Sslee

The fact that jaks need yearly cash call PP or RI and now disposal of LSS4 50 MW solar farm land for working capital and loans repayment and on the other hand endless yearly impairment loss on receivables tell you jaks and ALP is hopeless.

2 days ago

jjohnchew

Hoho Jaks Total counter claimed against Star is RM 540 million.

>>Referred to QR ended June 2024 :

👉next case management on 11/10/2024 for the parties to comply with the Pre-Trial case management directions.

The Trial was fixed on 25/8/2025 to 28/8/2025 .

👉👉Possibility of settlement out of court ???


>
MATERIAL LITIGATION JAKS Resources Berhad ("JRB" or the "Company") Federal Court finds in favour of Company
JAKS RESOURCES BERHAD


Type Announcement
Subject MATERIAL LITIGATION
Description
JAKS Resources Berhad ("JRB" or the "Company") Federal Court finds in favour of Company


Further to the announcement dated 12 December 2023, the Board of Directors of the Company wishes to announce that the Federal Court on 7 March 2024 unanimously found no merits in Star Media Group Berhad (“STAR”)’s appeals against the Company and Jaks Island Circle Sdn Bhd (In Liquidation) vide Civil Appeal No. 02(i)-16-03/2023(W), Civil Appeal No. 02(i)-17-03/2023(W) and Civil Appeal No. 02(i)-18-03/2023(W) [“the Appeals”] and dismissed the Appeals with costs of RM150,000.00 to be paid by STAR.



Consequently the Company can proceed at the High Court with its Suit No.: WA-22NCVC-258-04/2019 where the Company has counterclaimed for damages and WA-22NCVC-374-05/2019 where the Company has claimed for liquidated ascertained damages, etc. Further announcement on the development of the above matter will be made to Bursa Malaysia Securities Berhad pursuant to its Listing Requirements. This announcement is dated 7 March 2024.

2 days ago

Shareview123

For those who Bought Jaks around 0.125-0.13 during
24 /05/2024 - 5 June 2024, and
Sold around 0.19 - 0.205 during 11 June 2024 - 20 June 2024,
Can make around 50 % returns within a month

0.195/ 0.13 = 50 %


If you buy

100,000 x0. 13 = RM 13,000

300,000 shares x 0.13 = RM 39,000

500,000 shares x 0.13 = RM 65,000


and Sold at 0.195


100,000 shares x 0.195 = RM 19,500

300,000 shares x 0.195 = RM 58,500

500,000 shares x 0.195 = RM 97,500


so, the returns are very good


Hopefully, Jaks can drop back to 0.12 - 0.13

If one year can happen 3 rounds, you returns

= 50 % x 3 times

= 150 %


Same buy tactics can be used in many other counters

2 days ago

Shareview123

If you buy at 0.125 - 0.135, your cost is Lower than the Major shareholders

Your only risk is the company goes bankrupt, at this moments you are relatively safe

2 days ago

musangfoxking

waiting at 0.10

2 days ago

Shareview123

Doesn't matter, if you buy and they press down to 0.10
You can double average down

100,000 x 0.125 = RM12,500


200,000 X 0.10 = RM 20,000


Your average cost

= 0.125 + 0.10 +0.10
= 0.1.0833



At this level, just average down although some people may say don' t average


AT historical low level, just average down


But at historical high, pls don't average down all the way
Like gloves counters during 2020 - 2022

Example,
Topglov at 29.++,
2 for 1 Bonus, price Adjusted to 9.0 ++

Many retailers could have Bought from 8 ++, average down all the way to 5.00+
or Even 3.0 ++

But When dropped to 0.56 historical low, they panic and may not have money to average down, So Topglov rebounded from 0.56 ++to 1.20 ++, then dropped again to 0.70 ++ and rebounded to 1.20++ again, now Hovering around 0.90 +/-

2 days ago

Shareview123

If we look at many other counters, like

YTL, hovering around 0.50 ++ during 2022 - March 2023, for those who Bought addtional lot or all in, can make 500 - 700% within a year

Uems,
Nov 2022 around 0.19
May 2023 around 0.22++

Jan 2024 - June 2024, traded around 1.20 +/-

And many other property counters like
E&O
ECOWLD
MAHSING
SPSETIA
SIMEPROP

and also So called tech stocks from 2021 - 2023

This year, JCY from 0.20 ++ to 0.90 ++

Notion from 0.50 ++ to 2.00++


Retailers should buy at historical low, after you have done your homeworks
Buy at the beginning of uptrend, and don't buy at the beginning of down trend

2 days ago

Income

Hu Hu

2 days ago

Sslee

Buy low and hope to sell high.

