Posted by dalpinia > 2015-05-16 23:01 | Report Abuse

We should buy more oskh n vote reject then make it fail to take over then all the oskp n pjd share price will shot up again as what happen in 2014.....

Posted by dalpinia > 2015-05-17 21:33 | Report Abuse

BUY OSK and reject the offer....the osk price will shot higher if the deal failed.....same apply to pjd and oskp.

Posted by azlan88 > 2015-05-18 23:26 | Report Abuse

Atria official opening next week..

Posted by enid888 > 2015-05-28 13:19 | Report Abuse

Atria is opened today. Will the mall be revalued since it is already opened? From the 2014 annual report, the book value of the mall is only RM4.5mil. The mall (470,000 sq.ft.) is slightly bigger than Tropicana Mall (435,000 sq.ft.). Tropicana Mall is now in the process of being sold to CMMT at RM480mil. Based on the valuation of Tropicana Mall, Atria Mall should be revalued at RM520mil which translates to a valuation gain of RM515.5mil or RM2.12/share. If this valuation gain is added to the NAV of OSKProp, the RNAV should be RM4.34 per share. Comparing to NAV of OSKH at RM2.85, the offer price for OSKProp should revised upwards substantially.
Icon8888 and Ooi Teik Bee, your views are much appreciated.

Posted by azlan88 > 2015-05-28 14:29 | Report Abuse

In their balance sheet, investment properties as at 31/3 is valued at RM289 million. Believe that these might include the value of Atria Shopping Gallery.

Agree with you that OSKProp is deeply undervalued. In fact with the opening of Atria, OSKProp stand to receive rental income of RM1.0 million per month after deducting their operational cost, which works out to be RM12million per year or 4.8 cent to their EPS.

With current cash and reserves, OSKProp actually can give 1-to-1 bonus issue to their shareholders. Interesting to see how much independent valuer will give their valuation for OSKProp for the MGO launched by OSKH. Believe that, they may have appointed independent investment bank to make valuation for OSKProp after receiving SC nod for the proposed acquisition. The valuation need some time to be carried out before being reviewed by SC, and once approved, they will call for EGM...

Posted by Ooi Teik Bee > 2015-05-28 15:13 | Report Abuse

Q1 2015 EPS is 19.85 sen, this stock should worth PER of 10. I add up all trailing 4 quarter EPS, EPS = 52 sen. Base on PER of 10, the intrinsic value should be 5.20.
Selling to OSK at 1.95, is it a fair price or not ?
Thank you.

Posted by enid888 > 2015-05-28 15:37 | Report Abuse

Agree with both of you. The biggest asset (more than 70% of total asset value) of OSK Holdings is the shareholdings of RHBCap. However, RHBCap share price has dropped from RM8.40 to RM7.45 since the announcement of the offer which has made OSK Holdings less valuable. Therefore, the offer price should and could be revised based on all these facts.

Posted by azlan88 > 2015-05-29 23:39 | Report Abuse

Based on the The Edge Financial Daily today, OSKProp is expected to open another 5 malls under Atria brands

SS22 470,000 sq.ft (opened on 28/5/2015)
Cheras 500,000 sq.ft (probably near to You City by PJD)
Sg. Petani 1,000,000 sq.ft (probably in Bandar Puteri Jaya)
Section 13, PJ 200,000 sq.ft
Melbourne 350,000 sq.ft (probably on land owned by PJD -Yarra)
Cyberjaya 350,000 sq.ft (probably near to Mirage by Lake, Eclipse)

About 65% tenants have opened their shop yesterday with another 20% to open by next month. They have another 15% to let, but total occupancy is expected to reach 95% in August 2015.

Today OSKH, received the node from SC to issue the warrants and 15 Cent Dividend. EGM is not far from now. As for OSKProp, there will be two cases:

1. In EGM, minority shareholder turn down the offer, in which only shares from OLH will be absorbed by OSKH and OSKProp remain listed. The share price may increase to reflect the actual value of the company and the increasing contribution from recurring income due to investment properties. OSKProp will likely to give higher dividends to balance the EPS dilution for OSKH, in which OSKProp minority shareholder also benefit. There might also bonus issue to rectify the public shareholding if OSKH holds more than 75% OSKProp.

