Posted by cskek81 > 2020-09-30 10:55 | Report Abuse

http://www.m.baohaiduong.vn/su-kien-qua-anh/nha-may-nhiet-dien-bot-hai-duong-chuan-bi-phat-dien-thuong-mai-148203

Posted by firehawk > 2020-09-30 15:30 | Report Abuse

Want to fix 5-day VWAMP and TERP price?

Posted by JJchan > 2020-09-30 15:44 | Report Abuse

https://www.malaysiakini.com/news/544600

as i said. Fitch too a believer that Vietnam is better

Posted by hng33 > 2020-10-01 11:01 | Report Abuse

Investment bank that act as Underwriter may now trying to marked up jaks price in order for Jaks to fix higher 5-day weight average volume price for upcoming right share determination

Posted by firehawk > 2020-10-01 16:05 | Report Abuse

If he fixes the RI subscription @0.15 or even @0.18, they also have to subscribe, no alternative way .... unless they sell at loss :-(

Posted by firehawk > 2020-10-01 16:09 | Report Abuse

is very clever pushes up the mother share price only ... not the WB ....

Posted by karimboss > 2020-10-01 16:47 | Report Abuse

panai ma, push up to get higher Right Issue price. only dumb crab go chasing

Posted by karimboss > 2020-10-01 16:48 | Report Abuse

rmb 5 days......

Posted by SarifahSelinder > 2020-10-02 08:15 | Report Abuse

Wonder if Andy ada put in his money into rubber gloves companies in past couple of months

Posted by SarifahSelinder > 2020-10-02 08:20 | Report Abuse

Jgn write off RI yielding sweet RE projek

Posted by JJchan > 2020-10-04 09:09 | Report Abuse

Over weight, 74years Trump if discharged on next Wed( 7/10) from Walter Reed Hospital, the
deadly Covid Myth on older person just evaporated. Pend-up demand on Dow is going to pump
up shares price

Posted by luckyman > 2020-10-04 16:22 | Report Abuse

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=107429&name=EA_GA_ATTACHMENTS

RM72 mil disposal gain is to be reported soon as the disposal has been completed.

No more bleeding from the property division going forward for the next few quarters..

Posted by Sslee > 2020-10-04 18:41 | Report Abuse

Wonder what are the assets hold under JIC that ICD prepare to buy back the 51% jIC from JRB for RM 1.00 cash

Posted by Sslee > 2020-10-04 19:15 | Report Abuse

Dear DK,
Since you are an accountant may I ask how the Sales of 51% JIC held by JRB to ICD for RM 1.00 consideration will be recorded in JRB Balance sheet and cash flow statement?

Refer Annual report 2019 page: 106
Summarised statements of financial position as at 31 December 2018: JIC (RM)
Non-current assets: 144,366
Current assets: 127,165,593
Current liabilities: 268,263,388
Total equity: (140,953,429)
Attributable to:
Non-controlling interest: (69,067,180)

PROPOSED DISPOSAL BY JAKS SDN BHD (“JSB”), A WHOLLY-OWNED SUBSIDIARY OF JRB, OF ITS ENTIRE 510,000 ORDINARY SHARES (“SALE SHARES”), REPRESENTING 51% OF EQUITY INTEREST IN JAKS ISLAND CIRCLE SDN BHD (“JIC”) FOR A TOTAL CASH CONSIDERATION OF RM1.00 (“DISPOSAL CONSIDERATION”) (“PROPOSED DISPOSAL”)

Audited NL of JIC as at FYE 31 December 2019: RM 140,953,953
Add: Disposal Consideration: RM 1 Less:
Non-controlling interests of JIC (49%): RM 69,067,437
Gain to JRB Group: RM 71,886,517

Thank you in advance.

Posted by Sslee > 2020-10-04 19:33 | Report Abuse

i3lurker,
You are also an accountant, I just wonder the current liabilities of RM 268,263,388 if consist of bank loans do you think bank will lend money to JIC with 1 million paid up capital or the banks loans is by JRB?

Posted by Sslee > 2020-10-04 19:51 | Report Abuse

Haha i3lurker,
Once a while I also dream, in my dream I am Superman saving the world.

