New director appointment, Ms Ng, law expert in property space is promising. Hope mandate for her is to develop/unlock land and commercial properties value..
@TheContrarian, to maintain listing status, I understand that certain ratio of revenue/paid up capital need to be complied . I think the capital reduction is trying to meet this requirement.
Surin , thru casi and mwe holds 262 mil share or 36.6%. The remaining 453 mil shares are owned by family members, directors and senior Mgt, friends and other non related minorities.
A buy out offer at $2.00 (after capital repayment of 40 sen ) shall only cost $906 mil.
Things will get more exciting once condition to SPA fulfilled and completed. Bank Negara disallow an individual holding more than 5% of aggregate shares of a license insurance. I guess this could be the reason 2020 SA unable to buy the dip if he has intention to privatise.
In order for him to make any move, the sales has to be completed asap.
As stated in Section 6.1 of the Circular, MPHB plans to submit a waiver application to Bursa Malaysia Securities Berhad (“Bursa Securities”) to exempt the Company from being classified as an “Affected Listed Corporation” as a result of the Proposed Disposal. In this respect, MPHB had on 4 July 2022 submitted the said waiver application to Bursa Securities.
On behalf of MPHB, AmInvestment Bank wishes to announce that Bursa Securities had vide its letter dated 18 August 2022 rejected the waiver application to exempt MPHB from being classified as an “Affected Listed Issuer” pursuant to Paragraph 8.03A(2) of the Listing Requirements.
The management/SA has no interest to undertake new business or transforming the company despite huge cash hoard . They simply want to eventually take the company private at huge discounts to its real worth. It’s that simple.
In addition, as disclosed in the Section 7 of this IAL with regards to the listing status of MPHB, we wish to highlight that the Proposed Disposal may result in the Company to be classified as an “Affected Listed Corporation” under Paragraph 8.03A of the Listing Requirements. However, the Company intends to submit a waiver application to Bursa Securities to exempt the Company from being classified as an “Affected Listed Corporation” as a result of the Proposed Disposal on the basis that the Group’s property business is sizeable and sustainable, the waiver application is subject to Bursa Securities’ approval. In the event the waiver application to exempt the Company from being deemed as “Affected Listed Corporation” is not approved by Bursa Securities or if the Company is unable to regularise its financial conditions/operations in accordance with the Listing Requirements, there is a risk that the trading of MPHB Shares may be suspended and the Company may be de-listed from the Main Market of Bursa Securities.
Among the major Thai's national shareholder accumulated since 2013-2021, I remember I saw one is a old man in fancy big car, also some was on boat fishing with SA, those days Facebook privacy not stringent..
Close network with privilege info hold the share so long for only rm2 - rm2.4 exit feels like "SA, I believe in you for 10 yes only for 100% gain?"
I only wish SA feel the pressure to answer to his old friends ...
Per AR 30/6/2022, (A). Asset held for sales $2,842,732,000 (which I think only the insurance unit as a whole)
(B). Liability directly associated with assets held for sales $1,678,662,000
(C). Minority interest $611 mil
(D). Gain on disposal $170 mil which can only be credited upon completion of the sale.
Nett to MPHB after completion = A-B-C+D = $723 mil which will constitute cash and investment securities.
On top of this $723 mil derived from insurance discountinution ,there are still about $434 mil cash and near cash assets showed in current asset less the payables.
Therefore, total cash and near cash assets =$723mil + $434 mil = $1,158 mil !!!
Even after the proposed capital repayment of 40 sen costing $286 mil, there is still whooping ($1,158mil -$256 mil) = $872 mil in the books.
Surin , thru casi and mwe holds 262 mil share or 36.6%. The remaining 453 mil shares are owned by family members, directors and senior Mgt, friends and other non related minorities.
The $872 mil mentioned in earlier post is enough to buy out all minorities at $1.92 per share (ie after capital reduction of 40sen). And SA takes all the multiple $billion properties.
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Posted by Goh123 > 2022-07-27 14:16 | Report Abuse
all approved!!!! waiting date for dividend/capital repayment