2. In EGM, minority shareholder accept the offer. They will be given choice to swap their shares or get paid RM1.95. OSKProp will be delisted. Getting cash is not the best option since OSKProp shareholder may miss the future earnings from the recurring income. Swapping the shares will be more sensible to enjoy from future earnings and possible extra gain from disposal of RHBCap stakes. RHBCap will transfer their listing status to RHB Bank which will remove 'double tax' and increase RHB earnings. Therefore OSKH will enjoy higher valuation. However conversion of shares from OSKProp to OSKH will increase OSKH share base and dilute the earnings.

Now it become clearer why OLH want to swap shares at RM 2.00 instead at higher price. OSKH is in dire need of main business, in which its lending business is not significant and their future highly dependent on RHB dividend and performance. OSKH can offer at RM2.50 but they don't have cash to do that (they got so little money) and this will not bode well with OSKH minority shareholder as OLH stake will grow bigger. One more thing OLH might breach the shareholding rule where an individual shall not hold certain percentage of financial company shares ( do not this is correct or not). Therefore OLH sweetens the deal by 'bribing' OSKH minority shareholders to accept the OSKProp takeover deal by giving 15 cents divvy and warrants (using cash from retained earnings) and jeopardise OSKProp minority shareholders. After OLH swaps his shares he can consolidate his position in OSKH and possibly launch takeover of OSKH itself before/after disposing RHBCap stake. But at that time it is not easy to privatise OSKH since share price must have appreciated and funds/other shareholders ready to block and negotiate for higher price..just my personal opinion.

Posted by azlan88 > 2015-06-15 23:41 | Report Abuse

OSKProp has started to raid Sungai Petani in big way. They have started the construction of PRIMA houses to claim RM350 million in 2 years. Based on the opening price, the market rate will be RM260 onwards.
http://www.pr1ma.my/pr1ma_property.php?id=241&lang=bm#.VX7l-1Wqqko

Besides that, apart from BPJ, they have launched 2nd township called Yarra Park (coincides with Yarra Park Melbourne which were bough by PJ Dev) just opposite econsave BPJ, which I think adjacent to PRIMA housing that they built. Divided into 8 phases, the first phase, which is called Fairfield Villas has a GDV of RM100 million, which in all phases will totaled RM1.3 billion.The township is expected to complete in 2019. I believe the 1 million sqft mall will be developed once the the PRIMA houses is near to completion.
http://www.theedgeproperty.com/my/content/osk-property-launches-its-second-township-kedah

Besides that, I have gone through the proposal for OSKH to acquire OSKProp. It says that OSKH intends to maintain the listing status of OSKProp and OLH also don't want shareholders to convert to OSKH. However if it breaches 90%, OSKH will not maintain listing status for OSKProp. In the event of OSKProp is maintained in Bursa, I believe minority shareholders can expect more dividends from OSKProp since OSKH require the dividend to balance the dilution of EPS from issuance of new shares.

Posted by III > 2015-06-26 09:01 | Report Abuse

http://www.nanyang.com/node/708781?tid=462

《福布斯》亚洲中小上市企业 11马企入榜科技股领头
产业发展商方面，今年只有2家公司入榜，为恒大置地和侨丰产业（OSKPROP，6661，主板产业股）
But still been undervalue for long time :(

Posted by III > 2015-07-06 14:35 | Report Abuse

Can I know based on the EGM, they will buy OSKProp via exchange or cash?

Posted by fighter88 > 2015-07-07 00:23 | Report Abuse

Buy OSKP below 1.95 now almost like no risk , u can get 1.95 cash Per unit or alternative 1 OSK share per unit , OLH intend to maintain OSKP listing status , so what will be the next action he will be do....

