Posted by splendid_ignorance > 2014-06-25 11:03 | Report Abuse

Note, the land reclamation that is mentioned in the article has nothing to do with this company...

Posted by staind86 > 2014-06-25 12:53 | Report Abuse

That is the thing. Forest city has nothing to do with Benalec.

Posted by sky4524 > 2014-06-25 13:00 | Report Abuse

any new update regarding the egm today?

Posted by taciturn > 2014-06-25 14:04 | Report Abuse

EGM for both resolutions; RM235m land sale to Ultra Harmony and ratification of the Heads of Agreement was passed.

Voting was done by poll. Both resolutions passed with 100% votes.

Will update later on with what I've learned after a discussion with my peers.

Posted by Ivory919 > 2014-06-25 14:21 | Report Abuse

This counter up and down very fast.

Posted by rocket > 2014-06-25 14:22 | Report Abuse

Taciturn , Thank you for the sharing ^^

Posted by zero > 2014-06-25 14:24 | Report Abuse

thanks taciturn for the live update!

Posted by Ivory919 > 2014-06-25 14:26 | Report Abuse

GoGoBenalec: ignore that fellow. He like people to see him as a prophet to talk cock sing song.

Posted by tshwong > 2014-06-25 14:28 | Report Abuse

@taciturn, did you saw a madman escorted by a 'lawyer', 'shooting' the MD in the EGM as he said he'll. Or the rubbishman was bullshitting us again as expected. Or maybe he was not managed to borrow a pair of balls from his friends if he got any or he just couldn't afford to keep his 100 share of Ben.

Posted by taciturn > 2014-06-25 14:38 | Report Abuse

tshwong: Lol, no I don't think he was there. The fact that 100% of votes were in favour of both resolutions seems to imply it so. I was expecting to hear something like 99.999% in favour and 100 shares against. XD

Posted by sky4524 > 2014-06-25 14:43 | Report Abuse

thanks for sharing ^^

Posted by splendid_ignorance > 2014-06-25 14:47 | Report Abuse

@taciturn thanks for the update. Any talk of the progress in the Tanjung Piai project?

Posted by GoGoBenalec > 2014-06-25 14:48 | Report Abuse

Ivory919 : who's care bout that "coward"

Posted by tshwong > 2014-06-25 14:49 | Report Abuse

ha ha ha ha

Posted by taciturn > 2014-06-25 15:31 | Report Abuse

Here's a copy of the email to my peers regarding the EGM.

Okay, Benalec EGM update.

Both resolutions (land sale and ratification of heads of agreement) were passed.

Voting was done by poll. 100% votes in favour for both resolutions.

Here's what I've learned thus far. Any errors are due to my own (mis)interpretation

1) Sri Tanjung Pinang 2 - Benalec will definitely be participating when tenders are called for. Whether their prospects are good, it's hard to say.


2) Remaining land concession between Pulau Indah and Melaka amounts to 600 acres. Of this amount 400 acres have _already_ been reclaimed and is awaiting to be sold.


3) EIA for Tanjung Piai is still pending. Management is confident with regards to off-takers taking plots from 1MYSOT. Hopeful for approvals to happen by the end of the year. (My impression is that they're highly confident on this point - call it a gut instinct on my part - take note that this is not gospel truth! Just my impression)

One of the interesting points made by the MD is that he's not in favour of signing MoUs in advance for the sale of reclaimed land. He'd rather reclaim the land first, show it to a buyer and then come to an agreement. His analogy was pretty good, land under water is not as valuable as land above it. :p

Contrary to the article by the Malaysian Insider, reclamation work has _not_ started. My impression is that they've moved some equipment and materials on site in readiness. You do not need EIA approval for materials on site. Heh.


4) For the RM235m land sale to Ultra Harmony Sdn Bhd (128 acres), almost half of the amount has been reclaimed, with work on-going for the other half. I'm actually pretty amazed at how far ahead they are on this. In the circular the expected date of completion of the sale for each of the 4 stages (roughly 30 acres each) is May 2015, Oct 2015, Feb 2016 and Jul 2016.