Posted by Sslee > 2020-10-04 21:28 | Report Abuse

Haha i3lurker,
Every time I attend the AGM, I make effort to befriend the external auditor and you can directly ask the external auditor for explanation on audit matters and also audit and verification procedure during AGM:
Example:
Please explain how you audit and verify bank deposits?

This is external auditor email to me:
Dear Mr Lee,
Thanks, I will be seeing SC this week to discuss this issue as well.

Posted by Sslee > 2020-10-04 21:55 | Report Abuse

Haha i3lurker,
External auditor reply my email:

Thank again for your email. As explain in the AGM, there is no indication of fraud when we performed the verification works, which we have in other cases highlighted as an issues if we are not able to perform such verification.

Generally, as an auditor does not respond to questions dealing with issues beyond the scope of the audit mandate and/or questions relating to matters that are the responsibility of those charged with governance, an auditor also need to answer questions within his responsibility in the shareholders meeting. In that respect, you might wish to direct your questions to the company’s directly so that they will follow up for you. Of course, we have no issue to continue response to you if the company has given the approval and agreed a fee for that.

Will appreciate it if you could write to the board for such requests so that we can proceed further.

Thank you for your understanding of the matters

Posted by Sslee > 2020-10-04 22:18 | Report Abuse

Haha i3lurker,
External auditors try to explain how they audit and verify Level 3 fair value. Till now I still cannot understand.

When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair value are categorised into different levels in a fair value hierarchy based on the input used in the valuation technique as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: unobservable inputs for the asset or liability.

Level 3: Inputs for the assets that are not based on observable market data
Unquoted shares
The fair values of unquoted shares are based on the adjusted net asset method by reference to the fair value of the assets and liabilities of the investee.

Posted by Sslee > 2020-10-04 23:01 | Report Abuse

Dear i3lurker,
Thank you for the explanation:
I am trying to learn from external auditor how to audit and verify purchase and disposal in billions and how to determine unrealised fair value loss of RM 229,549,000

Reconciliation of Level 3 fair values
The following table shows reconciliation from the opening balances to the closing balances for Level 3 fair values.
In RM'000 Unquoted securities
Balance at 1 January 2017 679,586
Purchases 1,356,316
Disposal (1,416,217)
Fair value gains and losses recognised in profit or loss
- Unrealised 7,365
- Realised 41,210
Gains and losses recognised in other comprehensive income
- Exchange translation reserve (66,021)

Balance at 31 December 2017 602,239
Balance at 1 January 2018 602,239
Purchases 1,971,704
Disposal (2,049,212)
Fair value gains and losses recognised in profit or loss
- Unrealised (229,549)
- Realised (9,865)
Unrealised forex losses recognised in profit or loss (1,060)
Gains and losses recognised in other comprehensive income
- Exchange translation reserve 5,338
Balance at 31 December 2018 289,595

Posted by DK > 2020-10-05 00:26 | Report Abuse

Dear Sslee,

Upon completion of the SPA, all the assets and liabilities of JIC will be reversed from Jaks' consolidated accounts, and gain from the disposal of JIC will be taken up in the P&L. I don't think JIC has any bank borrowings as the disposal does not reduce Jaks' group borrowings.

As for the consolidated cash flow statement, the decrease in assets will be regarded as increase in working capital while the decrease in current liabilities will be regarded as decrease in working capital. The RM1 consideration paid will be recorded as "proceeds from divestment of subsidiary" under cash inflow.

Auditing of bank balances is done thru direct confirmation of balances with banks or by obtaining the bank statement as at the financial year end date directly from the respective banks. The bank balances are often different from the book balances. Bank reconciliation statements will be prepared to reveal the differences between the bank balances and book balances. All material differences including material postdated cheques issued or received will be verified as to the validity of the underlying transactions and recordings.

-----------------------
Sslee Dear DK,
Since you are an accountant may I ask how the Sales of 51% JIC held by JRB to ICD for RM 1.00 consideration will be recorded in JRB Balance sheet and cash flow statement?