Answer is keep OSKP share price above 1.95 level during the offer period , and made you hold the shares and didn't accept the offer convert to cash 1.95 or OSK share ....

Posted by enid888 > 2015-07-07 11:54 | Report Abuse

Very good move by OLH,
For each OSKProp share he sold to OSKH,
he is getting 1 share OSKH + RM0.15 dividend + 0.25 share OSKH-W
= RM2.25 + RM0.15 + RM0.15 ( Assume OSKH-W will trade at RM0.60)
= RM2.55

The OSKP minority shareholders will not be entitled to RM0.15 dividend and warrant bonus issue.

I think OLH also intends to maintain OSKP listing status. Minority shareholders should not accept his offer.

Posted by goodguess > 2015-07-13 12:46 | Report Abuse

Just keep OSKP and reject offer. That will make OLH continue OSKP listing status. After everything is concluded than price will move up to fair value. Patience is a virtue.

Posted by goodguess > 2015-07-13 20:53 | Report Abuse

acquisition date of OSKP and PJD extended. Just hold OSKP tight. without 90%, no mandatory take over. Because of hng33 comments on massive record gains due to Atria, OLH initial agreed sellers wants better price from him. Believe price should move a bit for now.

Posted by goodguess > 2015-07-13 23:15 | Report Abuse

only can accumulate if there are sellers. Just keep tight and don't sell. you will be rewarded with better price.

Posted by speakup > 2015-07-14 10:28 | Report Abuse

OLH take over OSKP at what price? OSKP-WC at what price?

Posted by III > 2015-07-14 12:38 | Report Abuse

Take over OSKP at 1.95~

Posted by ww123 > 2015-07-15 23:27 | Report Abuse

Hi,,can somebody tell me why the aquisition of oskp &pjd being extended? what is the motive behind OLH'mind?

Posted by Beza > 2015-07-22 08:55 | Report Abuse

Suggest all small shareholders just keep OSKP and reject the selfish offer.

Posted by III > 2015-07-22 12:13 | Report Abuse

I only accept share exc not cash term...

Posted by lthma > 2015-07-22 17:31 | Report Abuse

Please read the bursa announcement dated 20/7, there is bold letter content as follows on pg 13

It
is
the
intention
of
the
Offeror
to
maintain
the
listing
status
of
OSK
Property,
unless
sufficient
valid
acceptances
are
obtained
to
invoke
the
compulsory
acquisition
as
set
out
in
Section
5.2
of
this
Notice.
In
the
event
that
OSK
Property
fails
to
comply
with
the
public
shareholding
spread
requirements
under
Paragraph
8.02(1)
of
the
Listing
Requirements
pursuant
to
the
Offer,
the
Offeror
will
explore
various
options
or
proposals
to
rectify
the
shortfall
in
the
public
shareholding
spread
of
OSK
Prope


Let us all the minority shareholder united and not do anything until the merger exercise over,
If OSK shareholding cannot touch above 90%. The offer is not compulsory acceptance
We can benefit more later as the merger exercise had indicate the fair price is about RM 3.50
if the company remain listed.

Posted by lthma > 2015-07-22 18:00 | Report Abuse

It is also not wise for any smart investor to exchange for OSK shares.
The eps for the current year expect to be around 60 cts based on feedback from various experts in i3investor.
Hence OSK prop shares value up more than OSK in future especially with not much public float. Similar case happen to Hong Leong Capital when Hong Leong failed to capture 90% shareholding..
Reject the offer.

Posted by stockraider > 2015-07-22 18:06 | Report Abuse

Yes...it make little sense to exchange...if really want OSKH...better to sell OSKP and buy OSKH.

If not, better just hang on OSKP still okloh....!!

Posted by longkanginvestor > 2015-07-22 18:17 | Report Abuse

What if they manage to acquire more than 90% of oskp?then minority shareholder will have to force to sell to oskh for 1.95?