At the rate they're ahead though it sounds like they've got a good chance of wrapping this up early. If so, that's a huge plus point.

Should've asked to clarify if their timeline is ahead, but it slipped my mind. Either way, I don't think they're going to be late in delivering vis a vis the expected completion as per the circular.

It was interesting to hear that depending on conditions they are really able to reclaim land at the rate of between 0.5 to 1 acre a day.


5) Confirmed that institutionals/funds are actually interested in Benalec again and that they've requested to meet (or have met) the management. The board seemed a little surprised at this as they thought this would only happen after the HoA is ratified and put to rest.

MD's impression is that institutionals have increased their stakes by at least 10% of the company's paid up over the last week (this is my interpretation of his statement).


6) A question was asked whether Benalec would take part in the reclamation of Forest City (for Country Garden of China) in Johor (area about 2000 ha), interestingly the Board declined to answer since it's currently a sensitive matter. (At least that's what I interpreted it as)

If true, this is definitely an interesting point as I didn't think Benalec would be involved in any way.

Posted by taciturn > 2014-06-25 15:32 | Report Abuse

7) Regarding the sale of 45 million shares @ 77 sen in Benalec by Oceancove Sdn Bhd (the family holding company) on 9 April 2014, the MD was very forthcoming as to the reason which I found to be highly credible.

He explained that he (Vincent Leaw - and also implicitly also includes elder brother Leaw Ah Chye) had bought out his eldest brother's (Leaw Tua Choon) stake in the family company and needed the funds to pay him.

The shares were thus placed out and sold at a discount to raise the funds needed.

His explanation here was good, his stake in the sale of the shares was about 20 million shares (which means a loss of about 13 sen at that time per share - RM2.6m. This is my interpretation), but his (indirect) shareholding in the company had increased by 70 million from the buyout. Thus he's still up by about 50 million shares and since then Benalec's share price has gone from 90 sen to 1.10-1.20 (20-30 sen profit, so about RM10m-RM15m up). So he's still ahead.

I did not inquire at what price he bought his brother out, but safe to say it was probably at a discount to Benalec's share price.


Overall I came away from the meeting a lot more confident than before about the company's prospects (also the fact that HoA resolution passed with 100% helped - and that only one item remains to be completed - the Access Road issue which is minor in the greater scheme of things).

Vincent Leaw definitely came off as a credible (and determined) character. He carried himself well in answering questions.

I also liked a comment made by one of the other directors in an aside with me where he stated that Vincent Leaw really knows how to make the company money.

Posted by Ivory919 > 2014-06-25 15:44 | Report Abuse

taciturn: thanks for sharing. We only got quarter of the story just now because we rushed there after FGV. We think the food there is better. LOL!

Posted by splendid_ignorance > 2014-06-25 15:45 | Report Abuse

thanks taciturn for the write-up. I for one am equally happy that the resolution on ratification went about with ease. The problem is finally done and dusted with and the company can concentrate on making money now. EIA approval should not be too far off. Was also wise for the directors to keep a distance from the Forest City affair until things are settled.

Posted by kurangmanis > 2014-06-25 15:50 | Report Abuse

Nice update, thank you very much taciturn.

Posted by tshwong > 2014-06-25 16:05 | Report Abuse

Thanks taciturn for the updated. Those who are interested should take the price weakness as an opportunity.

Posted by crawler > 2014-06-25 16:10 | Report Abuse

maybe will go back to 80cents

Posted by SavvyOne > 2014-06-25 16:20 | Report Abuse

Yeah, keep hoping and waiting for 80 sen to happen, but don't hold your breath!

Posted by GoGoBenalec > 2014-06-25 16:27 | Report Abuse

tan kuku

Posted by lewistee > 2014-06-25 16:42 | Report Abuse

thanks for ur good sharing

Posted by Ring > 2014-06-25 17:37 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1666481

Posted by 8u29song > 2014-06-25 19:00 | Report Abuse

avg up today, 1.15.
ask myself, at present, what counter to keep if not benalec !