Whatvever you do, just remember sell before Q4 result out because Q4 is the quarter where jaks will report multi-million impairment loss on trade and other receivables.

Also if next year PP again price will be pressed further down for PP price fixing and after listing of PP shares then will push up for PP subscribers to sell their PP shares.

2 days ago

Shareview123

BJCORP, in 2004/2005, after restructuring, dropped to 0.10 - 0.11,
for those who bought

1,000,000 shares x 0.10 = RM 100,000

kept until 2007/2008, before subprime loans financial crisis in USA,
went up to RM 1.50
During 2008 financial crisis, dropped to 0.40+/-
later during 2009-2010, rockected up again to 2.00+/-

For counters like YTL, YTLPOWER, BJCORP, banking counters and some Others,
historical low is a very Good chance in 5 - 20 years.

2 days ago

Shareview123

MPI, during 1996-1997 and 2000 hit RM 60.00+/-
Later dropped to below 3.0 during 2005-2009, this year 2024 hit 40 +/-

From 0.16/0.17 in 2016, went up to 9.00 ++
After Bonus issue 1 for 1, now hovering around 3.80

2 days ago

Shareview123

FRONTKN 0.16/0.17 in 2016, went up to 9.00 ++
After Bonus issue 1 for 1 in 2021, now hovering around 3.80 ++

2 days ago

Shareview123

RENONG ( code 1775), Asia financial crisis 1998, during 1999 dropped to below 30 sens,
before end of 1999, went up to 3.0 ++

Changed Uemworld, beginning of 2006, only 30 sens ++
, in 2007, rockected up to 5.0 ++

2008 subprime Loan in USA, dropped to around 50 sens,
Changed name to Uemland ( before merged With Sunrise and become UEMS)
from 50 sens++, rockected up to 1.70 ++ in 2013 and later went up to around 3.50 in 2017

2 days ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

FYE Dec 2023
MYR millions

INCOME STATEMENT
Rev 40
GI 11
SGA Exp 85
EBIT (74)
Int Exp 28
PBT (119)
Equity in Affiliates 131
Consolidated Net Income 12
Minority Int Exp 17
Net Income 17

EPS (dil) 0.01 sen


BALANCE SHEET

TCA 594
TA 2417

TCL 550
TL 999
TEq 1480


Cash 64
STDebt 75
LTDebt 421
TOTAL DEBT 496
NET CASH -432

AR 519
AP 238

Current ratio 1.08
Quick ratio 1.08
Cash ratio 0.12

Asset turnover 0.02
Return on Average Assets 0.70%


CASH FLOW STATEMENT
Net income 12
D&A 20.4
Other funds (63)
FFO (30)
CWC 22.3
NOCF (8)

CAPEX (61)
Sale of fixed asset (0.5)

Proceeds from Stock Options 37.4

FCF (69)
FCF Yield -16.71%

FINANCIAL DATA
PRICE 0.14 MYR
MARKET CAP 364.96m
EPS 0.12 sen PER 116.67 ROE 0.20%
P/b 0.24 NTA 0.590
DIV 0

2 days ago

Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥

Summary:

Sadly, a very gruesome company indeed.

Look for another.

2 days ago

jjohnchew

Hoho no worries as said Ethical Sifu 3iii picked on Good FA stock … I am on calculated Risk stock , eg Zelan with MMC ( mother ) cut win on 2021 during MMC privatisation.

2 days ago

Shareview123

HEXCAP ( Formerly known as OPCOM)
after Private placement around 0.43 in 2021,
within few months rockected up to around 1.70


HWGB,
In 2019, after shares consolidation of 4 became 1,
price dropped to 0.07 /08,
after Private placement to repay loans,
from 8 sens at beginning of 2020, within few months rockected up to 1.50 +/-

2 days ago

jjohnchew

Hoho btw as said much earlier my investment portfolio divided into 2 categories:

1.) Growth n Dividend stock : oredi debated with Sslee in Jtiasa forum .

