LINGKARAN TRANS KOTA HOLDINGS

KLSE (MYR): LITRAK (6645)

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Discussions
Be the first to like this. Showing 50 of 531 comments

rohank71

EPU, LLM, MOF has all given approval. now only pending Bursa approval of Circular. Bursa very powerful

2 weeks ago

Just88

Thank You

rohank71

@just88, can get it from Rams press release.

23 minutes ago

2 weeks ago

Just88

All general meetings other than AGM shall be called Extraordinary General Meeting (EGM).

14 days notice for AGM and EGM where ordinary resolutions need to be passed.

21 days notice for AGM and EGM where special resolutions need to be passed.

28 days notice for AGM and EGM where ordinary resolutions requiring special notice need to be passed.

2 weeks ago

Just88

I think this one requires 21 days notice

2 weeks ago

csan

rohank71, no the sukuk has not been issued. you can't have the egm if alr cannot raise the money. if you hold egm and later the offer price is reduced, you need another egm.

2 weeks ago

Just88

Csan, based on the news, I thought it should be egm first then sukuk issuance .

2 weeks ago

Just88

KUALA LUMPUR (April 7): Amanat Lebuhraya Rakyat Bhd's (ALR) proposed takeover of the four highway concessionaires linked to Gamuda Bhd is expected to conclude in end May or early June this year, according to Gamuda deputy group managing director Mohammed Rashdan Mohd Yusof.

The RM5.48 billion offer by ALR was officially received by the holding companies of the concession holders on April 2.

Speaking to The Edge in an interview on Wednesday (April 6), Rashdan said Gamuda is looking to conduct the extraordinary general meeting (EGM) in the third week of May to seek approval from its shareholders.

“Once we get the green light from shareholders, then the week after that they (ALR) can issue the sukuk and pay us (Gamuda)... hopefully by end-May or early June,” he said.

The exercise will also require the approval of bondholders of the concessionaires. It is understood that ALR is also seeking to have the same bondholders subscribe to its sukuk that will be issued to fund the acquisition.

2 weeks ago

csan

just88, like i said, what's the point of holding egm if ALR cannot raise the money at below 5% yield? if ALR need to raise at 5+ or 6% yield, they need to reduce to offer price. and then call another egm to vote for the new takeover price? that's why u have not seen them calling for egm until now.

2 weeks ago

rohank71

conclusion. not able to raise bonds below 6% yield, no EGM even after MOF and EPU approve the proposal?

2 weeks ago

csan

deputy MD of gamuda in that article posted by just88 above mentioned cost of capital below 5%. i am not sure if 6% if the threshold. i am in the midst of finding out. based on that article, i would imagine a maximum of 5%.

2 weeks ago

2Invest

Guys, chill.

Don't worry about the Sukuk. It will be a done deal.

2 weeks ago

rohank71

the window to complete the deal before 30 June is over

2 weeks ago

Just88

Question : since they knew they are not able to complete the deal by 30 June, why did they still base their valuation as at 30 June ? If the deal is completed after 30 June, do they have to revise the price up to the completion date ?

2 weeks ago

Just88

Note that the targeted financial close date for the sukuk is 24 June 2022

2 weeks ago

csan

2Invest, at below 5% yield?

2 weeks ago

2Invest

Dear CSan;

We don't actually need to know about the coupon rate. Unless interested in the sukuk to be issued.

Normal protocol once if the authority approve ALR's application, ALR will appoint a commercial bank as their Principal Adviser & they will have joint bookrunners (other commercial banks) to sell bond for them. Then only institutions/retail investors will have a chance to buy. (Limited to HNWI for individuals) Unsold remaining units will be hold by banks.

ALR will still receive amount that they ask for if they agree terms from the banks before open to the market.

Not too long ago Exism, Sabah Development Bank & MBSB also issue with ok reasonable coupon rate sukuk only.

1 slightly higher than MGS, 1 about the same, another one actually lower.

Don't worry

2 weeks ago

csan

mbsb is backed by epf so it won't fail. exim and sabah development is close to government guarantee, so it should be similiar to mgs. not alr. the minute we have some black swan economic event, you can kiss your traffic growth bye bye.

2 weeks ago

2Invest

Chill, chill. Tenang, sabar.

Being shareholders of Litrak, our concern should only on EGM result for now.
Once if EGM pass, ALR will issue sukuk to pay Litrak. (We don’t have to bother how many % ALR agreed pay to banks)

May be some of us here will ask what if failed?
Then we have to ask question like
Can I accept DY at 5.++% instead of 6.++% for the next 2 years? (May be some of us here having higher holding cost & 2 years later most likely will have a higher DY)
Continue to hold for the next 10 years if YES, else sell it off.

Pass those concern about bond coupon rate or how ALR financially sound? Or whether if ALR can pay on time etc…… to the bondholders

BTW, you are very resourceful & informative & I must thank you for that.

Cheers!!! Keep our fingers crossed

2 weeks ago

Good2harvest

ALR definitely link to goverment la.. otherwise Gamuda wont entertain them if not come with guarantee fund to show on the table for the offer. There is no such thing after getting all the necessary approval only come to tell you sorry I unable to raise fund. Nobody will entertain this kind of offer unless is from goverment. To raise 5b from goverment is easy job. As 2invest said, the most important is EGM result. Since PNB is allowed to vote, the deal most likely will go through.

