Kelvinzzz, I guess not. A big project or any transaction involving huge track of land have to make disclosure. So far, I don’t see or hear anything. The Solar park is due for opening ceremony by the sultan sometime this week already. It’s a private venture and I guess it make no economic sense to have it built on expensive industrial area where MPHB 1,800 acres is just next to Rapid. MPHB’s land fetch $30-40 psf if converted to industrial title is too expensive for solar power project.
I think might be related to the announcement of remaining 51% insurance holding disposal to Generali. Last quarter , Generali acquired insurance business in Greece. May be this quarter will focus on MPHBCAP insurance business. Nothing for sure. Hope for the best.
I think this stock is up for speculation now. If the disposal happen as per plan , MOHBCAP cash flow in hand will be more than 1B. Will majorshareholder offer capital repayment to take the company private ? The cash enough to pay minorshareholder RM3 a share and majorshareholder can take all the lands etc which worth much more than RM3 per share ?
I think the sales of remaining 51% insurance business is a done deal . These 51% will bring in about $350mil based on the previous disposal price which work out to be about $0.50 cash per share . This will add to the the existing $1 bil worth’ of cash and investment securities in the book. Total cash and liquid invest per share may swell to over $1.35 bil or $1.88 and debt free. Other extremely valuable assets include : 5 acres of land in jalan imbi at $3,000 psf (?) 12.27 acres of flemingo hotel by tthe lake at ampang worth $500 mil(?) 1,800 acre of land adjourning to Rapid at $30-40 psf(?) 340 acres of land at Gombak sekangor 2.33 acre of hotel flemingo Penang What you think the privatisation price should be if the controlling shareholders intend to take it private now under present depressed market?
MPHBCAP also own 60+ acres of land at Teluk Tempoyak , Penang. Beside Mah Sing Southbay project adjacent to Penang 2nd bridge. If majorshareholder can grab all the assets and return cash to minor shareholder , a big win to him.
@Opportunate,. Yes, I miss the land at telok tempoyak. All are prime properties worth a few $billions You can be assured that the company will continue to monetize the assets one by one at the right market contidition . Since listing in 2015, the company had monetised a few assets and with huge cash pile the company didn't at all show any interest to pursue new investment . I. strongly believe that privitasing the company is on the card . Considering that the opening listing price was about $1.35 6-7 years ago and it had rallied to $2.70 about a year after listing and the massive valuation for all the assets, $3/- per share is not too much to ask for .
Present price of $1.40 is still below the cash + liquid investment in the book after the full disposal of insurance business! All the prime properties collectively worth $4-6 per share (?) once monetised. You have to do your research before any buy or sell decision.
Unless BNM agrees to let Generali take majority stake over the insurance business, MPHB is still deemed a fin co , must comply with the margin of solvency requirement, hence cannot pay out dividend.
iyin666, BNM has in last August agreed for MPHB to sell up to all the remaining share it owns . I think now it is just a matter of closing the sales with the buyer.
BNM has rejected Generali takeover of 70% stake last year as BNM does not favour foreigners taking majority stake in fin inst. Look like MPHB has to find local buyer to sell its stake.
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Endgame
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Posted by Endgame > 2021-03-01 12:51 | Report Abuse
Above 1.2 then I will go in again...