2.) Calculated Risk Stock : like Zelan with mother MMC as posted above .

Capital A with cost RM 0.58 … lowest price is RM 0.56 ..

Jaks cost ? Ssleee had you checked when you said bought Insas WC at RM 0.225 …

2 days ago

jjohnchew

Hoho key points on Jaks as Calculated Risk stock :

1.) Compared Jaks , Zelan n Capital A … Jaks is much Less Risk .

2.) On Jaks LTIP granted RM 43.88 million to the Directors, based on SGP approved in 2018 , reference to Vietnam 1200 MW Power Plant construction, EPC contract ard RM 2.1 billion with Profit over RM 400 million.

> My own observation point : during the sad battle on Take Over intention on 2018 , Directors r in Loss as RI issued in WB RM 0.25 … none is converted . And to reward the Directors whom successfully steered the company diversified into Power industry.

3.) The only Substantial shareholder as at FYE2023 is the CEO with ard 14 % … others Top 30 are in average 0.5 % . The CEO shares all in Pledge Accounts, even all the WC .

The Lowest Jaks price is RM 0.12 .. price at 13/9/2024 is RM 0.14 . ( NTA 0.59 )

👉Ouestion : Do you think the CEO want to be Margin Call if Price dropped further , or is the time to reap the fruits by 2025 .

👉 WC with ex price RM 0.49 is mature on 18/11/2025 .

4.) Jaks Non current asset keep increasing since from year 2016 ( eg : Investment in Joint Venture March 2016 = 128,297,000 .. June 2024 = 943 ,960,000 ) with Gearing ratio is reduced from 0.8X to 0.303X as at QR ended June 2024 .

Current Ratio is in range 1.08 .

Question : Is this one of the reasons why Jaks PP fund raising still attracted interest of investors. ( compared to Hexcap n Binacom PP , no investors are interested n has to be delayed.)

5.) Jaks has 2 Cash Cow Projects:

a.) Vietnam Joint Venture Power Plant 1200 MW .. holding 30 % which fully Commercial Operating Date ( COD ) on January 2021 with 25 years concession.

b.) LSS4 50 MW Solar project in Penang which COD on August 2023 with 25 years PPA from TNB . Ni

On going Solar project : CGPP 30 MW is awarded on August 2023 … is scheduled to start construction on 4Q 2024 ( CRESS is scheduled to be announced details on September 2024 , Mulling charges is announced on August 2024 with TNB power Grid as Third Party Access ( TPA ).

> COD is scheduled on 4Q2025 .


6.) LSS5 2000 MW Solar Project with EPCC RM 7.2 Billion ( tender RFP dateline is 25/7/2024 , brought forward from December 2024 ) :

Jaks partner again with Vietnam Power Plant 1200 MW China partner , but this round : Jaks 51 % , CPECC 49 % … to tender 200 MW … Land 1730 acres in Terengganu is lease from TDM ( Rental is RM 578 per acre ) .

7.) Jaks recently had monetised Property land in Penang with RM 77.74 million…Net Book Value as at FYE2023 is RM 15.97 million…a net pro forma gain of RM50.38 million from the disposal.

Jaks had intention to monetise another 2 Property Division assets :

a.) Evolve Mall : loan balance RM 206.4 million… net book value as at December 2023 is RM 280 million.

b.) Pacific Towers : loan balance RM 70.6 million… net book value for Business Hub Tower only as at December 2023 is RM 232 million.

👉 Not only on anticipating Profit Gain on Monetisation these 2 properties asset , the Loans n Borrowings shl be reduced to Zero.

👉Loans n Borrowings as at June 2024 is RM 473.4 million….after monetise these 2 properties assets with Total Net Book Value RM 512 million … Jaks Shl be a Net Cash company.

👉👉as posted earlier, year 2025 shl be Jaks year .

P/s : After won the 6 years legal battle against Star on March 2024 ( Pacific Star project ) from Federal Court … Jaks is counter claimed Star for RM 540 million.. next case management on 11/10/2024 for the parties to comply with the Pre-Trial case management directions. Trial was fixed on August 2025 .

2 days ago

jjohnchew

Jaks :

Study on insiders behaviour:

1.) There is a Senior Manager Corporate Strategy with surname Ang is no longer in Top Management after 2017 .