Refer Annual report 2019 page: 106
Summarised statements of financial position as at 31 December 2018: JIC (RM)
Non-current assets: 144,366
Current assets: 127,165,593
Current liabilities: 268,263,388
Total equity: (140,953,429)
Attributable to:
Non-controlling interest: (69,067,180)

Posted by Sslee > 2020-10-05 07:36 | Report Abuse

Dear DK,
Thank you for the explanation:

What will happen to 50 million bank guarantee paid previously by JAKS to SMG and counter claim suit for RM595 million against SMG, seeking damages for prematurely initiating the claim in bad faith when the Sale and Purchase Agreement dated 19 August 2011 (“SPA”) entered into is between STAR and JIC?

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3091599
Further to the announcement dated 21 August 2020, the Board of Directors of the Company wishes to announce that the High Court has dismissed the STAR's Application for striking out of the lawsuit filed by the Company with costs of RM 3,000.00 and the claim against STAR is fixed for case management on 21 July 2021 for parties to update the Court on the compliance of the pre-trial directions. Further, the matter is fixed for trial on 19 August 2021, 20 August 2021, 26 August 2021 and 27 August 2021.
The Company will make further announcement on the developments of the above matter as and when necessary.
This announcement is dated 28 September 2020

Posted by DK > 2020-10-05 09:08 | Report Abuse

One of my group members sought management clarification on this issue. The answer given is Jaks is a co-plaintiff in the legal suit against star media and is entitled to the awards if counter claim is successful.

-----------------------
Sslee Dear DK,
Thank you for the explanation:

What will happen to 50 million bank guarantee paid previously by JAKS to SMG and counter claim suit for RM595 million against SMG, seeking damages for prematurely initiating the claim in bad faith when the Sale and Purchase Agreement dated 19 August 2011 (“SPA”) entered into is between STAR and JIC?

Posted by Sslee > 2020-10-05 10:29 | Report Abuse

Without any holding in JIC you do not have locus standi to be co plaintiff. Interest to know what will be the outcome of case management on 21 july 2021.
Please ask your group member to keep the email reply and hold JRB accountable and answerable to the reply.

Posted by SinGor > 2020-10-05 16:08 | Report Abuse

Good rally will push to 1.15 ---1.20

Posted by Sslee > 2020-10-05 19:49 | Report Abuse

Dear DK
Audited NL of JIC as at FYE 31 December 2019 140,953,953
Add: Disposal Consideration 1
Less: Non-controlling interests of JIC (49%) 69,067,437
Gain to JRB Group 71,886,517
Something is not right with above logic of Gain to JRB Group 71,886,517

Currently the net loss in JRB group book and JIC book (140,953,953) after disposal less Non-controlling interest of JIC (49%) (69,067,437) then in JRB Book the net loss become (140,953,953-69,067,437-1) = (71,886,515)
So the different or gain should be 140,953,953-71,886,515= 69,067,438.

So how can in Group Balance Sheet the equity reserves of retain earning can be increase from 301,674,300 to 373,560,817 an increase of RM 71,886,517

This equity reserves gain should be balance in JRB Book
Total liabilities in balance sheet will be reduce from 268,263,388 to 136,814,328 gain of 131,449,060
And total asset reduce from 127,309,959 to 64,928,079 loss of 62,381,880
Overall gain 131,449,060-62,381,880 = 69,067,180

Refer Annual report 2019 page: 106
Summarised statements of financial position as at 31 December 2018: JIC (RM)
Non-current assets: 144,366
Current assets: 127,165,593
Current liabilities: 268,263,388
Total equity: (140,953,429)
Attributable to:
Non-controlling interest: (69,067,180)

Any different in accounting Balance sheet and cash flow if JRB(51%) and ICD (49%) top up their respective share of Negative equity (140,953,429) with capital injection of RM 140,953,429?

Posted by Leong Wey Chyuan > 2020-10-05 20:45 | Report Abuse

Confused. So in this case. Who gain who lost?

Posted by Sslee > 2020-10-05 20:48 | Report Abuse

Haha,
If before disposal the consolidate loss is 100 million and after disposal the consolidate loss is now 51 million so the net result is gain of 49 million.

