I also win angeluna...since I only hold kps..... but wht mean... only acquire aset not equity for puncak n gamuda? I also can't understand english... kampong mari maaaaa...
kps gets 80c per share only, with provision of huge debts and no new business, there should be sp.div but will not be far (possible lower) from khsb deal. kps will not get a cent until syabas is in the s.gov's pocket.
recent water shortage crisis will definitely hit all concessionaires coming q result, which kps already recorded -2.7 in the last.
until everything is black & white, there is chance thing might turn-around again. that's y kps share is hesitating... afterall, the advantage is not that attractive per say.
(sudahkena- satu kali?)...kps came back from its low, not drop.....staying at current price since the MOU, right? do not let ppl negative comment influence....hold, buy or sell..you decide base on the company net worth and business fundamental
longterminvest...why pointing at angelina? she done and given out good analysis...your choice buy sell or hold. what ealier caution iafx...comment is free...destroyers do not help
1. Splash: equity RM250.6m (cash), assumption of water assets RM 1584m 2. TMS: Equity 86.2m (cash), assumption of water assets RM 904m
KPS control Splash 30% and TMS 90.83%, therefore the figure above have to pro-rate to calculate the actual amount KPS entitle
1. KPS 30% splash: equity, RM 75.18m (cash), assumption of water assets RM 475.4m 2. KPS 90.83% TMS: equity, RM 75.27m (cash), assumption of water assets RM 820.8m
Therefore in total, after KPS opt to selloff its water assets, it stand to received, cash RM 150.45m (30sen/share only) and total assumption of water asset: RM1296.2m,
Based on latest quarter report, KPS have total borrowing RM 1072.4m (short term: 408.4m + long term: 664m) and concession liabilities RM 173m. But, KPS also have cash RM 213m (42.7sen/share).
Please refer back to announcement on 27 Feb, all the offer price is based on splash and TMS as whole total RM 2.8b, which mean the actual amount offer is accordance with the respective proportions of their holdings in the SPLASH and TMS, in which KPS only hold 30% stake in splash and 90.83% in TMS. Therefore, your augment that KPS stand to received RM 2.8b is UNTRUE and MISLEADING In addition, only equity portion is in cash payable.
Reproduce announcement make in bursa on 27 Feb
for TMS
(ii) The payment ascribed to the equity contribution referred to in paragraph 2.2 (i) above shall, subject to such adjustments as are provided for therein, be notified by KDEB to the holders of the TMSB Equity and paid to holders of the TMSB Equity on a pro rata basis in accordance with the respective proportions of their holdings in the TMSB Equity after the conditions set out in paragraph 2.3 below have been fulfilled or (to the extent permitted by law) waived by KDEB.
for Splash (ii) The payment ascribed to the equity contribution referred to in paragraph 2.2 (i) above shall, subject to such adjustments as are provided for therein, be notified by KDEB to the holders of the SPLASH Equity and paid to holders of the SPLASH Equity on a pro rata basis in accordance with the respective proportions of their holdings in the SPLASH Equity after the conditions set out in paragraph 2.3 below have been fulfilled or (to the extent permitted by law) waived by KDEB.
Since kps already accept.. so the deal is ON...same as offer... but not 4 gamuda n puncak... kdeb hold more than 50% kps... so kali can get back fr the div....
1. Splash: equity RM250.6m (cash), assumption of water assets RM 1584m 2. TMS: Equity 86.2m (cash), assumption of water assets RM 904m 3. PNSB: equity: 1117.5m, assumption of water assets RM 1359.5m 4. Syabas (70% stake): equity: 437.8m, assumption of water assets RM 2679.2m
Total offer for Splash, TMS, and PNSB and 70% Syabas are RM 8.418 billion, if take into account another 30% syabas stake control own by KDEB itself at RM 1335.86m, then total amount to restructuring State water assets work out to be RM 9.75bilion
1. Gamuda: 40% stake in Splash: offer actual amount: RM 100.2m (cash) + assumption of water assets RM 633.6
2. KPS: 30% stake in Splash + 90.8% in TMS Actual amount from Splash: RM 75.18m (cash), assumption of water assets RM 475.4m Actual amount from TMS: equity, RM 75.27m (cash), assumption of water assets RM 820.8m
3. Puncak: 100% stake in PNSB + 70% in Syabas Actual amount from PNSB: RM1117.5m (cash), assumption of water assets RM 1359.5m Actual amount from Syabas: 437.8m (cash), assumption of water assets RM 2679.2m
4. KDEB: 30% Syabas Actual amount from Syabas: 187.6m (cash), assumption of water assets RM 1148.2m
All in all total amount to restructuring Selangor state water assets work out to be RM 9.75bilion.
