Posted by qqq33333333 > 2020-09-22 22:00 | Report Abuse

and members of the public who got no role in the decision making can quit or join them

Posted by qqq33333333 > 2020-09-22 22:01 | Report Abuse

but looks like Scib and Kpower got brighter future

Posted by Sslee > 2020-09-23 07:07 | Report Abuse

Good morning qqq3,
Thank you very much for your comments.

Will rephrase the question as below:
By voting for the resolution 2,413,662,345 Rights Shares at RM0.12 and another 1,206,831,172 warrants at exercise price of RM 0.28, the fate of JRB is sealed as penny stock good only for speculation and not investment because many financial institutions and investment funds are prohibited from speculate in penny stocks. Is this what JRB Board recommends? And is this in the best interest of shareholders?

Posted by Sslee > 2020-09-23 08:42 | Report Abuse

Haha i3lurker,
Someone told me in INSAS forum that once INSAS breakthrough the RM1.00 then sky is the limit because investment bankers only buy stocks above RM1.00

By the way when someone (foe or friend) give you an idea you should say thank you.

Posted by qqq33333333 > 2020-09-23 09:48 | Report Abuse

so why they set rights price at 15 sen? They are expecting another set of very bad figures........15 sens should be safe..........hahahaha

Posted by Sslee > 2020-09-23 10:12 | Report Abuse

Haha i3lurker,
A 3 rights shares for one at 12sen to 6 rights shares to one at 6 sen.
Which one is cheaper?

Posted by Sslee > 2020-09-23 10:18 | Report Abuse

qqq3,
My money still in my trading account, waiting for JAKS breakthrough RM 1.00 only all in.

Posted by Sslee > 2020-09-23 10:27 | Report Abuse

Sorry just spend half of it buying 200K+ worth of stock recommend by someone.

Posted by qqq33333333 > 2020-09-23 10:41 | Report Abuse

Jaks can remove from favorite page alreadyy

Posted by Leong Wey Chyuan > 2020-09-23 10:43 | Report Abuse

Please come and support JAKS with your fund SSLee

Posted by Sslee > 2020-09-23 11:06 | Report Abuse

Haha,
Hope tomorrow all who participate online EGM vote against the resolution. Then JAKS got chance to breakthrough the RM 1.00 and the sky is the limit.

Posted by Sslee > 2020-09-23 20:01 | Report Abuse

Dear all,
Very surprise to receive the reply to my EGM questions before the EGM:
Basically the answers given are like no answers given: They keep repeating the same answers. Some of the key points:

-The Board believes that the Proposed Rights Issue with Warrants will be beneficial to the shareholders of JRB as it will allow the Entitled Shareholders to subscribe for new JRB Shares at a discount of at least 50% to the TERP of the JRB Shares based on the 5-day VWAMP of JRB Shares immediately preceding the price-fixing date. Further, the Company had also decided to issue free Warrants to the shareholders of the Company as added incentive to the Entitled Shareholders to subscribe for the Rights Shares together with an opportunity to increase their participation in the Company at a pre-determined exercise price during the tenure of the Warrants.

-The Company wishes to reiterate that it is not forcing shareholders or suppressing minority shareholders in any way. The Proposed Rights Issue with Free Warrants are undertaken on a fair and equitable basis and all existing shareholders can exercise their discretion to subscribe or otherwise. Further, the discount of at least 50% to the TERP is meant to increase the attractiveness and affordability of the Rights Shares.

-The Board is not in the position to provide any investment advice to the shareholders of the Company. As mentioned in the cover page of the Circular, Shareholders who are in doubt should consult their own stockbroker, bank manager, solicitor, accountant or other professional advisers immediately.

-The fluctuation of market prices of JRB Shares are determined by, amongst others, market forces and are not within the control of the Board and the Company, and as such, there is no assurance that the subscription price of the Rights Shares will correspond to the market price at which JRB Shares will trade upon completion of the Proposed Rights Issue with Warrants.

-All investments carry risks and investors should understand fully the risks involved before making any investment decisions.

-The Company wishes to clarify that the statement quoted in the Nanyang Siang Pau’s article was referring to the financing options available to the Company for the future plans/ acquisitions of the Group, and not for the purposes as set out in Section 2.7 of the Circular.

Look like those intend to vote against the resolution please send in below last question during the EGM:
By voting for the resolution 2,413,662,345 Rights Shares at RM0.12 and another 1,206,831,172 warrants at exercise price of RM 0.28, the fate of JRB is sealed as penny stock good only for speculation and not investment because many financial institutions and investment funds are prohibited from speculate in penny stocks. Is this what JRB Board recommends? And is this in the best interest of shareholders?