Posted by Sslee > 2020-10-05 20:54 | Report Abuse

So i3lurker if the paid up capital is 1 million and now liabilities is 99 million so how to divide this liabilities?
The along will look for you or look for me or both?

Posted by Sslee > 2020-10-05 21:09 | Report Abuse

Haha i3lurker our arrangement is I paid up RM 510,000 and you paid up 490,000. And you borrow 99 milliion to run the nasi lemak and now loss everthing.
So i sell the business to you for RM1.00 and removing the 51 million losses.
Along will now only look for you to collect back the 99 million loan. I am save now. A big thank you.

Posted by Sslee > 2020-10-05 21:22 | Report Abuse

Haha,
This china man business man i3lurker got two book account one show losses of 100 million and another profit of 200 million. No wonder he offer to buy back the 51% from me for RM 1.00.
I am so happy with the sales I will book gain 51 million by removing 51 million losses and i3 now enjoying 200 million minus 99 million loan a cash of 101 million

Posted by Sslee > 2020-10-05 21:41 | Report Abuse

Haha disclaimer: i3lurker and me are joking with nasi lemak business. It do not have anything to do with JRB and JRC.
Only DK a qualified accountant will know how this deal will have the impact on the cash flow and Balance Sheet.

Posted by DK > 2020-10-05 21:45 | Report Abuse

Dear Sslee,

The consolidated assets and liabilities of the group are reduced by (not from) RM127m and RM268m respectively.

Currently, the JIC is having a Negative equity of RM140m of which RM71.9m is attributable to the shareholders of Jaks resources and RM69m belongs to minority interest.

The disposal of JIC will eliminate the negative equity of JIC from Jaks' books for a consideration of RM1. Therefore, shareholders of Jaks will gain from elimination of negative equity of RM71,886,516 and RM1 proceeds. Net gain = RM71,886,516 + RM1 = RM71,886,517

----------------------------------
Sslee Dear DK
Audited NL of JIC as at FYE 31 December 2019 140,953,953
Add: Disposal Consideration 1
Less: Non-controlling interests of JIC (49%) 69,067,437
Gain to JRB Group 71,886,517
Something is not right with above logic of Gain to JRB Group 71,886,517

Currently the net loss in JRB group book and JIC book (140,953,953) after disposal less Non-controlling interest of JIC (49%) (69,067,437) then in JRB Book the net loss become (140,953,953-69,067,437-1) = (71,886,515)
So the different or gain should be 140,953,953-71,886,515= 69,067,438.

So how can in Group Balance Sheet the equity reserves of retain earning can be increase from 301,674,300 to 373,560,817 an increase of RM 71,886,517

This equity reserves gain should be balance in JRB Book
Total liabilities in balance sheet will be reduce from 268,263,388 to 136,814,328 gain of 131,449,060
And total asset reduce from 127,309,959 to 64,928,079 loss of 62,381,880
Overall gain 131,449,060-62,381,880 = 69,067,180

Refer Annual report 2019 page: 106
Summarised statements of financial position as at 31 December 2018: JIC (RM)
Non-current assets: 144,366
Current assets: 127,165,593
Current liabilities: 268,263,388
Total equity: (140,953,429)
Attributable to:
Non-controlling interest: (69,067,180)

Any different in accounting Balance sheet and cash flow if JRB(51%) and ICD (49%) top up their respective share of Negative equity (140,953,429) with capital injection of RM 140,953,429?
05/10/2020 7:49 PM

Posted by DK > 2020-10-05 22:05 | Report Abuse

Dear Sslee,

In other words, shareholders of Jaks gain from reduction in Net liabilities of RM72m.

Note that the Net liabilities of JIC as at 30 March 2020 is approximately RM151.9m.

Posted by Sslee > 2020-10-05 22:16 | Report Abuse

Dear DK,
Thank you

Posted by Sslee > 2020-10-05 22:26 | Report Abuse

Haha i3luker,
Audited NL of JIC as at FYE 31 December 2019 140,953,953

The NL is not Net losses but as point out by DK NL is Net liabilities.

