It might be down now but soon they will surely push it up again to 0.125 level to make it look attractive so tat investors will suscribe to the Right Issue...Now is the best time to buy since it has been down for few days...
We refer to the announcement dated 19 October 2016 and 21 October 2016 in relation to the Proposals (“Announcements”).
Unless otherwise defined, all expressions used in this announcement shall carry the same meaning as defined in the Announcements.
On behalf of the Board of Directors of PWI, RHB Investment Bank wishes to announce that PWI had on 25 October 2016 received the approval from Bursa Securities for the listing and quotation of up to 64,203,342 new ordinary shares of RM0.10 each to be issued pursuant to the Proposed Private Placement subject to the following conditions:
PWI and RHB Investment Bank must fully comply with the relevant provisions under the Listing Requirements pertaining to the implementation of the Proposed Private Placement; PWI and RHB Investment Bank to inform Bursa Securities upon the completion of the Proposed Private Placement; PWI to furnish Bursa Securities with a written confirmation of its compliance with the terms and conditions of Bursa Securities' approval once the Proposed Private Placement is completed; and RHB Investment Bank must submit to Bursa Securities details of the placees in accordance with Paragraph 6.15 of the Listing Requirements as soon as practicable before the listing of the new shares to be issued pursuant to the Proposed Private Placement.
Some extract from the chairman's statement... Realising these opportunities and having assessed the inherent strengths of the PIB Group, the Board of Directors of PIB has been considering expansion plans and financial restructuring schemes so as to achieve production cost efficiency. In October, PIB announced its wholly-owned Singapore subsidiary GSR Pte Ltd proposed to acquire Rumpun Capaian Sdn Bhd and its 99.9 percent-owned subsidiary Anika Desiran Sdn Bhd (“ADSB”) for RM260 million. Through this acquisition, PIB will acquire Timber and Forestry Rights over 101,161 hectares located within the TrusMadi Forest Reserve in Sabah. This major acquisition will be a game changer and will catapult PWI into one of the largest timber companies in the country through ADSB’s 100-year concession under a Sustainable Forest Management Licence Agreement (“SFMLA”). PIB will also be transformed into a forestry management company, as the SFMLA requires ADSB to plant, rehabilitate and harvest forests under the principles of sustainable forest management and environmental conservation for economic, environmental and social purposes. With a long time horizon to manage more than 100,000 hectares of forest, PIB will be able to implement a long-term forest management plan to ensure the health and sustainability of the forest. Doing so will also safeguard PWI’s future and its economic viability. Managing the lands as Industrial Tree Plantation (“ITP”) and Natural Forest Management (“NFM”), PWI would be assured of a steady supply of sustainable logs for the foreseeable future. The area is expected to yield some 6.5 million cubic metres of timber over the 81 years remaining on the concession. As part of the acquisition, ADSB has agreed for PIB subsidiary, Sinora Sdn Bhd (“Sinora”), to extract commercial logs and merchantable timber in the Licenced Area with sustainable forestry management methods. Sinora as contractor must replant the Licensed Area with trees of approved species and implement the objectives of the SFMLA and the new Forestry Management Plan (“FMP”), as well as comply with the terms and conditions imposed by the authorities. At RM260 million, the purchase consideration is at a discount to the market valuation of RM390 million for the Timber and Planting Rights under the SFMLA as valued by VPC Alliance (Sabah) Sdn Bhd, and the future prospects and earnings potential of ADSB.
The Board of Directors is giving their best effort to enable the Group to sustain its current performance and, in the future, attain better achievements in creating value for its stakeholders upon the completion of the proposed acquisition and listing.
oil prices climb in early Asian trade, after the Fed held rates amid growing uncertainty around the U.S. presidential election. ringgit open higher +0.19% to 4.179 lvl.
Finally it is coming back...sure they will post good quarterly fin result to the coming Right Issue more attractive...tis is their tactic to encourage you to subscribe to their Right Issue...TP 0.15 should be sap sap sui soon...
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Posted by tklim > 2016-10-21 21:52 | Report Abuse
Net Tangible Asset MA 0.47......Bullish