I might not be able to attend the online EGM due to other work commitment.
Wish all good luck.

Posted by HeOpens ItFirst > 2020-09-23 20:27 | Report Abuse

Dear Sslee, do you know which Investment banks covering Jaks right now?
I only know EPF won't buy stocks below RM1.
Thanks.

Posted by Sslee > 2020-09-23 21:40 | Report Abuse

Dear i3lurker,
Do you mean all this while I was taken for a ride by leno?

leno This is still the first wave. The second wave will be when insas break RM 1.
Then there will be more investment fund jump in.
Of course u ask wat the fak ! Why buy RM 1 but not 75 sen ?
Again it is their policy. Some fund got rule that DO NOT ALLOWED them to buy penny stock. Meaning anything below RM 1. They can be sued ! So, they have to wait until RM 1 then onli can buy.
So dun say leno never give u good lesson horr ..
Donkey onli know dividend dividend dividend .... Ptui !
06/08/2020 3:46 PM

Posted by Sslee > 2020-09-23 21:59 | Report Abuse

Haha,
Luckily I was not taken to the cleaners

Posted by qqq33333333 > 2020-09-23 22:58 | Report Abuse

every CEO aims for their shares above $ 4...not just above $1...........but, Jaks needs rights issue, so how?

Posted by Sslee > 2020-09-24 07:36 | Report Abuse

Haha good morning i3lurker,
sslee believe in giving we receive so the more you give the more you receive.

Posted by Sslee > 2020-09-24 07:44 | Report Abuse

Haha giving can be in many form not necessary in cash.
Remember give you a fish, you survive for a day. Teach you how to fish you have more fish to help others.

Posted by qqq33333333 > 2020-09-24 08:22 | Report Abuse

every CEO SHOULD aim for their shares above $ 4....I think $ 4 is the mark, we say this is potentially a blue chip................

Posted by qqq33333333 > 2020-09-24 08:24 | Report Abuse

u see, when supermax and top glove do bonus issue, they also try to make sure their shares will always be above $ 4.............

Posted by qqq33333333 > 2020-09-24 08:26 | Report Abuse

penny stock status is a disgrace. Its some sort of a failure.

Posted by Sslee > 2020-09-24 08:39 | Report Abuse

Agree with qqq3, once you fall into penny stock it will like a debt-trap very difficult to get out on its.
Now I understand why financial institutions and investment funds keep supporting Philip QL at PE of 70-80.

Posted by StarLightMe > 2020-09-24 09:08 | Report Abuse

anyone attending the EGM?

Posted by cskek81 > 2020-09-24 09:44 | Report Abuse

me

Posted by StarLightMe > 2020-09-24 09:45 | Report Abuse

@cskek81 mind to share the updates here?

Posted by edkfc > 2020-09-24 10:00 | Report Abuse

yes..starting now....

Posted by cskek81 > 2020-09-24 10:56 | Report Abuse

@StarLightMe right issue proceed

Posted by StarLightMe > 2020-09-24 11:02 | Report Abuse

what else any good news?

Posted by cskek81 > 2020-09-24 11:09 | Report Abuse

unit 1, COD on Q42020 & unit 2, COD on Q1 2021.. Mostly EGM is for voting the right issue only.

Posted by StarLightMe > 2020-09-24 12:35 | Report Abuse

ntg about the power plant in vietnam?

Posted by Philip ( buy what you understand) > 2020-09-24 13:05 | Report Abuse

it is interesting how just a few months on, the discussion is no longer about the profits and viability of the company, but about the reliability and honesty of operating management.

If only in every annual report there is a big number below assets on the auditor rated performan ce quality of management.

Unfortunately, when the auditor is the one being paid by management, there are many things better left unsaid.

Posted by DK > 2020-09-24 14:17 | Report Abuse

Auditors' duty is only to make sure the financial statements prepared by the management represent a TRUE and FAIR view of the financial positions of the company, nothing else.

Posted by Sslee > 2020-09-24 14:53 | Report Abuse

Dear all,
I was surprise why JRB IR email me “our responses to your queries” on my submitted in advance EGM questions one day before the EGM. Now I understand because my questions and Board answers was not presented/read out during today EGM

https://www.sc.com.my/resources/speeches/malaysian-institute-of-accountants-mia-50th-anniversary-commemorative-address-trust

35. It must be also noted that the accounting profession’s impact in producing and ensuring the quality of financial reporting goes beyond the realm of audit and compliance -it is the basis by which decision making, financial strategy, analysis and benchmarking is taken. Therefore, accountants hold critical gatekeeping functions as reputational intermediaries, allowing market participants to identify risks, locate opportunities, reduce uncertainties and ultimately, allocate capital efficiently.

