Bpuri should establish an investor relations dept, dont know to promote your company to investors... maybe, partly due to stopped paying dividend although with RM100mil+ retained earnings ready for dividend. holding many assets but dont know to unlock its value to maximise shareholders' value...
so shameful, this pair, MD and son team... driving down the share price or destroying shareholders' value of bpuri yearly.... so much value has been destroyed.... they should be removed from bpuri... really useless...
5932 BPURI BINA PURI HOLDINGS BHD Changes in Director's Interest (Section 219 of CA 2016)
Particulars of Director 37
Name : MATTHEW TEE KAI WOON NRIC/Passport No./Company No. : - Nationality/Country of Incorporation : Malaysia
Address: -
Descriptions (Class and Nominal Value): Ordinary Shares
Name and Address of Registered Holder:
Details of Changes
Date of Notice : 29/03/2019
Transactions: No. Date Transaction Type No of Shares Price (RM) 1. 27/03/2019 Acquired 10,000 -
Circumstances by reason of which change has occurred: Open Market Purchase
Nature of Interest: Direct Interest
Consideration: You are advised to read the entire contents of the announcement or attachment.
No of Shares Held After Changes: Direct : 4,568,925 shares (1.1960%) Indirect/Deemed Interest : 19,139,778 shares (5.0100%) Total : 23,708,703 shares
Remarks: Datuk Matthew Tee Kai Woon is deemed interested in the followingshares:-3,397,000 ordinary shares held by his father Tan Sri Datuk Tee HockSeng;15,342,778 ordinary shares held by RHB Nominees (Tempatan) Sdn. Bhd. BOCPledged Securities Account for Tan Sri Datuk Tee Hock Seng;400,000 ordinaryshares held by Tee Hock Seng Holdings Sdn. Bhd., a company where his father isa director and shareholder.You are advised to read the entire contents of the announcement or attachment.To read the entire contents of the announcement or attachment, please accessthe Bursa website at http://www.bursamalaysia.com
The MD is also holding about 6% of bpuri shares only.
5932 BPURI BINA PURI HOLDINGS BHD Changes in Sub. S-hldr's Int (Section 138 of CA 2016)
Particulars of Shareholder 36
Name : TEE HOCK SENG, JP NRIC/Passport No./Company No. : - Nationality/Country of Incorporation : Malaysia
Address: -
Descriptions (Class and Nominal Value): Ordinary shares
Name and Address of Registered Holder: You are advised to read the entire contents of the announcement orattachment.To read the entire contents of the announcement or attachment,pleaseaccess the Bursa website at http://www.bursamalaysia.com
Details of Changes
Date of Notice : 17/01/2019
Transactions: No. Date Transaction Type No of Shares Price (RM) 1. 17/01/2019 Acquired 250,000 -
Circumstances by reason of which change has occurred: Purchase from open market
Nature of Interest: Direct Interest
Consideration:
No of Shares Held After Changes: Direct : 18,739,778 shares (4.9050%) Indirect/Deemed Interest : 4,948,925 shares (1.2950%) Total : 23,688,703 shares
Remarks: Indirect interest - 400,000 shares held by Tee Hock Seng Holdings Sdn. Bhd.and 4,548,925 shares held by YBhg. Tan Sri Tee's son, Datuk Matthew Tee KaiWoon.You are advised to read the entire contents of the announcement or attachment.To read the entire contents of the announcement or attachment, please accessthe Bursa website at http://www.bursamalaysia.com
With their tiny shareholdings in bpuri, i believe both the MD and son can be removed from bpuri board due to incapability to manage bpuri for maximising shareholders' value.
