Posted by angiess > 2017-02-13 19:27 | Report Abuse

Ok

Posted by kahhoeng > 2017-02-14 11:05 | Report Abuse

Any other besides angiess? Fairnreasonable, valour, r moi, stockraider, steveooikp, cljy, cheoky, valour?

Posted by steveooikp > 2017-02-14 11:39 | Report Abuse

r moi --- very beautiful ....

Posted by cljy > 2017-02-14 11:47 | Report Abuse

sorry i can't make it as i am based in Penang. i have emailed SC already.

Posted by valour > 2017-02-14 12:27 | Report Abuse

kahoemg
I m ok i stay in PJ

Posted by valour > 2017-02-14 12:28 | Report Abuse

Sori should b kahhoeng

Posted by kahhoeng > 2017-02-14 16:49 | Report Abuse

angiess, is it OK if I try to schedule between Wed and Fri in the morning next week?

I have created an email account for this purpose. Please email me at kahhoeng@yahoo.com to let me know if you are keen to attend the meeting with SC and let me know if you will be free next week (if not all, please indicate the dates you will be free) to give SC the flexibility. If there are more than 5, I will announce here and we will decide later on whom should be attending. Your kind support will be much appreciated. Thanks.

Posted by kahhoeng > 2017-02-14 16:57 | Report Abuse

Tomchan, thanks. If possible, please let those whom you have contacts and also Puncak's minoority shareholders to call SC to seek at least 2.50 capital repayment for our shares.

Posted by angiess > 2017-02-14 16:57 | Report Abuse

Ok

Posted by cheoky > 2017-02-14 16:58 | Report Abuse

sry kahhoeng i wont be joining you on the SC meeting as i m in JB. Yet my puncak holding vote is with you. You just tell. Your spirit here is admirable. may positive surprise be with you.

Posted by Tomchan > 2017-02-14 17:05 | Report Abuse

Kahhoeng,

They read your comments as well. Will check with them to see if they call.

Posted by r°Moi > 2017-02-14 17:07 | Report Abuse

Kahhoeng


You go ahead.. you all are wave 1


If need be.. r°Moi shall be wave 2

Posted by kahhoeng > 2017-02-14 17:54 | Report Abuse

rMoi, even can't find 5 people for your so-called wave 1, and you think there could be a wave 2?

Posted by r°Moi > 2017-02-15 08:30 | Report Abuse

OMG... like that rosxli... see already... very happy... talk only... minorities

Posted by kahhoeng > 2017-02-15 10:25 | Report Abuse

angiess, cheoky, would you please email me at kahhoeng@yahoo.com the days (within next week, preferably more than 4 days, since we need to give them 3 days to choose) and time that you will be free? Thanks. Guess just the 3 of us keen to pay SC a visit now. Wonder who are those calling to SC saying wanting to meet?!?

Posted by LilyLL > 2017-02-15 15:16 | Report Abuse

Puncak move now to 1.05 lah stop again

Posted by linges > 2017-02-15 15:29 | Report Abuse

Mari mari...im waiting @ avg 1.11

Posted by chonghai > 2017-02-15 15:52 | Report Abuse

Looking at Puncak's share trend, there may be sweetener offered to encourage approving the deal.

Posted by kahhoeng > 2017-02-15 16:00 | Report Abuse

do you guys want to accept a deal, say 0.50 per share special dividend deal, that after deal completed, share price dropped to less than 0.50 to reflect the cash spent to 'lure' shareholders approval?

May I suggest we work harder to make sure a capital repayment option of 2.50 per share to make sure we can exit at cash level to avoid a future 'special' offer to privatize at 1.00 less special dividend citing not 'favor' by market and considered 'fair but unreasonable' or 'reasonable but unfair' by some independent investment bank adviser?

Posted by angiess > 2017-02-15 23:54 | Report Abuse

Totally agreed, previously I also got trap on 'special' dividend .. after that share price drop accordingly. Actually is also our money just like repayment only

Posted by kahhoeng > 2017-02-16 07:02 | Report Abuse

angiess, valour, please email me the days and times you will be free to meet SC next week at kahhoeng@yahoo.com. Please allow as many days for selection cause I will need to give 3 days for SC selection. Thanks.

