wow, new director on board Working experience and occupation Dato' Feizal Mustapha is the Chairman of BDO in Malaysia, a global firm providing professional services in audit, advisory and tax. He joined the firm in 2012 and provides leadership and strategic direction in developing the service streams and business areas of the firm as a whole. For nearly 2 decades prior to joining BDO, Dato' Feizal served with the Securities Commission Malaysia (SC) in various capacities in different areas of capital markets regulation, including corporate finance, corporate governance and market oversight. His last post at the SC was as the Senior General Manager and Head, Market Development. Dato' Feizal is a seasoned capital markets practitioner in the regulatory, corporate finance and financial advisory fields.
Directorships in public companies and listed issuers (if any) None
Family relationship with any director and/or major shareholder of the listed issuer None
Any conflict of interests that he/she has with the listed issuer None
Details of any interest in the securities of the listed issuer or its subsidiaries None
IJA just took over by a construction company, will be renamed WIDAD soon. Previous company not profitable and different business. New Widad will make you rich! if you have power to hold. Next IJM, Gamuda in making....
6) Profit margin from construction and IFM around 14%+ which is higher than usual construction sector of 8%
7) Tan Sri Ikhmal shows great leadership and entrepenuership with diversified buisness ranging from water sewage treatment , college , construction, property management, air conditioning system, civil engineering work , piling and etc.
8) Owe 64.46% of Dataprp(8338) which recently get 14.2m from RHB. Widad buy it with 16 sen ( Paper profit around 46%)
9) 2016 cash and balance as Rm31m
10) Revenue increases 106% or 115m
11)RM 500m project for National Palace until 2020 ( IFM project)
12) IFM to grow to 4.95billion or CAGR 8.1%
13) 2016 Net asset around 250m
14) Tan Sri Ikhmal hold around 73% and first company in Malaysia to promise to hold share for 6 months from date of listing After that only can sell or trade but need to maintain 45%. After 12 months still need to hold 1/3 . This shows Tan Sri Ikhmal is very confident for his company.
our expectation that the Company’s stable cashflow and robust debt-servicing ability will remain underpinned by predictable monthly contractual payments, pursuant to its facilities maintenance contract with the Public Works Department (PWD) to maintain the National Palace (the Contract).
Widad Capital is entitled to monthly payments from the PWD according to a schedule under the Contract. However, these monthly receipts are conditional on the performance of the maintenance work, with a portion being the provisional maintenance work, which is less certain in terms of timing and value. Under RAM’s stressed scenario, Widad Capital is projected to register respective minimum and average finance service cover ratios (with cash balances, calculated over a 12-month period in payment months) of 1.93 and 2.35 times through the remaining tenure of the Sukuk. These are despite our assumption of an 80% reduction on the remaining provisional sum (as at end-May 2018, about 23% of the initial contracted value of RM68.11 million had been realised).
Widad Builders Sdn Bhd is the sub-contractor appointed by the Company to undertake the facilities maintenance work; the former has a reputable operating track record, having 3 years of experience in maintaining the palace prior to the current contract. Deductions on the monthly receipts will be effected on poor workmanship and this will be borne by Widad Builders. For the past year, the work performed has been satisfactory as the deduction imposed has remained minimal at an average of 1.9% of monthly work done. Having the Government of Malaysia – via the PWD – as the ultimate obligor of contractual payments to the Company minimises the latter’s counterparty risk. The Sukuk holders are further protected by the tight structure and restrictive covenants of the transaction, notably the prohibition of dividend payments during the Sukuk’s tenure.
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....
paperplane
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Posted by paperplane > 2018-11-12 23:00 | Report Abuse
Cheers