2.) MD/CEO Ang brother did not hold any share and so far LTIP is not offer to him .

3.) CEO Ang had successfully prevented the Take over intention on 2018 . ( a sad battle of 14 % vs 30 % ) .

4.) CEO Ang had successfully steered the company diversified into Power Generator industry and Solar RE .

A difficult n complex task as referring to Toyo Ink Vietnam Power Plant contract being terminated on July 2024 .( awarded on 2020 ) , due to the financial arrangement for the project, which resulted in the effective termination of the build-operate-transfer (BOT) contract for the project by MOIT.

1 day ago

Sslee

Net pro forma gain from the Proposed Disposal is derived as below:-
RM’000
Consideration Sum 77,744
Less : Estimated expenses for the Proposed Disposal (2,500)
Less : Audited net book value of the Subject Property as at 31 December 2023(15,973)
Less : Estimated Real Property Gain Tax (“RPGT”) (8,891)
Net pro forma gain from the Proposed Disposal 50,380

The Proposed Disposal is expected to be completed by 3rd quarter of 2025.

Question: Why the Proposed Disposal take so long to completed by 3rd quarter of 2025?
Is this a typo error 3rd quarter of 2025 or 3rd quarter of 2024?

1 day ago

Sslee

Forget about selling Evolve mall or Pacific tower no buyer.

Jaks should concentrate in selling all the Lot 141 Seksyen 13 Bandar Petaling Jaya Daerah Petaling, Selangor: Podium offices, Apartments and Signature offices.

1 day ago

jjohnchew

Hoho Forget Jtiasa ke as the Pulau Bruit land ( rented 76 % n lease 14 % ) going to be Sawah Hybrid Padi instead of Palm oil plantation.

1 day ago

jjohnchew

Hoho ssleee think is Jtiasa going to sell hybrid rice ke ???

On Jaks :
JAKS Resources said the sale and transfer of the land will require consent from relevant authorities and anticipates the disposal to be completed by the third quarter of 2025.

1 day ago

Shareview123

Those who are honest, With integrity should have Strongly advised other retailers to sell all their Jaks from 0.82 to 50, or to buy during 2021 and not to prevent other retailers from buying Jaks at 0.12 - 0.15.
Say 100,000 shares

If drop further to
0.11 = double average down ( 200,000 shares x 0.11)


0.10 = 300, 000 shares x 0.10


0.09 = buy 400,000 shares x 0.09

0.08 = buy 500,000 shares x 0.08

0.07 = buy 600,000 shares x 0.07

In the next 1 or 2 years, relatively not to worry about going to be delistef

1 day ago

Shareview123

Correction for.. to buy during 2021

Should be not to buy during 2021

1 day ago

Sslee

Every one expecting once JHDP COD money/cash will be rolling in but unfortunately the reverse is happening negative cash flow make worst by endless yearly impairment loss on goodwill, trade and other receivables thus need yearly PP for loans repayment and working capital.

By 2030 once JHDP repay the 10 years term loan then money/cash should start rolling in.

1 day ago

Sslee

JHDP cost USD 1.87 billion.
Equity 25% loan 75%.
Loan repayment term 10 years.

So anyone study economic/cash flow will know the first 10 years JHDP profit will be used for loan repayment and can't reward shareholders with good dividend.

1 day ago

Shareview123

Some of my friends, had used the above mentioned method over last 20 years, and results are very good With relatively low risks

1 day ago

Shareview123

Jaks

at this level, almost 100 % bad news already factored in,

in fact, is undervalued

Just prepare to use the

above mentioned method and

prepare to hold 6 months to 18 months,

anyday from now,

If
Jaks hit

0.18, = 50 % returns

0.24 = 100 % returns

0.36 = 200 % returns

It depends on what is the % of returns you want, and how many months you are

Prepared to hold, you don't have to monitor the Daily movement of JAKS

every minutes, everday, just Key in to sell or ask your remisier to Key in your sell

Order for JAKS until done, according to the target price you want

After you make profit from Jaks,

If can apply the same method on other counters

1 day ago

Sslee

Jaks only profit is share of profit from JHDP.
Any bad news from JHDP (Did typhoon Yagi cause any damage to JHDP?) will cause Jaks price to drop further

1 day ago

jjohnchew

4.) Jaks Non current asset keep increasing since from year 2016 ( eg : Investment in Joint Venture March 2016 = 128,297,000 .. June 2024 = 943 ,960,000 ) with Gearing ratio is reduced from 0.8X to 0.303X as at QR ended June 2024 .