Posted by Sslee > 2020-10-05 22:54 | Report Abuse

Dear i3lurker
When it is 51% subsidiaries must be very careful who owned the other 49%. What is the role play by this 49% owners? What can this 49% owners contribute? Any conflict of interest?
Some subsidiaries are just another vehicle use by controlling shareholder to siphon out money from company to this 49% owners.

Posted by Sslee > 2020-10-06 08:37 | Report Abuse

Good morning I3lurker,
After you done with your “very busy with my pun mui” remember to pay up the audited NL of i3lurker Nasi lemak as at FYE 31 December 2019 of 99 million. Because part of the NL is 50 million banks guarantee paid previously by me to your presold MoE, MoD, MoH and MoWhatever because you oversleep and delivered lunch instead of breakfast to your presold MoE, MoD, MoH and MoWhatever

Posted by SarifahSelinder > 2020-10-06 11:32 | Report Abuse

Sslee

U ni r fixated on this

Tapi buat kes JAKS ni kan JAKS is d the one who unloaded the NL on to the 49%??

Correct Sarifah klau Sarifah is wrong


Sslee Dear i3lurker
When it is 51% subsidiaries must be very careful who owned the other 49%. What is the role play by this 49% owners? What can this 49% owners contribute? Any conflict of interest?
Some subsidiaries are just another vehicle use by controlling shareholder to siphon out money from company to this 49% owners.

05/10/2020 10:54 PM

Posted by SarifahSelinder > 2020-10-06 11:34 | Report Abuse

Klau harga turun Andy is accused of trying to get the excess at low price all for himself

Skrg ni harga naik apa cerita nya?

Posted by Sslee > 2020-10-06 12:02 | Report Abuse

Dear SarifahSelinder,
As shareholders of Jaks, we must thanks ICD for “willing buyer-willing seller” basis buy over Jaks 51% in JIC for consideration of RM1.00.

ICD was incorporated in Malaysia on 2 November 2000 under the Companies Act, 1965 as a private limited company and is principally involved in property development and management business. As at the LPD, the existing shareholders and directors of ICD are as follows:-
Chen Cheong Fat: 65%
Rasli bin Musamah: 35%

Now the Audited NL of JIC as at FYE 31 December 2019 of RM 140,953,953 is on ICD book and the disposal of JIC will eliminate the negative equity of JIC from Jaks' books for a consideration of RM1. Therefore, shareholders of Jaks will gain from elimination of negative equity of RM71,886,516 and RM1 proceeds. Net gain = RM71,886,516 + RM1 = RM71,886,517

The question now is out of the NL of RM 140,953,953 any inter-company advances by JAKS to JIC like 50 million banks guarantee paid previously by JAKS to STAR. Will this advances fall into Non-Performing loans?

Posted by SarifahSelinder > 2020-10-06 12:27 | Report Abuse

Byk sunk costs la

Posted by Sslee > 2020-10-06 12:43 | Report Abuse

Haha SarifahSelinder sudah pandai.
If advances cannot be recovered it will be write off as impairment losses then the retain earning will be deducted by this losses

Posted by Sslee > 2020-10-06 12:53 | Report Abuse

Now you see the different.
Jaks can use the advances as recapitalise into equity then in this case ICD has to inject in new fund as his 49% part of recapitalise.

Posted by SarifahSelinder > 2020-10-06 13:29 | Report Abuse

Sslee

Klau capitalized ICD can refuse to participate thn JAKS wil end up having higher % in JIC and need to pick more losses

Posted by SarifahSelinder > 2020-10-06 13:32 | Report Abuse

Sslee

Tiada siapa yg nak JIC

Fkir fikir kan la

Posted by SarifahSelinder > 2020-10-06 13:33 | Report Abuse

Cerita yg dulu baik jgn ingatkan kembali

Posted by SarifahSelinder > 2020-10-06 13:35 | Report Abuse

Sunk cost

Posted by SarifahSelinder > 2020-10-06 13:37 | Report Abuse

Harap harap JIC can buli residential LAD

JIC not listed co can do shits more easily

Lower LAD then can pay JAKS BG

Posted by SarifahSelinder > 2020-10-06 13:45 | Report Abuse

Sslee

Pandai pandai la