Posted by firehawk > 1 month ago | Report Abuse

Not much info from the announcement on 07Sep22:

The Company wishes to announce that its wholly owned subsidiary, TOYO INK GROUP BERHAD (“TIGB”) (“Defendant”) has been served with the Writ of Summon and Statement of Claims filed at the Kuala Lumpur Sessions Court (WA-B52NCVC-347-08/2022) dated 25 August 2022 commenced by K.S. LEE ENERGY LLP (“Plaintiff”) through its solicitor, Messrs. T.J. Chin & Co.

The court has fixed this matter for Case Management by way of e-Review on 30 September 2022.

The Company will make the necessary announcements to Bursa Malaysia Securities Berhad as and when there is further developments in relation thereof and/or upon receipt of any further directions by the Court.

This announcement is dated 7 September 2022

Posted by pang72 > 1 month ago | Report Abuse

Give you one day rest..

Posted by durio > 1 month ago | Report Abuse

https://nld.com.vn/kinh-te/thuc-tien-do-du-an-72000-ti-dong-o-hau-giang-20230214195817628.htm

Posted by ValueInvestor888 > 1 month ago | Report Abuse

thanks durio for the power plant information.
Main point : Toyo representative said it is ready to pay the cost of site compensation and will complete it in the second quarter of 2023.

Posted by teareader818 > 1 month ago | Report Abuse

Durio's info showed the keeness of the Vets to have the project started. Left to Toyoven to tie up the loose ends.

Posted by Just88 > 1 month ago | Report Abuse

The power plant project is NO GO until the financial closing is secured.

Posted by Wealthy99 > 1 month ago | Report Abuse

prepare to jump out from the yacht before too late

Posted by Jenggo Jenggo > 1 month ago | Report Abuse

Exploded thank u toyoven

Posted by ValueInvestor888 > 1 month ago | Report Abuse

In January 2021, TIGB has signed the Investment and Development Agreement (“IDA”), with China Energy Engineering Investment Corporation Limited (“CEEIC”) with the aim of providing a framework for the conditions precedent to investment and finalisation of the detailed terms and arrangements for the proposed divestment of TVHB’s equity interest in TIGB to CEEIC. However, in September 2021 during COP26, President Xi of the Republic of China made a speech to halt future investments in overseas coal fired thermal power plant. This resulted in definitive agreements with CEEIC put on hold.

In October 2022, TIGB and its wholly-owned subsidiary, Song Hau 2 Power Company Limited (“SH2P”) signed the Term Sheet for Key Commercial Terms in relation to the Engineering, Procurement and Construction, Commissioning and Start-Up of Song Hau 2 Thermal Power Plant Project with Power Engineering Consulting Joint Stock Company 2 (“PECC2”), a public listed company in the Socialist Republic of Vietnam. The Term Sheet set out all the negotiated terms and mutual agreement of the responsibilities of the respective parties and the conditions precedent, contract price, terms of payment and other terms of agreements. The signing of the Term Sheet demonstrates the commitment of TIGB to fulfil the requirements of the BOT Contract and sourcing project financing for the Power Plant Project so that the ground works at the project site can commence without further delay.

In November 2022, TIGB received a Letter of Interest from Export-Import Bank of Malaysia Berhad (“EXIM”) offering their services as Mandated Lead Arranger and Bookrunner (“MLAB”) and Coordinating Arranger (“CA”) for the Syndicated
Financing Facilities of up to USD2.42 billion for the Power Plant Project (“Proposed Financing”). EXIM shall in consultation with TIGB manage all aspects of the syndication process in relation to the Proposed Financing, including timing, the selection of potential financiers, the acceptance and allocation of commitments and the amount of distribution of fees to potential financiers.

In December 2022, TIGB and SH2P, collectively known as (“the Owner”) signed an Interim Engineering, Procurement, Construction and Commissioning Agreement (“Interim EPCC”) with Sunway Construction Sdn Bhd (“SW”/”Leader of Consortium”) and PECC2, collectively known as Sunway-PECC Consortium (“the Contractor”/”SWP2 Consortium”). The Interim EPCC set out all the negotiated terms and of the responsibilities of the respective parties and the conditions precedent, scope of work, procurement, site operations, contract price, terms of payment and other terms of agreements. This event signifies the commitment of the Owner to commence construction of the Power Plant in the shortest time possible, thus increase the certainty of the project materialising.