2 weeks ago

csan

when alr made the takeover offer for litrak, it would have used a discount rate to value litrak's assets right? isn't that discount rate tied to the sukuk? if alr used 5% to value litrak's cash flow but the sukuk investors require 6%, then alr has to go back to litrak with a new, lower offer using the 6% discount rate isn't it?

2 weeks ago

2Invest

2nd to EGM will be ESOS.

About 6-7M granted ESOS before 3/21 haven't exercised & not sure anymore ESOS granted after 03/21

2 weeks ago

SinGor

seriously if Litrak cannot raise the sukuk...there is no problem...Gov just extend the concession period. This
has been done a Thousand time. Gov donT have to tell anybody now but after 5--10years when economy
gets better..they will point out there is a micro small print at the bottom of the page that say.....

2 weeks ago

80gram

closing 24 June?

2 weeks ago

csan

80gram, yes alr is supposed to announce the finalisation of the sukuk on 24 June. what interest rate, who gets the allocation etc. not that 24 june is d-day, +- 1-2weeks is fine. but if 2 weeks past 24 june still cannot finalise, means there are some problems. as i expect, it will be an interest rate problem. investors will demand around 6% rate and ALR will come back to litrak to reduce the takeover offer. then litrak can carry out the EGM to approve.

2 weeks ago

csan

ok pg 7 of the 8jun announcement says ALR estimates their interest rate to be 5%. with this rate that they anticipated earlier, i am 90% certain that the offer price will be reduced but it won't be that much. maybe 10-20sen per share, which is still definitely higher than the current share price.

2 weeks ago

Just88

Why do you think WACC of 5% for ALR is not possible ?
************
csan

ok pg 7 of the 8jun announcement says ALR estimates their interest rate to be 5%. with this rate that they anticipated earlier, i am 90% certain that the offer price will be reduced but it won't be that much. maybe 10-20sen per share, which is still definitely higher than the current share price.

21 minutes ago

2 weeks ago

ziyang8896

No u-turn to offer again for a lower price,main-main ke? Unless call off the deal,but I don't think so, can't find a good reason to call off the deal at this stage just because the interest..the rate hikes have been expected. Bank Negara announced rate hike in May but they still go ahead in Jun

2 weeks ago

80gram

institutions/insiders not selling except one person.....so far, negative signals not much

1 week ago

2Invest

Yup. Let's buy popcorn or Super Ring to watch the ending

1 week ago

SinGor

maybe announcement tonite Or Monday

1 week ago

Just88

Syarikat Mengurus Air Banjir & Terowong Sdn Bhd (SMART) is among four highway concessionaires in Klang Valley to be acquired by Amanat Lebuhraya Rakyat Berhad (ALR) as part of the government’s plan to restructure Malaysia’s highway sector, as announced on 4 April 2022. While RAM’s cashflow assessment for this review is based on the Sukuk’s current repayment profile and SMART’s prevailing Construction and Concession Agreement (CCA), it is highly likely that the Sukuk will be fully redeemed over the next few months, considering the advanced stage of the sale of SMART to ALR.

As of end-April 2022, supplemental concession agreements (SCAs) had been inked to facilitate ALR’s buyout of the concession companies and is conditional upon the successful fulfillment of the SCAs’ condition precedents, including the concessionaires’ shareholders acceptance of the acquisition offers. The SCAs extend the tenures of the concessions, freeze toll rate hikes and cease government compensation for non-revision of rates. Meanwhile, terms of the draft share sale and purchase agreements have been finalised and are currently pending execution. Nevertheless, our analysis is based on the remote possibility that the ALR transaction fails to materialise and the existing CCAs remain in effect.

1 week ago

Goldenhorse

ESOS again, Drop again drop drop maybe 4.5

1 week ago

ziyang8896

No announcement?

1 week ago

csan

SinGor, where?

1 week ago

csan

as expected, almost 1 week now and still no announcement of alr sukuk issuance. if nothing by 8 july, that means cannot meet the target completion date of 31 July since 21 days notice needed for EGM. i still expect the deal to go thru but at lower price.

6 days ago

IronShirt

only "scan" is interested in "target Completion" and all eventhough he doesnT own a single share ( atleast he didnT say how many shares he has Or what is his vested Interest ). We just drink Coffee and eat biscuit at
Gamuda and KPS

6 days ago

IronShirt

I watch a repeat( tonite) on TV1, in an interview--- senior Gov officer confirmed ALR takeover Gamuda Highway
is a done deal. He expects Gamuda EGM soon. Maybe announcement tomolo

6 days ago

csan

IronShirt, lol don't talk like a small boy. Talk about facts like mgs yield, discount rate etc. You, me and everyone in this forum can't influence the share price of something as big as Litrak. Only EPF and some directors can.

6 days ago

IronShirt

i pity you talk nonsense here everyday And dont own any shares

6 days ago

csan

small boy jumping to conclusions about share ownership

5 days ago

IronShirt

csan
small boy jumping to conclusions about share ownership
________________________

So i assume you are a "senior citizen". Stock Market is not suitable for you. We move very fast. I cannot
guide you across the Road every-time you get stuck on the road side. You should spend more time
checking MayBank FD rate.

5 days ago

rohank71

EPF buy may be want to reject offer. and they buy later as they own PLUS. easy money for them

2 days ago

rohank71

the ARL bond also max will be EPF as buyer. no loss to EPF. where to get 6% yield in this market.

2 days ago

rohank71

EPF will be the winner which ever way. we just got to hold on and will get more than 6%.

2 days ago

2Invest

Thank you 80gram

23 hours ago

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