This change of accounting period could show higher earnings for bpuri... next audited accounts for 18 months till 30 June 2019. wanted to incorporate the compensation from pakistan, is it? hahaha
5932 BPURI BINA PURI HOLDINGS BHD Current Stock Name : BPURI
Current Financial Year End : 31/12/2019New Financial Year End : 30/06/2019Remark : The Board of Directors of the Company had approved the change offinancial year end of the Company from 31 December to 30 June. The next auditedfinancial statements of the Company shall be for a period of 18 months, from 1January 2018 to 30 June 2019. Thereafter, the financial year end of the Companyshall end on 30 June for each subsequent year.The rational for change infinancial year end is due to avoid the peak congestion financial reportingperiod in December.You are advised to read the entire contents of the announcement or attachment.To read the entire contents of the announcement or attachment, please accessthe Bursa website at http://www.bursamalaysia.com
5932 BPURI BINA PURI HOLDINGS BHD DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS)
DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS)Datuk Matthew Tee Kai Woon, the Executive Director of the Company, has notifiedof his dealing in securities of the Company outside closed period.You are advised to read the entire contents of the announcement or attachment.To read the entire contents of the announcement or attachment, please accessthe Bursa website at http://www.bursamalaysia.com
TEE's FAMILY LOSING GRIP Author: kokokai1993 | Publish date: Tue, 15 Jan 2019, 12:33 PM
BPURI - TEE's FAMILY LOSING GRIP
With the recent headwinds of Bina Puri unable to carry forward its special resolution due to failure of obtaining the 75% voting for the special resolution, we can suspect there is something fishy going on in the board.
Firstly, Bina Puri announced the proposal on 28 August 2018 which contains “Proposed Acquisition” and “Proposed Amendments”.
The proposal mainly sums up to tell us that Bina Puri is in consideration of purchasing 54.50% equity interest of Ideal Heights Properties Sdn Bhd (IHP) by issuing ordinary shares and new redeemable preference shares at an issue price of RM0.2498.
To let you readers to understand better on this proposal, I have done some summaries on the acquisition proposal.
1) In order to purchase 54.50% of IHP, Bina Puri has to acquire 2,477,108 ordinary shares of IHP
Special resolution - Proposed Amendments – Required majority votes of 75% (failed)
I) Issuance of new Bina Puri shares @ 95,112,573 shares which could help Bina Puri to gather a sum of RM23,759,121
AND
II) Consideration RPS at an issue price of RM0.2498 – a sum of RM10,110,565 (in details please refer to Bursa)
III) Retention RPS at an issue price of RM0.2498 – a sum of RM8,812,657 (in details please refer to Bursa)
TOTAL – RM 42,682,343
Take note that without both proposals approved, this acquisition would not be succeeded.
3) What’s the outcome of EGM?
The outcome of the meeting was unexpected, as the special resolution was failed to go through.
Below is the results of the EGM:
Well, this is something worth looking into it.
Let us go through the board ownership in the Company first….
If you calculate the directors and controlling shareholders ownership, based on the picture above, it will total up to 15.7%. Obviously, this indicates us that the Management do not have sufficient ownership to pass the resolutions themselves and they need other shareholders’ support.
Looking at a bigger picture, we believe that the controlling shareholders would have considered the success rate. Retail investors would have mostly thought that the acquisition will go through as they assume discussion had held within the board with the votes they had in hand for a win.
Unfortunately, the outcome was out of expectation. As the result, the special resolution for the company to obtain funding to activate the acquisition was not approved.
So what happened?
There were a few possibilities.
Retail shareholders did not agree to this acquisition: This possibility is quite unrealistic as normal shareholders are hoping for wealth maximization. Moreover, we can see that this acquisition is a growth driver for Bina Puri– which is a good thing isn’t it?
Besides that, looking into the votes casted in the EGM, it didn’t seem like retail investors were rejecting the resolution. Retail investors normally do not attend general meeting, and now they are against both resolutions. Another point to take note, the 37million shares against the resolutions is close to 10% of total outstanding shares.
There is civil war happening right now in the board: Why do I say so?
Well, looking at the votes involved in the EGM, there were about 85million of shares (22% of the total outstanding shares) being casted in the EGM.
Wow, the Management owns 15.7% shares and 10% of the total outstanding shares were against the resolutions. What does this mean?
We believe that there is a board tussle in Bina Puri right now! It looks like another party with substantial shareholding is emerging.
Tracing back to one to two months earlier, there were private placements which actually caught our attention. In this case, we see the placements could actually be related to the failed resolution.