Posted by teareader818 > 1 month ago | Report Abuse

Can anyone explain how the project cost was greatly reduced from USD3.20 to USD2.40?

Posted by ValueInvestor888 > 1 month ago | Report Abuse

Project costs USD3.2 billion. 75% financed by debt ie around USD 2.4

Posted by teareader818 > 1 month ago | Report Abuse

Thanks!


ValueInvestor888
Project costs USD3.2 billion. 75% financed by debt ie around USD 2.4

Posted by Michael Kwok > 4 weeks ago | Report Abuse

U see wht i write before.please read.
Can toyo got ong at rm 1.05-rm 1.10.
26/1/23 2.00pm
U see now rm 1.60 range on 24/2/23
Join me sifu michael in facebook.
Charge rm 150 per month.
Better pay then loss big money,or miss oppurtunity.

Posted by Just88 > 4 weeks ago | Report Abuse

"In November 2022, TIGB received a Letter of Interest from Export-Import Bank of Malaysia Berhad (“EXIM”) offering their services as Mandated Lead Arranger and Bookrunner (“MLAB”) and Coordinating Arranger (“CA”) for the Syndicated Financing Facilities of up to USD2.42 billion for the Power Plant Project (“Proposed Financing”). EXIM shall in consultation with TIGB manage all aspects of the syndication process in relation to the Proposed Financing, including timing, the selection of potential financiers, the acceptance and allocation of commitments and the amount of distribution of fees to potential financiers. "---- It has been 3 months since, should be sufficient time to close the financing deal. Vietnam side may be getting impatient. Anyone has further info on this ?

Posted by teareader818 > 4 weeks ago | Report Abuse

Perhaps Durio has more info to share?

Posted by Stocker > 3 weeks ago | Report Abuse

gogogo

Posted by Just88 > 3 weeks ago | Report Abuse

Song Hau 2 thermal power plant is very lucrative. That is why EXIM bank willing to fund this overseas power plant project.

Posted by Just88 > 3 weeks ago | Report Abuse

It is wise for Malaysia to finance this power project as it is the last few of BOT project that has the guarantee of MOIT and governed by international laws. And these PPA also has very high project IRR.

Posted by Just88 > 3 weeks ago | Report Abuse

It is wise for Malaysia to finance this power project as it is the last few of BOT project that has the guarantee of MOIT and governed by international laws. And these PPA also has very high project IRR.

Posted by Vicky > 3 weeks ago | Report Abuse

Loss making company. Gonna melt down soon

Posted by Just88 > 3 weeks ago | Report Abuse

Insiders have first hand information on the progress of the financing status.

Posted by Just88 > 3 weeks ago | Report Abuse

They will buy before the news

Posted by Just88 > 3 weeks ago | Report Abuse

Formal EPCC agreement signed !

Posted by Knilaobu > 3 weeks ago | Report Abuse

All boils down to whether financing can be secured! Got to wait for news from EXIM Bank now, what's the financing status.

Posted by Just88 > 3 weeks ago | Report Abuse

There should be more news unfolding soon.....

Posted by Just88 > 3 weeks ago | Report Abuse

SH2 power plant if successful will be a jackpot for Toyoven

Posted by Vicky > 3 weeks ago | Report Abuse

Those who greed will suffer tremendous mental distoture due to meltdown

Posted by Just88 > 3 weeks ago | Report Abuse

Any news ?

Posted by Bullcoming > 3 weeks ago | Report Abuse

Could be dealer press down to collect more

Posted by firehawk > 3 weeks ago | Report Abuse

No doubt, this ctr now is the subject of manipulation .... just like JAKS five years ago :D

Posted by firehawk > 3 weeks ago | Report Abuse

WA expires on 09Nov this year end, if they keep the price above 1.50 (at least at that time), there would be conversion that could bring in >80m ..... otherwise WA would be ended as waste paper and they get nothing ;D

Posted by teareader818 > 2 weeks ago | Report Abuse

Very positive news! Don't forget PECC2 is a Vietnamese state-owned company. Announcement of financial closure won't be far off.