Posted by lthma > 2015-07-22 19:08 | Report Abuse

At this moment many think the acquisition is compulsory though
Only mandatory.If we reject the offer then the chance to get more
Than 90 pct is harder.
By maintaining listing status OLH and pac also benefit as they
Still have more than 80 million of warrant which they had not declare
their intention yet in the merger exercise.

Posted by enid888 > 2015-07-23 12:39 | Report Abuse

You should hang on to your OSK Property and reject the offer.

In this financial year end.
OSKP is estimated to make RM0.60 per share.
OSKH is estimated to make RM0.32 per share (including RHB, OSKP n PJD profits).

The earnings are diluted and share price of OSKH will be lower than OSKP.

Posted by azlan88 > 2015-07-23 14:26 | Report Abuse

reject offer since OSKP will pay good dividend for OSKH to sustain dividend payment..

Posted by alaninvestor > 2015-07-24 08:23 | Report Abuse

I have different opinion. Please advice.

Reject? Is this the right move?

Let’s assume all minority rejected the offer, what can we (27% minority) do to the OSKP share price?
United together to push up the share price and fighting to sell at the higher price among ourselves?
Who want to put a bid at RM5.00 or RM6.00?
We must know share price didn't move by itself. The question is, who want to jack up the OSKP share price for minority shareholders beside OLH?

I believed OLH will never do that for sure, he don’t need to do so. This is because 73% of OSKP profit will flow into OSKH A/C (his vehicle), no matter OSKP at RM1.95 or RM5.00.

As at now, OSKP still trading at RM1.95 level, this also means NO syndicates are in the action to against OLH, otherwise price surged. At least for now.

In this case, possibility of share price stay flat for many years with less trading activities even with greater profit in the next few year. But, OSKH price may already surged much higher because they still enjoy 73% of OSKP’s profit.

Beside received dividends if company still doing well, how long can we hold on to this flat price if no body put a higher bid. Definitely you won’t put at RM5.00 for me to sell right, so am I and vice versa.

Although we may think OSKH is slightly overvalued compared to OSKP in this deal. But, do we have a better choice?



How about “accept” the deal?

We will still hold OSKP. (OSKH already owned 70% OSKP)

We may think OSKP @ RM1.95 is in deep undervalue, but this also means OSKH is in deep undervalue after holding approximately 73% of OSKP shares at this moment.

If we believed OSKP going to perform very well in forthcoming years, I think to Hold OSKH is much better than hold tight in OSKP, because OSKH already owned 70% of the so called undervalued OSKP and for sure the profit will flow into OSKH a/c. With the higher EPS in OSKH, I guess OKSH share price will surge higher instead of OSKP.

Again, we must believe that the share price will never move by itself. Who is willing to put a higher bid at RM5.00 or RM6.00?

But if we get the deal done, we are riding together in OLH vehicle (OSKH).

AS at now, Instead of share exchange at @ RM1.95 (1 for 1), OSKP minority may consider to sell OSKP at RM1.94/95 and BUY OSKH at RM1.85/86 level and still get a discount of 8-9 cents as “premium”.

Please advise. Thanks.

Posted by lthma > 2015-07-25 10:51 | Report Abuse

Refer to pg 16 of the offer notice
Note:-
The
existing
Warrants
held
by
the
PACs
may
be
converted
into
new
OSK
Property
Shares

It was not committed to sell to OSK for RM1.00.
What is the reason may be convert to OSK prop shares?
Can someone interpret the remarks.
By suppressing the OSK price lower than OSK prop. does it mean someone
discourage us from accepting the offer and want the listing status maintain.

Posted by stockraider > 2015-07-25 11:09 |

Post removed.Why?

Posted by Up_down > 2015-07-29 21:59 | Report Abuse

OLH has given few options for the minorities. Cash out or conversion into OSK share or cash out plus buy OSK in the market at cheaper price. it's too simple for him to fetch shareholding above 75%. To be nasty, OLH may delist OSKP according to Bursa rules.