It make no different at all, the important is the offer price for splash is fixed at: equity RM250.6m (cash), assumption of water assets RM 1584m and these amount is proportion pro-rate to shareholder of Splash. Currently, 40% of Splash is held by Gamuda Bhd with the rest equally divided between The Sweet Water Alliance Sdn Bhd (TSWA) and Kumpulan Darul Ehsan Bhd (KDEB). Therefore the summary is as below:
(A) Splash: Equity RM250.6m (cash), assumption of water assets RM 1584m 1. Gamuda (40%): RM 100.2m (cash) + assumption of water assets RM 633.6 2. KPS (30%): RM 75.18m (cash), assumption of water assets RM 475.4m 3. The Sweet Water Alliance (30%): RM 75.18m (cash), assumption of water assets RM 475.4m
(B) TMS: Equity 86.2m (cash), assumption of water assets RM 904m 1. KPS (90.8%): RM 75.27m (cash), assumption of water assets RM 820.8m 2. Unknown holder (9.2%): RM 10.93m (cash), assumption of water assets RM 83.2m
(c) PNSB: Equity: 1117.5m (cash), assumption of water assets RM 1359.5m 1. Puncak (100%): 1117.5m, assumption of water assets RM 1359.5m
(d) Syabas: Equity: 625.4m, assumption of water assets RM 3827.4m 1. Puncak (70% stake): equity: 437.8m, assumption of water assets RM 2679.2m 2. KDEB (30% stake): 187.6m , assumption of water assets RM 1148.2m
All in all, Selangor state water restructuring offer price is sum of Splash (RM250.6m + RM 1584m) + TMS (RM86.2m + RM 904m) + PNSB (RM 1117.5m + RM 1359.5m) + Syabas ( RM625.4m + RM 3827.4m) = RM 9754.6m (RM 9.75 billion)
No, my point is share n debate or even argue over opinions but don't start personal attack. We r here to try to find direction for investment decision.
What i wan is to highlight that your statement that KPS stand to received RM 2.8b is wrong (you are assume KPS wholly own entire Splash + TMS). Therefore need to rectify that these amount need to proportion pro-rated among all shareholder of Splash (Gamuda 40% + KPS 30% + The Sweet Water Alliance ) and TMS (KPS 90.8% + unknown person 9.2%)
As i said previously, after KPS opt to selloff its water assets, it stand to received cash RM 150.45m for its equity portion or about 30sen/share and the balance of RM 1296.2m is through assume all its water assets and liabilities.
Based on latest quarter report, It balance sheet shown, KPS have total borrowing RM 1072.4m (short term: 408.4m + long term: 664m) and concession liabilities RM 173m as well as cash RM 213m (42.7sen/share).
It is possible if KPS decide to payout all the cash proceed from water divestment RM 150.45m to payout to shareholder 30sen/share and all its borrowing to be assume under water assets and liability assumption, give rise to KPS free of debt and balance cash of RM 213m or 42.7sen/share
Max for WSIA is 3 months. I read that on thestar yesterday.
Honestly if the dividend is worth $2, the stock would be trading at a price beyond $2. Don't forget, there is always a premium in the share price because you're investing for a return.
I really hope you did not dump in $1m on this counter, unless you're really loaded.
v) Liabilities to be assumed are all the outstanding water-related debts owed by TMSB <SPLASH Holdings and Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (“SPLASH”)>, which include: a. Bonds acquired by Acqua SPV Berhad (“Acqua SPV”) or remaining in the capital markets; b. Commercial loans, if applicable; and
c. Government loans, if applicable.
since when the proposal also include the entire debts of KPS? hahahahahahaa... aiyoooo... simply assumed entire $1b+ debts of KPS is water assets.
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speakup
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Posted by speakup > 2014-03-13 07:59 | Report Abuse
think hard to push up yesterday coz market weak. CI-10.
big fishes with inside info have bought yesterday, today they will push up?