Posted by Just88 > 2 weeks ago | Report Abuse

safer to enter after financial close

Posted by ValueInvestor888 > 2 weeks ago | Report Abuse

PECC2 is a subsidiary of Vietnam Power which is state owned.
Vietnam is in need of this power plant as they are still importing power from China and Laos.
Site compensation will complete it in the second quarter of 2023.

All these are positive signs. Share price up from 60sen to RM 1.40 in last few months. More news will be out in next few months.

Posted by Just88 > 2 weeks ago | Report Abuse

Aminvest expects the financial closing to be end of Q1 2023. My expectation is Toyoven needs to get everything done before 24th June 2023 which is likely to be the 6 months extension granted after vietnam received the letter of interest from EXIM bank of malaysia.

Posted by Knilaobu > 2 weeks ago | Report Abuse

Awarding contracts are flying around everywhere. The crux of giving contracts is the source of funds, ie financing. Contractors will be very concerned on payment security, ie proof of funds, while securing financing is yet an unknown.

Posted by teareader818 > 2 weeks ago | Report Abuse

@ Knilaobu, are you still having your Bentayga-sized investment in Toyovan?

Posted by Knilaobu > 1 week ago | Report Abuse

With no news on certainty for FC, anybody with a reasonable mind will square off and not take position till some light seen in the FC progress. So far, hear no news, see no stars.

SVB fallout spreads around world from London to Singapore https://www.thestar.com.my/aseanplus/aseanplus-news/2023/03/12/svb-fallout-spreads-around-world-from-london-to-singapore#.ZA2hynOCAkU.whatsapp
If the collapse of 2 major banks in US continues to intensify, making liquidity even more challenging in the financial sector, apart from the ESG Act. Is there FC or fallacy!

Posted by teareader818 > 1 week ago | Report Abuse

Thanks for your answer.

Posted by teareader818 > 1 week ago | Report Abuse

I think financing for the project has been secured only waiting to be announced. I have been in and out of this company for a number of years and hope I'm right this time around for not pulling the trigger.

Posted by ValueInvestor888 > 1 week ago | Report Abuse

Price at 60 sen.... priced in the company is going to fail in its power plant. Price under extreme pessimism.
Price at 1.40 sen... priced in high chance to achieve financial close...
Financial close official announcement, price may break RM 2...

Posted by teareader818 > 1 week ago | Report Abuse

Sell on news? The immediate key resistance is 1.67.

Posted by Just88 > 6 days ago | Report Abuse

Showtime in 2 weeks time

Posted by ValueInvestor888 > 5 days ago | Report Abuse

by the time they announce financial close, price maybe already hit RM2. Retail investors may have to chase high which is risky.

Only those dare to bet when price at around 60sen will make a lot of money. Few months ago already got some indications that project is a go...

Posted by ValueInvestor888 > 5 days ago | Report Abuse

YTL Power, another value buy as current price still less than 86 sen?

At current price, how many investors will buy? What if the price shoot up to RM 1.20 in next few months, how many investors will chase?

Posted by teareader818 > 5 days ago | Report Abuse

Has anyone worked out the revenue from the electricity supplied? Should Jaks x 2 be a good indicator?

Posted by Just88 > 4 days ago | Report Abuse

Yes, it is a good indicator

teareader818
Has anyone worked out the revenue from the electricity supplied? Should Jaks x 2 be a good indicator?

Posted by teareader818 > 3 days ago | Report Abuse

It strikes me that the power plant project is handled by the major shareholders (creditors). It was probably their idea, to use Toyoven as the platform to secure the SH2 project. On paper, they acted as passive investors, but in actual fact, they went all out from day one. After 15 years of endeavor, they are now almost there. When their Chinese partners withdrew, I believe it was a blessing in disguise because instead of 40% they now totally own it. We now hope that they will fully maximize the benefits that can be extracted from this project.

Posted by ValueInvestor888 > 3 days ago | Report Abuse

creditors or investors accept the “ICULS” at RM 1.25 as settlement may mean price can hardly go below that. Any price around that price is a buy.

Posted by teareader818 > 2 days ago | Report Abuse

The major shareholders and their proxies, by now, must be controlling a very substantial percentage of the shares. They who seemingly have deep pockets (unlike the owners of Jaks), may not resort to further dilution of the shares in the future. Let's hope their main objectives are price appreciation and dividend income. In doing so, they can transform Toyo to become a sought-after blue chip in the future.