Reference is made to the letter from Bursa Malaysia Securities Berhad ("Bursa Securities") dated 27th December 2022 querying Toyo Ventures Holdings Berhad (“TVHB” or “the Company”) on an unusual market activity in relation to the sharp increase in price and high volume of the Company's securities recently.
The Board of Directors of TVHB wish to confirm that to the best of their knowledge and after making due enquiry with the available directors and major shareholder of the Company seeking the cause of the unusual market activity in the Company's securities, is not aware of any factors which may have contributed to the unusual market activity, save and except for:
the Company proposed to settle RM354,000,000 out of the total outstanding debts as at 22 December 2022 of RM355,154,481 owing to Ng Lu Siong @ Ng Soon Huat, Eng Lian (L) Inc., and Bukit Asa Sdn Bhd through the issuance of RM354,000,000 nominal value of five (5)-year, zero coupon irredeemable convertible unsecured loan stocks in TVHB at 100% of its nominal value, which had announced on 27 December 2022; and the Company is currently finalising a contract in relation to its power plant project in Vietnam. The Company will make the relevant announcement in accordance with the Main Market Listing Requirements ("MMLR") when the contract is finalised and executed. TVHB reiterates that, after making due enquiry with the available directors and major shareholder of the Company, apart from the above-mentioned factors, TVHB is not aware of any of the following that may have contributed to the unusual market activity:
any rumour or report concerning the business and affairs of the TVHB Group that may account for the unusual market activity. The Company undertakes that it will make the necessary announcement to Bursa Securities of any material information in compliance with the MMLR, in particular, Paragraph 9.03 of the MMLR on immediate disclosure obligations. This announcement is dated 27th December 2022
so far so good. Look like the power plant project will be on (the Company is currently finalising a contract in relation to its power plant project in Vietnam.), otherwise investors of RM 354 million will not want to settle for ICULS...
ICULS has a value of converted to mother share at maturity in 5 yrs of RM1.20 regardless of its traded price. Mother share is traded according to its value based on how strong the company financial and commercial values are. With foreign project value at USD3 billions now confirmed, the project is a go for TOYOVEN, let the market value its mother share price then.. I think, it’s a go for the moon for real than before..
Toyo Ventures Holdings Bhd's units have entered into an interim agreement with a consortium led by Sunway Construction Group Bhd (SunCon) to negotiate details for the consortium to undertake a US$2.2 billion (RM9.73 billion) job for the development of a 2,120 MW coal-fired power plant in Vietnam. The agreement sets to establish the detailed terms and conditions about the contractor's performance in design, engineering, procurement, manufacture, supply, construction, erection, testing and commissioning of the electric generation facility.
Come on, what else is more than USD2bils foreign project ? Are we asking too much? TOYOVEN is the cheapest share holding a large value of sure contract with a rich Eastern emerging Vietnam economy!Go TOYOVEN go!
It seems that the Vietnamese gov. (desperately?) wants Song Hai 2 to proceed because electricity is currently being supplied from the north. There are even plans for Song Hai 3. It is now up to Toyoven to deliver.
Why the annoucement is 8 months late ? Seems major shareholder also exit, is the project still on? Toyo has not given a meaningful update to shareholders.
Power Generation Summarising from an overview of the power plant project described above, the sequence of events unfolded towards greater certainty of the power plant project site work commencing by the second quarter of year 2023. The direction and progress of the power plant project is clearer now with the concerted effort of the relevant parties involved.
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....
nik5007
162 posts
Posted by nik5007 > 2022-12-23 11:46 | Report Abuse
Afternoon will push over 90sen