Posted by StarLightMe > 2020-09-24 15:00 | Report Abuse

@Sslee so do you inquiry them during the meeting?

Posted by Sslee > 2020-09-25 09:36 | Report Abuse

My good-bye email to JAKS:
Dear IR@JAKS

With 89.8% vote for and 10.2% vote against, the EGM Resolution Proposed Renounceable Rights Issue together with Free Detachable Warrants is accepted.

I accept the majority decision and my only regret is l was not given a chance to pledge my case to my fellow minority shareholders. Right now I would like to take this opportunity to thank you for helping me in conveying my dissenting view to the attention of the Board. Please convey my warm regards to the Board and my thanks to them for their timely response to my queries

I am looking forward to reading the EGM and AGM minutes at JAKS website. Talking about the AGM may I know when can I expect to receive a copy of the Board response to my submitted in advance questions for JAKS 18th AGM?

Thank you

Best Regards
Lee Soon Sheng


Dear Bursa Malaysia CEO Datuk Muhamad Umar Swift, Bursa and SC,

JRB shareholders had voted for the Rights Issue at online EGM yesterday. I would like to take this opportunity to thank all for lending me your ear and hear out my objections to this super dilutive and disruptive Rights Issue.

I had learned my lesson and hope that something good will come out from this episode so please allow me to comment on some of the point brought out by JRB Board response to my queries:

-All investments carry risks and investors should understand fully the risks involved before making any investment decisions.
My comment: As an investor, I try to make an informed investment decisions by reading the Annual Report, IB report, AGM minutes, attend AGM, asking questions and etc to identify risks, locate opportunities, reduce uncertainties and ultimately, hope to allocate capital efficiently hence I invest in JAKS at the beginning of the year taking opportunities that JAKS Hai Duong Power Plant 2 X 600MW is expected to be completed and commence generation of power end 2020 or early 2021. Despite all this I am forced to cut losses due to this super dilutive Rights issue sealing JRB’ fate as penny stock and I consider penny stocks as speculative stocks and not for investment.
Malaysia market is ineffectively regulated and infested with poor governance which allows controlling shareholders for reasons only known to themselves indulging in excessive corporate exercise that destroys rather than creating values. (To me it is a self destroying/disgrace/suicidal to turn your company shares price on 22 May 2020 of RM 1.03 with super diluting RI to Theoretical ex-rights price RM 0.28)

-The entitlements for the Rights Shares together with the Warrants are renounceable in full or in part. Accordingly, the Entitled Shareholders can subscribe for and/ or renounce their entitlements to the Rights Shares together with the Warrants in full or in part.
My comment: Should SC and Bursa look into “can subscribe for and/ or renounce their entitlements” when renouncing their entitlement means seeing their 5 days volume weighted average market price RM 0.78 drop to theoretical ex-rights price of RM 0.28? Is renouncing their entitlement really a choice for shareholders?
I am hoping SC and Bursa should come out with regulation in limiting the discount given to pricing of RI as to make renouncing their entitlement less painful to bear.

- Local banks will not finance our equity investment particularly for overseas investment in Vietnam.
My comment: I understand like an investor, Banks have their internal policy in risk assessment before loans are given out but to deny finance to a Malaysia listed company USD 30 million equity investment in Vietnam 30% Jaks Hai Duong 2 X 600 MW Power Plant (Vietnam). The first 600 megawatt generating unit is expected to be completed and to commence generation of power by the fourth quarter of 2020 whilst the second 600 megawatt generating unit is expected to be completed and commence generation of power by the first quarter of 2021 is amounting to discrimination and economic sabotage. I urge SC and Bursa to call up the Bank for investigation.

Thank you. Once again my profound gratitude and thanks to all.

Best Regards
Lee Soon Sheng

Posted by slts > 2020-09-25 09:40 | Report Abuse

you n many of us made the wrong investment decisions.
stop wasting ur time n effort.

Posted by qqq33333333 > 2020-09-25 21:55 | Report Abuse

the outcome is predictable.