Posted by r°Moi > 2017-02-16 08:32 | Report Abuse

.

Price gone up a bit lately... is this rosxlis counter strategy?

Whatever.. dont care.. lets engage SC.. all lets go see SC

.

Posted by kahhoeng > 2017-02-16 10:59 | Report Abuse

rMoi, ask you to join, you said we go first wave, now you said go see together? If you are truly interested, please email me when you will be free next week. Thanks

Posted by kahhoeng > 2017-02-16 11:41 | Report Abuse

Currently, there are two who have emailed me their intent to meet SC together. Please let me know by the latest this evening if you are keen to join and do include your free schedule next week. I am hoping to call up SC tomorrow morning to schedule the meeting if possible. If there are more than 5, we will discuss further details later. Again, thanks.

Posted by r°Moi > 2017-02-16 13:44 | Report Abuse

Kahhoeng

Dont mind others going or not.. you just go see SC in wave 1

When the time comes... r°Moi would do it in wave 2

As the officer who responded to r°Moi email is not the same

Posted by kahhoeng > 2017-02-17 16:12 | Report Abuse

The number of participants heading to meet SC has reached 5. I won't be taking in any more interested shareholder seeking participation as the limit set by SC is 5.

Posted by FAIRnREASONABLE > 2017-02-17 17:45 | Report Abuse

Please go ahead Kahhoeng and team. I won't be able to join. Thanks.

Posted by r°Moi > 2017-02-19 10:02 | Report Abuse

.

Kahhoeng

What will you cover in wave 1?

So that r°Moi can plan wave 2

.

Posted by kahhoeng > 2017-02-19 12:12 | Report Abuse

rMoi, will let you and the rest know about the meeting once the meeting is over

Posted by cheated > 2017-02-21 21:06 | Report Abuse

QR not out? Loss again? See you 50 sen.

Posted by Xinquan > 2017-02-21 21:20 | Report Abuse

cheated why you so generous? Should be 10 sen like Xinquan.

Posted by steveooikp > 2017-02-24 16:08 | Report Abuse

r moi ... is that your photo?
you are gorgeous

Posted by steveooikp > 2017-02-24 16:09 | Report Abuse

r moi ... you don't hv to work, full time goring share?
Your gf / hubby is rich?
Your father is rich ?

Posted by kahhoeng > 2017-02-24 22:18 | Report Abuse

I have together with 3 others shareholders met with SC in the morning for approximately an hour. A discussion was made after meeting with SC (another hour or so?). After the discussion, I have also proceeded to contact with MSWG and met up with MSWG at 4:30 pm for approximately 1 1/2 hour.

Real apology, been really exhausted from the meetings. I will post the details of the meetings tomorrow.

Posted by Tomchan > 2017-02-25 15:39 | Report Abuse

Kahhoeng,

I am out of words for the efforts u have made.

Posted by cheoky > 2017-02-25 15:42 | Report Abuse

Geng, kahhoeng. My vote is yours. Have a good rest.

Posted by kahhoeng > 2017-02-27 00:00 | Report Abuse

Dear all Puncak Niaga concern shareholders,

The discussion with SC went smoothly. The director, Mr. Kamarul (or is it Mr. Kamarudin?) and Mr. Shashi met with us. Together with the rest, we have presented our concern to SC. Besides a promise to investigate, Mr. Kamarul has asked concerned shareholders to both call and email SC believing that numbers count. So, please call and email SC (Mr. Shashi at 03-6204 8999) and let them know your name and shareholding in Puncak Niaga.

In addition, upon the suggestion of one member, I have approached MSWG in the evening and met with Mr. Wong Kin Wing, Mr. Quah Ban Aik and Mr. Norhisam Side. You can reach them through 03-20709090. At the end of the meeting, Mr. Wong has suggested letting him and his team 1-2 weeks time to evaluate what I have presented. Upon completing the evaluation, he will, through MSWG email list, send out invitation for a forum to all Puncak shareholders interested to participate. He would then advise us on their view and suggestion on the next step.

Anyhow, I will attach my letter to SC. If, after reading, you agree with what I have written, you are welcome to use all or part of my write-up. BUT, please, do you own fact-checking. I do not want to be accused of misleading any of you.