PPE : March 2016 = 19,269,000. …. June 2024 = 291,602,000 .

—

Understand the Key Contractual Obligations of the project award
 
Investment certificate
* JHDP shall be entitled to 10% tax rate for the full term of the project.
* JHDP shall be exempted from corporate income tax for 4 years and 5% tax rate for another 9 years from 1st year with taxable income or 4th year whichever is earlier.

1 day ago

jjohnchew

Hoho repeat again ke ..just 2 points :

1.) why need to repay loans more than 10 years when you can repay in 10 years .

2.) Jaks non current asset is keep increasing, n Total equity is keep increasing to be prepared for bigger projects , eg : currently tendering LSS5 2000 MW Solar project ( RFP dateline is 25/7/2024 ) , partner again with CPECC > Jaks 51% : CPECC 49 % for 200 MW ( 2000 MW with EPCC RM 7.2 Billion, 200 MW is estimated RM RM 800 million) .

4.) Jaks Non current asset keep increasing since from year 2016 ( eg : Investment in Joint Venture March 2016 = 128,297,000 .. June 2024 = 943 ,960,000 ) with Gearing ratio is reduced from 0.8X to 0.303X as at QR ended June 2024 .

PPE : March 2016 = 19,269,000. …. June 2024 = 291,602,000 .

Total Equity : March 2016 = 594,847,000 …. June 2024 = 1,457,752,000


—-

Posted by Sslee > 2 hours ago | Report Abuse

JHDP cost USD 1.87 billion.
Equity 25% loan 75%.
Loan repayment term 10 years.

So anyone study economic/cash flow will know the first 10 years JHDP profit will be used for loan repayment and can't reward shareholders with good dividend.

1 day ago

jjohnchew

Hoho as said year 2025 shl be Jaks year ….

1 day ago

Sslee

Know what is jaks current assets and current liabilities?
Short term loans and long term loans?

With only a mere RM 12 million free cash can jaks take on any new project?


RM'000
Cash and Cash Equivalents
Cash and cash equivalents included in the cash flow statements comprise the following balance sheet amounts.
Deposits placed with licensed banks 12,074
Cash & bank balances 31,955
Bank overdrafts (5,877)
38,152
Less : Deposit held as security values (12,074)
Bank balance held as security values (5,585)
Debt service reserves account (8,364)
12,129

1 day ago

jjohnchew

Hoho no worries, how Jaks managed to invest RM 600 million on the Vietnam joint venture power plant 1200 MW for 30 % …..

1 day ago

jjohnchew

Hoho illustrations: LSS5 2000 MW Solar EPCC RM 7.2 Billion..

Jaks 51% partner again with CPECC 49 % tendering 200 MW , estimated RM 800 million, ie Jaks portion RM 408 million. Take note Land 1730 acres is Lease from TDM with RM 578 per acre per year … shl be reducing the Capex .

Further more Jaks Shl be benefited from the EPC construction segment.

1 day ago

Sslee

Technically with 70%: 30% equity between CPECC and jaks, the JHDP belong to CPECC and not jaks.

Jaks most likely did not do anything beside entertain the Vietnam officers and was given free 30% by CPECC.

But then again jaks will most likely ended up be eaten by CPECC for lunch.

1 day ago

jjohnchew

Hoho Jaks did mentioned on intention to tender up to the limit of 500 MW for the 1000 MW package .


Shl be like 800 MW CGPP Solar project tendering … after 1st round Winners is awarded on August 2023 … 2nd round Winners is awarded on November 2023 … Solarvest with its consortium is awarded 60 MW , where as Jaks n other Winners only 30 MW .

1 day ago

Sslee

Assume the project funding is 25% equity and 75 % loan. Jaks still need to come up with 800 X 0.25 X 0.51= RM 102 million. So RI again?