Posted by PotentialGhost > 2020-09-26 10:00 | Report Abuse

对于越南业务，林忠仁表示，越南经济迅速发展，在发电与公共建设方面也有大量需求，因此将不排除通过并购资产来扩大发电业务。

捷硕与中国电力工程顾问集团（CPECC)联营的越南海阳省煤炭发电厂将能按原定计划在2021年首季完工，估计这家联营公司在未来25年特许经营期间每年可获得600至700万美元营收。

林忠仁披露，该公司打算在合同规定的3年内增持该联营公司的10%股份，将持股提升至40

WTF?? Vietnam power plant Only generated 6m ~7m Revenue per annual? ??

Posted by Leong Wey Chyuan > 2020-09-26 13:03 | Report Abuse

Gg Monday gap down

Posted by SarifahSelinder > 2020-09-26 18:09 | Report Abuse

Sslee

Jgn pergi keep u punya 1 lot to continue to monitor Andy

Klau Andy suka suka je spend the RI money u can expand scope u to to also cc to MACC esok nanti

Posted by paktua73 > 2020-09-26 20:23 |

Post removed.Why?

Posted by Sslee > 2020-09-27 09:28 | Report Abuse

Dear SarifahSelender,
Don’t worry; I can always make myself a shareholder again to submit in advance AGM questions.

I actually make two official complaints to SC and Bursa:
-Official complaint in seeking Bursa and SC to investigate and reject JAKS revise Rights Issue under Listing Offence Act: Which end when majority shareholders vote for the RI in the just concluded EGM. As complainer I politely wrote in to voice my respect of shareholders mandate and thanks all whom had attended to my complaint and hope SC and Bursa will come out with regulation to prevent such disruptive and dilutive RI in future.

-Official complaint on JAKS AGM did not comply with SC Corporate Governance practices:
https://www.sc.com.my/api/documentms/download.ashx?id=b59a0f5d-c414-4c27-b1c2-37ad15072d47
I am still waiting for JRB Reply to my below email
Dear JRB IR,

Thank you very much for your email:

I cannot comment nor would like to speculate my questions submitted in advance for JAKS 18th AGM were not adequately answered during AGM because it fall into either of the following reasons:
1. in answering the questions, it would not result in a fair and orderly dissemination of information to the market as required under the Bursa listing rules;
2. confidential and/or price sensitive in nature;
3. involves speculation or matters that cannot be ascertained accurately;
4. beyond the scope of shareholder communication;
5. Inappropriate, unreasonable, or irrelevant and hence the Company is not obligated to answer the question; or
6. Inaccurate interpretation or misunderstanding of the facts and matters and hence does not warrant a response from the Company.
I am expecting either IR or Company Secretary Leong Oi Wah to forward me a copy of replies to my questions submitted in advance for JAKS 18th AGM once it is clear by management.

Only then will I base on facts to make my comments and let Bursa and SC make their judgment whether my questions fall into the above reasons as stated by you.
By the way, if I am not mistaken external auditor was not present during AGM to answer my questions submitted in advance directed to them.

Thank you

Best Regards
Lee Soon Sheng

Posted by cskek81 > 2020-09-27 15:17 | Report Abuse

@PotentialGhost, it should be a missing one more zero at behind for the revenue as CEO got mentioned the revenue before.

Posted by secret1q > 2020-09-29 08:26 | Report Abuse

Buy and wait. Investment is so boring just like plant tree wait flower open, paint the wall and wait it dry.

Posted by Philip ( buy what you understand) > 2020-09-29 12:38 | Report Abuse

Wow sarifah selinder is back since may...

Posted by RangerJ > 2020-09-29 22:09 | Report Abuse

Interesting announcement

Posted by Sslee > 2020-09-30 08:49 | Report Abuse

Dear all,
For your information:
https://klse.i3investor.com/blogs/Sslee_blog/2020-09-30-story-h1514383998-Forewarn_to_be_forearmed_my_fellow_i3_bloggers.jsp

Posted by JJchan > 2020-09-30 09:20 | Report Abuse

Jaks management of diversifying properties/construction into Vietnam is by far a much better
move than staying in Malaysia for next 2 years. Vietnam is projected to achieve atleast 4.5%
growth next year while Malaysia will register (negative 3--4-% 2021 ) Maybe even hitting 6%
growth depending how many foreign Co. are moving out of China

Posted by JJchan > 2020-09-30 09:32 | Report Abuse

I used to move 20--30 containers from Vietnam to China in 2019. This month, my record say 90
containers move from China to Vietnam ( for local Industrial consumption ) Vietnam post Covid
lockdown economy is ramping Up

Posted by human > 2020-09-30 10:05 | Report Abuse

Sslee, thanks for the sharing the communication. Let the keyboard warriors know they will be checked.