Posted by 8u29song > 2014-06-25 19:03 | Report Abuse

why not 0.80, when bonus issue 1 to 1..........

Posted by xncziyi44 > 2014-06-25 22:18 | Report Abuse

since may2014 still unable to figure out if taciturn or kukuman is more pertinent and correct on mr ben.pls quote facts only try be brief.tks

Posted by Greedless > 2014-06-25 22:37 | Report Abuse

got bonus issue ?

Posted by Ring > 2014-06-25 22:44 | Report Abuse

Benalec where got bonus shares?

Posted by zero > 2014-06-26 00:17 | Report Abuse

xncziyi - boxers can or not?

Posted by taciturn > 2014-06-26 08:37 | Report Abuse

xnciiyi44: If you only want facts, that's easy. Read the annual report, quarterly report and any announcements on bursamalaysia's website made by the company. There you go, facts.

If you want negative views (regarding Benalec), non factual (never seen any research) and extremely brief statements (usually one word descriptions, i.e. rubbish, nonsense et al), you know who to look for.

If you want my analysis/views (which are not facts but based on my interpretation of most of them), they're here for all to see. I can only stress that since it's my own work, it's what I believe in but should not be taken as gospel truth.

Sorry, but if you want it to be brief, you'll have to look elsewhere as I won't be able to help you there. As I'm sharing these postings for free (and my own personal enjoyment), I see no reason why I should have to come out with even simpler versions to suit another person's needs.

Posted by Simon Lau > 2014-06-26 08:57 | Report Abuse

appreciate ur hard work, thank u taciturn.

Posted by Jonathan Keung > 2014-06-26 09:06 | Report Abuse

taciturn. good for you to share the Benalec EGM

Posted by GoGoBenalec > 2014-06-26 09:11 | Report Abuse

taciturn : salute

Posted by wee888 > 2014-06-26 09:37 | Report Abuse

1.20 by mth end??

Posted by whassup123 > 2014-06-26 09:54 | Report Abuse

i shd sell it? please advise

Posted by 8u29song > 2014-06-26 09:54 | Report Abuse

market correction mode !

Posted by 8u29song > 2014-06-26 09:55 | Report Abuse

psychologically, market will be back after world cup.

Posted by whassup123 > 2014-06-26 09:58 | Report Abuse

but ty going disposal off land.. the share shd go up right.. but no move ment

Posted by Greedless > 2014-06-26 10:13 | Report Abuse

http://www.theedgemalaysia.com/business-news/296307-benalec-shareholders-say-yes-to-settlement-agreement-framework.html

Posted by Greedless > 2014-06-26 10:14 | Report Abuse

235 milion cash more than 90% of last year revenue

Posted by splendid_ignorance > 2014-06-26 10:23 | Report Abuse

http://www.thesundaily.my/news/1093914

Posted by splendid_ignorance > 2014-06-26 10:26 | Report Abuse

http://www.chinapost.com.tw/international/americas/2014/06/26/411001/Johor-Strait.htm

Posted by whassup123 > 2014-06-26 10:40 | Report Abuse

is all good news, but the share not moving

Posted by fortunebullllz > 2014-06-26 10:44 | Report Abuse

it is all depend on the syndicates!

Posted by Muhammad Syahir Yosuf > 2014-06-26 11:01 | Report Abuse

benalec did not pay 200mil upfront payment to 'sultan johor'..then how can they proceed with tanjung piai project??..they should pay and start making money afterwards..this is johor reality..hehehe

Posted by Kukuman > 2014-06-26 13:42 | Report Abuse

Price went up recently was artificially created to give feel good factor before the EGM. Apart from get syndicates to play the share price, spinners were also deployed to tell all sort of good things before the EGM. This kind of thing has been played all the time. Forum here no exception

Posted by Kukuman > 2014-06-26 13:45 | Report Abuse

You think all these spinners have nothing better to do but to write ultra long essay here for nothing. Think about it.

Posted by Greedless > 2014-06-26 14:24 | Report Abuse

Kukuman...kuman datang. Whenever benalec down kuman sampai.