Posted by III > 2015-08-04 17:02 | Report Abuse

but if convert to OSK share is at 1.95 right, mean will direct loss 0.15 if convert within this month d?

Posted by goodguess > 2015-08-06 10:13 | Report Abuse

Another quarter report coming in august. Should be good.

Posted by SinGor > 2015-08-08 12:04 | Report Abuse

OLH need about 61,065,072 OskP shares to mandatory takeover OskP. It looks like rather
difficult task. See my collected statistics:
1) 7,426,600 shares done on 17 July - 23 July ( first week--give and take 2% error from estimate)
2) 2,617,000 shares done on 24 july - 31 July ( 2nd week-- expected no error )
3) 582,900 shares done on 03 Aug - 07 Aug ( 3rd week--expected no error )

Another 6 weeks to go. Can OskP minority shareholders hold on to their shares???
If collection stay at below 500K a week (for next 6 weeks), OLH will end up with only 13,626,500 shares on 21 Sept

Posted by III > 2015-08-11 12:22 | Report Abuse

OSKP come out announcement d...

Posted by III > 2015-08-11 12:59 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4823429

Any 1 know what will happen if i dun accept any offer?

Posted by goodguess > 2015-08-12 10:57 | Report Abuse

If he don't collect enough, he can just extend for another 2 months?

Posted by maysew216 > 2015-08-12 11:06 | Report Abuse

so we should just ignored the unconditional offer at this moment

Posted by Up_down > 2015-08-12 11:13 | Report Abuse

If no such offer, be prepared the price to stay below 1.9. prawn is better than without fish.

Posted by SinGor > 2015-08-13 17:06 | Report Abuse

The mandate ends 21 Sept. 2015. Got to request OskH shareholders again. What is OLH
going to offer them.??

Posted by azlan88 > 2015-08-14 08:52 | Report Abuse

AmInvestment bank will issue their advice to minority shareholders latest by 20th August. For those who are still holding the shares, you may wait until 21st August to know the outcome. Then you have few days to think before the offer is closed on 1st September. By then, OSKProp would have announced its Q2 result.

OSKH is busy collecting PJDev since they want to secure at least 50% of their shares.

Posted by lthma > 2015-08-14 17:46 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4826729

The chances of maintaining listing status appear to be higher with this announcement.

Posted by enid888 > 2015-08-16 21:33 | Report Abuse

Pls do not accept OLH's offer. If you accept his offer n exchange with OSKH, the share base of OSKH will be very much bigger. The earnings per share will be diluted n the upside of OSKH is much lesser as compared to OSKP (If the OSKP is remain listed.)

Posted by azlan88 > 2015-08-18 20:26 | Report Abuse

If you are sitting on paper gain right now, my advice is to sell the shares and bought other stocks which have been beaten down. When market has rebounded, you will make more profit rather than holding this shares.

AmInvestment bank will release their advice circular on thursday .My gut feeling tell me that they will say the offer is not fair but reasonable due to weak market condition.

Posted by III > 2015-08-25 20:15 | Report Abuse

Write a comment..how is any respon? Hold ? Sell? Exchange?

Posted by enid888 > 2015-08-25 22:35 | Report Abuse

OSK n PAC have already amassed 85% of the shares. It looks like OSK n PAC may succeed in taking over OSKProp.
Why doesn't OLH leave OSKProp listed n merge with PJDev? This may be a better option where the share price of the OSKProp n PJDev merged entity will become benchmark price for the holding company OSKH. They can also spin off the hotel n Atria Mall as REIT taking over the listing status left behind by one of the merged company.

Posted by III > 2015-08-26 17:41 | Report Abuse

btw, how come still haven't come out Qtr result??

Posted by enid888 > 2015-08-26 20:50 | Report Abuse

Usually, OSKProp quarterly results are released in the beginning or middle of the reporting months. This time it is very different. Only two more days to go. Is the results too good that it may influence the shareholders to reject his offer?............

Posted by III > 2015-08-27 09:05 | Report Abuse

haha, enid... I believe so...