Posted by jjohnchew > Sep 14, 2024 4:39 PM | Report Abuse

Hoho illustrations: LSS5 2000 MW Solar EPCC RM 7.2 Billion..
Jaks 51% partner again with CPECC 49 % tendering 200 MW , estimated RM 800 million, ie Jaks portion RM 408 million. Take note Land 1730 acres is Lease from TDM with RM 578 per acre per year … shl be reducing the Capex

1 day ago

jjohnchew

Introducing Jaks Resources Vietnam Thermal Power Plant

JAKS RESOURCES(Jaks)在2011年争取的越南海阳燃煤电厂项目在经过了6年的风雨终于开工建设了。由于项目总投资达18.685亿美元，JAKS无法找到任何银行资助该项目，所以电厂的建设推迟了好几次，期间更换了2个中国伙伴。直到于2015年7月Jaks与中国电力工程顾问集团有限公司(CPECC)达至协议。Jaks让出项目控制权从以往60:40改为30:70的股权合资开发此工程。CPECC负责融资及全部工程建设。CPECC在进行发电和输变电厂的工程非常有经验。参与了约90％的中国煤电工程。共完成了49,000兆瓦燃煤厂工程。

为确保整个项目能够圆满完成，CPECC承担全部责任完成电厂建设，包括如需要额外的资本。 JAKS在建设期间将获得项目的4.5455亿美元工程。而此工程也将由CPECC承包。实质上，JAKS肯定会在施工期间赚取大约4亿令吉。此利润将流回合资公司充当JAKS的股权资金。换句话说，JAKS只需要拨出2亿令吉来拥有电厂30％的股份。完成发电厂项目后，JAKS在3年内有权向CPECC以成本购买另外10％而拥有合资公司的40%股权。

CEO洪南坡在2011年下了一个胆大包天的赌注，在世界面对金融风暴时刻，啃下一个陌生领域而且需要庞大资金的巨大BOT模式燃煤电厂工程。当时越南高速经济成长造成严重电力短缺，以至越南政府颁发了多个发电厂工程。因为资金需求庞大，大型的燃煤电厂工程都以BOT模式颁发了给外资企业。当时便有3个类似燃煤电厂供外企竞标。Mong Duong燃煤电厂是颁发给美国的AES Corporation (51%), Posco Energy (30%) and China Investment Corporation (19%)， 越南永新燃煤电厂一期BOT项目是由中国南方电网有限责任公司（55%）、中国电力国际有限公司（40%）和越南煤炭集团电力有限公司（5%）共同投资。而越南海阳燃煤电厂项目则颁给Jaks。CEO洪南坡被访问时表示去越南本意是寻找内行的水务工程，可机缘巧合发现越南严重缺电，所以竞标陌生的燃煤电厂工程。

可看到得标者个个都是几百亿市值，财力雄厚，经验丰富的跨国集团。何以势单力薄的Jaks也会得标 ？也许当时正处金融风暴而且项目多，竞标者少。

Jaks於2011年动工清理场地后便处于静态，前后换了2 个中国伙伴都因为无法得到任何银行资助而无法动工。2014年5月中越南海纠纷引发了一场“反华暴动”，中国冻结了对许多越南工程。Jaks已耗资2亿令吉。眼看将要泡汤。曾一度与TENAGA商讨合作，后来中国越南领袖互相拜访重新友好。中国大减钢铁产能而冻结燃煤产量导致煤电厂工程喊停。此举导致煤电公司出走寻找机会。又逢中国发起的一带一路计划给合格的项目得以融资。同时，越南政府也修改了政策以便项目的条例符合中资银行的严格融资条件。机缘巧合，天时地利，海阳燃煤电厂项目办妥了。

按照购电协议，电力售价将随原料价格波动。意味着业务盈利贡献获得保证。Jaks管理层曾透露内部回酬IRR介于12%，PAYBACK PERIOD为8至9年。如果发电理想，可获1.5亿美元的常年收入。Jaks 40% 股 权 可 得 2.58亿令吉，相等于每股盈利 RM0.53。

燃煤电厂于2016年3月28日动土。机组建设工期为42+6，2016年10月1日开始计时，按照里程碑计划2020年2月28日#1机组完成临时移交，2#机组顺延6个月。工程正如火如荼的进行中。至今，估计已完成50%。
Jaks越南海阳燃煤电厂项目有何风险 ？

越南海阳2X600MW燃煤电厂，是中国能建所属中国电力工程顾问集团有限公司（简称“中电工程”）与马来西亚JAKS以70:30投资股比合作开发和建设的越南BOT项目。该项目是“一带一路”沿线的重点项目，总投资约18.685亿美元，是目前中国企业在越南单笔投资额最大的项目。在此探讨海外BOT项目投融资所涉及的主要风险及防范措施。