There were total 3 tranches of private placements:
1st Tranche
2nd Tranche
3rd Tranche
For your information, the EGM meeting were carried out on 24th December 2018.
So, you can see that almost 16% of the new shares were issued prior to the EGM.
Doesn’t get the linkage yet?
Let’s see:
Controlling shareholders wanted to increase their shareholdings in the Company to ensure a successful EGM In order to do so, they had private placements prior to the EGM However, outcome wasn’t expected There is a possibility that the Board and Management team were misled and some parties in the board were planning to go against the resolutions The parties with hidden agenda are going head to head with the controlling shareholders now!
good KUALA LUMPUR: Bina Puri Holdings Bhd’s subsidiary has won an arbitration case against the Pakistan National Highway Authority (NHA) over the termination of a concession agreement dated jan 16, 2012
Bin Puri said Bina Puri Pakistan Private Ltd had won the case involving the construction of a 136km motorway under the build-operate-transfer for a contract value of 24.93bil Pakistan rupees (RM864mil).
The contract was for the expansion of the existing four-lane Karachi-Hyderabad superhighway into a six-lane motorway (M-9).
To recap, on April 23, 2013, the High Court of Sindh referred the dispute to two arbitrators.
The matter was subsequently referred to the umpire on Sept 27, 2018 upon difference of opinion between the arbitrators.
In the latest development, on March 27, 2019, the umpire held in its decision to allow Bina Puri Pakistan’s claims against NHA with a declaration that the termination notice issued by NHA was an unlawful repudiation and breach of the concession agreement.
“With the decision by the umpire, Bina Puri Pakistan will be entitled to the actual pre-development cost and actual development cost to be determined by joint auditor.
“Bina Puri Pakistan shall apply to enforce the arbitration award and will make the necessary announcement in due course,” Bina Puri said.
The contract was for the expansion of the existing four-lane Karachi-Hyderabad superhighway into a six-lane motorway (M-9).
To recap, on April 23, 2013, the High Court of Sindh referred the dispute to two arbitrators.
The matter was subsequently referred to the umpire on Sept 27, 2018 upon difference of opinion between the arbitrators.
In the latest development, on March 27, 2019, the umpire held in its decision to allow Bina Puri Pakistan’s claims against NHA with a declaration that the termination notice issued by NHA was an unlawful repudiation and breach of the concession agreement.
“With the decision by the umpire, Bina Puri Pakistan will be entitled to the actual pre-development cost and actual development cost to be determined by joint auditor.
“Bina Puri Pakistan shall apply to enforce the arbitration award and will make the necessary announcement in due course,” Bina Puri said.
it seems no major shareholders that have the ultimate say or control of bpuri... a big fight among major shareholders will spark another share buying spree , chasing the share price up sharply. fingers crossed
Already said the name is kena buli long time ago. Billion of revenue but little profit, and forget about the dividend. Yet reported low PE, no idea how it was derived. Speculative play only.
Bina Puri has huge potential. Its order book is more than 3b. To name a few, Malaysian Embassy in Moscow 900m, development project in KV, Pahang and Johor worth 2.7b, NHA case (Pakistan's highway) 900m. Expecting special dividend from this one off gain once awarded. Really undervalued now. Just wait for the value to be unlocked soon.
just accumulate. People dont want at cheap price; we take. This company has visibility in its activities; purely a construction company that at its core well managed. It is for heaven’s sake; 18 Malaysian sen. Divide that by 4; less than 5 US cents per share. You are basically being invited to be a shareholder for less than 5 US cents per share! I can’t even start my own mini contruction for this much money that I have invested. Forget about the peak and dips; about the margin and profitability at current Malaysian construction sector scenario. The company is solid; let’s look back at what I said in 1 year time.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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Posted by 129055444514385 > 2019-05-29 09:56 | Report Abuse
Bpuri should establish an investor relations dept, dont know to promote your company to investors... maybe, partly due to stopped paying dividend although with RM100mil+ retained earnings ready for dividend. holding many assets but dont know to unlock its value to maximise shareholders' value...