Thanks you.

Posted by kahhoeng > 2017-02-27 00:02 | Report Abuse

1. In Puncak Niaga’s second quarter report, the balance sheet is shown to have

Other investments 63,713
Cash & bank balances 280,358
Short-term investments 906,065
Total assets: 1,754,250

The 63.713 million investment is a L3 financial asset purchased during the second quarter that classified it as long-term asset. Had this L3 financial asset considered liquid, the cash & equivalent of Puncak Niaga would have crossed 70% threshold and be classified as PN 16 company ((63,713+280,358+906,065)/1754250)=71.26%. The issue is, what’s this other investments of 63.713 million so crucial to Puncak’s business development? Without doubt, if the significance of this investment can’t be explained, its nothing but an attempt to hide asset to avoid PN 16 classification.

Thus, we urge SC to investigate into this matter and classify Puncak as a PN 16 company regardless how Q3 and future financial reports are presented.

2. Misinformed Expensive Plantation Deal

Seller: Shin Yang Holding Sdn. Bhd. (shareholders include Tan Sri Datuk Ling Chiong Ho)
Acquisition price: RM 446,505,690.45 (Puncak Niaga’s stake of 60% is RM 267,903,414)
Date of announcement: Oct 17, 2016
Palm Oil price during the month: Should be about RM 2,600
Land (location): Murum District and Silat District, Sarawak (Lot 13-15, 18, 20-23, Murum District, Lot 1, Silat District).
Land (size): 43,139.5 hectares (planted: 9,766.9 hectares, unplanted: 33,372.6 hectares)
Palm age: Less than 18 months 7,258.10 hectares
More than 18 months 2,508.80 hectares

A recent transaction deal announced on Bursa: Sarawak Oil Palm Berhad

Seller: Shin Yang Oil Palm (Sarawak) Sdn. Bhd. (Shareholders include Tan Sri Datuk Ling Chiong Ho)
Acquisition price: RM 873,005,875.00
Date of announcement: July 04, 2016
Palm Oil price during the month: Should be about RM 2,300
Land (location): Between Batang Belaga and Sungai Murum, Belaga District, Kapit Division, Sarawak. (Lot 30-42 Murum Land District, Lot 40-64 Punan Land District)
Land (size): 47,000 hectares (planted: 23,798 hectares, unplanted: 6,772 hectares)
Palm age: Less than 4 years: 6,716 hectares
4 years – 10 years: 12, 388 hectares
11 – 16 years: 4,694 hectares

Puncak Niaga’s purchase is extremely expensive compared to what’s presented by Sarawak Oil Palm. Sarawak Oil Palm purchase prices its planted acreage at RM 34,224 per hectare while Puncak Niaga is paying RM 45,714 per hectare, a premium of 33.57%!

In addition, 52% of Sarawak Oil Palm purchase has trees between 4 – 10 years old while 74% of Puncak purchase has trees less than 18 months that the Board of Puncak considered as ‘matured’ trees that has clearly misled minority shareholders!

Finally, given trees planted are mostly less than 18 months, it is possible that the deal has been leaked to seller that has incentivized the seller to plant at a speed of at least 400 hectares per month (the planting speed of Sarawak Oil palm’s is 140 hectares per month for trees less than 4 years)!

3. Puncak Niaga is offering to purchase TRIPLC at RM 210 million while at the announcement date on Dec 16, 2016, TRIPLC has a market capitalization of RM 139 million at RM 2.03 per share. That’s a premium of 51%. What’s more, when the Head of Agreement was announced on April 18, 2016, TRIPLC was ONLY trading and closed at RM 1.41 per share with a market capitalization of RM 96,549,869. That’s a premium of 117% .

