanding 28 times forward earnings, though the stock was below its book value of RM1.40 based on its FY ended April 30, 2011 numbers.
Then there’s the question of whether there will be more privatisations within the Berjaya group of companies?
Besides the flagship BCorp, Tan’s other locally listed companies include Berjaya Land whose unit Berjaya Air Sdn Bhd recently spread its wings to Indonesia via a joint-venture with PT Lion Mentari Airlines, the parent company of the archipelago’s largest private carrier Lion Air. There’s also Berjaya Media and newly listed Berjaya Food, which operates the Kenny Rogers Roasters chain of restaurants in Malaysia. Most widely covered among Tan’s holdings is numbers forecast operator Berjaya Sports Toto, which owns Philippine Stock Exchange-listed Berjaya Philippines Inc, a lottery business operator which leases online lottery equipment to the Philippine Charity Sweepstakes Office.
One company that seems to be on the radar is Berjaya Media (BMedia) which has gained 28% year-to-date. The stock trading below its book value of 70 sen apiece for some time hit a new 52-week high of 75 sen on July 5 . At the close of 71 sen last Friday, BMedia was up 6% for the week and was 77.5% above its 52-week low of 40 sen on Aug 27, 2010.
BMedia returned to the black in its FY ended April 30, 2011, posting a net profit of RM11.7 million from a net loss of RM4.65 million a year ago. Tan, who already controls 66% of BMedia, can well afford a privatisation with BMedia’s market capitalisation at only RM165.3 million. This article appeared in The Edge Financial Daily, July 11, 2011.
30 April 2012 Berjaya Land to acquire up to 20% in Posco Group's RM 9 billion project in South Korea, to seal deal by August or September 2012 - Director Tan u-Jiun (BJLAND closing stock price today (30.4.2012) was 83.5 sen)
BERJAYA Land Bhd (BLand), a property and gaming company, is close to inking a partnership agreement with South Korean steelmaker Posco Group on the acquisition of up to 20 per cent in the former's US$3 billion (RM9 billion) project in South Korea.
BLand is developing Berjaya Jeju Resort through its subsidiary, Berjaya Jeju Resort Ltd (BJR), on a 73.2ha site in Yeraedong in Seogwipo City, southwest of Jeju island.
BJR director Tan u-Jiun told Business Times in an interview that it expects to seal the deal with Posco by August or September this year.
"Posco will take not more than 20 per cent stake in the development and they will help to develop it," Tan said.
Posco, which is listed in Seoul, Tokyo, London and New York, is involved in railway development, construction of buildings and infrastructure and steel manufacturing.
This will be the first partnership for Posco in Malaysia and the agreement with BLand is via its unit, Posco Engineering & Construction Co Ltd.
Tan, the younger son of Berjaya group founder Tan Sri Vincent Tan, said the first phase of the project comprising 212 units of luxury villas and market place is slated to be launched by the end of this year or early next year.
"We are awaiting the final approval for the Environmental Impact Assessment on our revised masterplan. We expect it to complete in May," Tan said.
The integrated project will have 1,403 condominium units, villas and bungalows, 935 hotel rooms, a one million sq ft retail mall that will be the largest in Jeju, a medical facility and a market place which will comprise super luxury shops and single-storey residences.
The landmark tower will be a 45-storey hotel, which will be the tallest building on the island. Complementing that is a 505-room casino hotel, which will be South Korea's largest casino complex, Tan said.
"We are launching the villas and market place first to attract higher paying customers to the development. Once the market is guaranteed and it creates an aspirational image, we will release the medium-tier properties," he said.
Tan said BJR hopes to start constructing the villas and market place by August this year.
According to him, BLand has invested close to US$150 million (RM450 million) on infrastructure works for the project, which was completed in December last year. The project will take five to six years to develop.
"We are targeting the Koreans and Europeans. We don't think the European market will be strong because of the eurozone debt crisis but we expect same sales there. We are also targeting China and Japan," Tan said.
Berjaya Jeju Resort recently won an award in the category of mixed- used development for South Korea at the Asia Pacific Property Awards 2012.
Where is the special dividend 50sen Vt faster announced 50sen special dividend or private at 1 ringgit for cash rish bjland . Dun u turn go to private bjc at 1 ringgit later ?
RELAX... THERE ARE GIANTS AMONG RETAIL INVESTORS TOO... THEY CAN AFFORD TO SAPU ALL SHARES FROM PENTA... WILL SEE HOW MUCH PENTA IS WILLING TO SELL BEFORE THEY PUSH UP THE PRICE AGAIN... =D
VT WILL PRIVATISE BJLAND.... SO HE DOESN'T HAVE TO SHARE WITH THE SMALL SHAREHOLDERS WHEN HE RECEIVES MONEY APPROX 2BIL FROM JDC KOREA AND CHINA MALL... =D
Not true loh...privatise bjland thus VT share with bjcorp shareholder mah.......!!
Posted by leek > Mar 29, 2019 4:40 PM | Report Abuse
VT WILL PRIVATISE BJLAND.... SO HE DOESN'T HAVE TO SHARE WITH THE SMALL SHAREHOLDERS WHEN HE RECEIVES MONEY APPROX 2BIL FROM JDC KOREA AND CHINA MALL... =D
VT WILL SHARE WITH BJCORP SHAREHOLDERS ONCE HE RELIST THE HOTELS BUSINESS IN SINGAPORE....
THEN INJECT SOME ASSETS INTO BJASSETS TO PLEASE THE PARTNERS...
THEN BJCORP WILL USE DOUBLE OR TRIPLE THE BJLAND PRIVATISATION PRICE TO BUY THE REMAINING NO HALAL BUSINESS E. G. BJSPORTSTOTO....FROM VT AFTER PRIVATISE BJLAND... =D
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Posted by Good123 > 2019-03-26 16:46 | Report Abuse
possible for bjcorp to be played up so that bjland shareholders are more willing to accept similar offer like penta :)