Since the conclusion of the Selangor water asset disposal and distribution of special dividend of RM 1.00 per share, the share price of Puncak Niaga has dropped to new low. As of Feb 24, Puncak Niaga’s closing price is 0.985 with a market capitalization of RM 442 million, less than 40% of its cash in hand. The phenomenon is not temporary, in fact, it’s on a declining trend from RM 1.70 per share right after the special dividend is distributed. We are urging SC to intervene to defend minority shareholders by requiring Puncak Niaga to offer minority shareholders an exit option at a minimum price of 2.68 per share (the cash position of Puncak Niaga at the 2016 Q3 financial report (63.713 million other investment, 913.735 million short term investments, and 229.990 million cash and bank balances divided by shares outstanding of 449,283,784) on the following grounds:

1. Dubious purchase of level 3 financial asset to avoid PN 16 classification.
2. Expensive plantation and TRIPLC deals that clearly disregard minority shareholders interest (a clear case of Puncak Niaga suffering from principal agent problem.)
3. Given recent cases of majority shareholders offering a heavy discount to net asset citing unfavorable market condition, it is better to let minority shareholders an option to leave when the cash is in the company and the asset easier to evaluate. Please do not let us suffer financial losses after being humiliated by independent adviser trying to educate us the terminology ‘reasonable’ but ‘unfair’ or ‘unreasonable’ but ‘fair.’

Posted by r°Moi > 2017-02-27 08:13 | Report Abuse

.

Still pretty much the same standard reply from SC..

Have SC received the sneaky proposal from rasxli?

.

Posted by steveooikp > 2017-02-27 08:35 | Report Abuse

kahheong...

you have invested a lot in puncak? Half a million, is it?
the effort that you have put in, seem to me like you need plenty of spare time to handle those jokers in SC.
I can guarantee you those are jokers and they will give you some retarded reply.
I have deal with plenty of jokers, they are one of the kind.

Posted by kahhoeng > 2017-02-27 10:09 | Report Abuse

From what I learnt from SC, the plantation deal is still pending completion. I suppose if we minority shareholders push hard enough, the plantation deal can be stopped until an alternative for minority shareholders is offered. My guess, if more of us write and call SC, we could possibly make an impact. I can't guarantee it, but there's no harm trying if you also felt mistreated.

Posted by cheoky > 2017-02-27 12:35 | Report Abuse

You may be rich n old. But positive black swan comes from trying things in uncertainty context. Kahhoeng action is uncertain but non risk in many aspects. He is exercising his right which frankly speaking I had no such balls to kick start. It is admirable regardless his holding qty. It is definitely better to try than follow your dogmatic belief to accept status quo. That how we progress and move forward. Boo to naysayer bravo to kahhoeng.

Posted by kahhoeng > 2017-02-27 14:53 | Report Abuse

ks55, I am not denying the power of majority shareholder, but in Puncak case, it's currently in cash position and minority shareholders still have a chance to fight through SC. Hopefully, MSWG can assist.

cheoky, thanks for the encouragement.

To all shareholders, if you are willing to contribute in this effort, please call and write to SC as soon as you can. Would appreciate if you can leave a message here once you have done that. It will encourage others to follow suit. Meanwhile, once MSWG has confirmed the date and time of the forum, it would be great if you show up to offer MSWG support for further action.

Thanks

Posted by rogers123 > 2017-02-27 15:59 | Report Abuse

Ask icon888, he said Rozali is a capable and trustworthy businessman. Icon888 wrote the Blog for puncak "hidden gem" is a trap for the syndicates to let go their holding to public. Many bloggers were paid to write.

Posted by stockmanmy > 2017-02-27 16:09 | Report Abuse

puncak says what is mine is mine.....not yours.

Posted by stockmanmy > 2017-02-27 16:10 | Report Abuse

value investors don't learn.

Posted by steveooikp > 2017-02-27 16:20 | Report Abuse

roger123... don't trust those fking blog or recommendation...
normally those suckers aldy bot at damn low price.... then the price aldy up say 10%. They will start to write a blog or recommend the counter.... showing graph, PE, profit.... etc.... Then you will buy the counters..... when you buy, he buy, she buy, everybody buy... price will go up say another few sens... then he will dump.... and you are trapped....

Posted by steveooikp > 2017-02-27 16:44 | Report Abuse

plenty of cash company, but they intend to get their huge salary mth by mth.... huge bonus year by year..... not only puncak

Posted by jacklintan > 2017-02-27 17:28 | Report Abuse

Puncak result just out. LOSS again.... blooody hell

Posted by steveooikp > 2017-02-27 17:39 | Report Abuse

where you got the result?