越南海阳BOT电厂项目位于河内以东100公里，建设两台600MW燃煤机组，采用四炉两机配置，计划为海阳省及河内输送电力，是越南政府吸引外资开发电力建设的重点项目。马来西亚的Jaks公司在2008年获得该项目的开发经营权。随后Jaks与越南工贸部经过近三年的谈判，于2011年6月签署了25年特许经营期的BOT合同，同时签署的有关协议还包括与越南煤炭公司的购煤协议（25年）；与越南电力公司的购电协议（25年）；与海阳省人民委员会的土地租赁协议；政府担保与承诺协议。根据购电协议，海阳电厂所发全部电量由越南电力公司收购；煤价与电价联动，即煤价上升，电价也随之上涨，投资方的收益始终保持在一个稳定范围内。根据政府担保协议，越南政府对越南煤炭公司和越南电力公司的付款违约提供政府担保，项目收益可以100%转换为美元转入到投资方的国外账户。项目建设期54个月，2020年终必须完工。项目收益享有优惠税务，施工材料与设备进口税收全免。25年特许经营期满后移交越南政府。

中电工程与Jaks经过一年多的谈判，于2015年7月签署了合作投资协议，中电工程为项目70%股东，Jaks为30%股东，由中电工程负责项目的银行融资并承担EPC工程建设。

中国工商银行，中国建设银行股份有限公司，与中国进出口银行三家银行集团为此项目提供了75%的融资。
国家政治风险

1 day ago

xiaoeh

Posted by jjohnchew > 2 minutes ago | Report Abuse

Hoho Jaks did mentioned on intention to tender up to the limit of 500 MW for the 1000 MW package .


Shl be like 800 MW CGPP Solar project tendering … after 1st round Winners is awarded on August 2023 … 2nd round Winners is awarded on November 2023 … Solarvest with its consortium is awarded 60 MW , where as Jaks n other Winners only 30 MW .

bro,
Jaks can tender as many as projects she likes
but where will be the capital come from...?
right issue? borrowing? private placement?
will u subscribe more for right issue or buy more for share after private placement to support Jaks?
will banks lend to Jaks..?

1 day ago

xiaoeh

just for discuss purpose no intention to argue with u bro

1 day ago

jjohnchew

Government guarantee (GGU)
* The GGU provides Vietnam Government Guarantee on all payment obligations of MOIT under the BOT contract and the EVN under the PPA.
* The guarantee on PPA is for 18 years from COD, and the full term of the BOT in the case of MOIT.
* Guarantor shall also pay interest on any sums outstanding.
* GGU also guarantee USD currency conversion and right to remit
* repayment of principal, interest, etc under financing document
* quarterly and annually profit distribution to JPP
* repayment of charter capital
* any expenses due to contracts goods imported
* any expenses due to foreign service contracts
* any payment that are due in foreign currency

1 day ago

jjohnchew

Power purchase agreement (PPA)
* EVN shall purchase dependable capacity and the net energy output from JHDP.
* JHDP shall finance, design, build, operate and maintain the power plant.
* PPA shall have a duration of 25 years from the COD.
* No sales to third parties other than EVN.
* Non-recourse obligation precludes EVN from further right or claim against or recourse to the investors other than the assets of the BOT company (Vinh PPA)
* Liquidated damages payable by BOT company for outages beyond allowable limit at 105% of capacity payment (Vinh PPA)
* Liquidated damages payable by BOT company for Output at delivery point either less than 97% or more than 103% of output required under dispatch instruction at 5% of capacity payment (Vinh PPA)
*
* JAKS’ POWER PURCHASE AGREEMENT WITH VIETNAM ELECTRICITY (“EVN”) (“PPA”) - The PPA provides for EVN to purchase and the BOT Company to sell electricity generating capacity and electricity generated by the Facility for 25 years after the commercial operation date of the Facility unless extended or earlier terminated as stipulated under the PPA. The tariff charged by JAKS Hai Duong to EVN comprises the capacity charge, energy charge and supplemental charge. Fuel (coal and secondary fuel) and limestone costs will be passed-through costs under the PPA.
*
The Capacity Charge is a fixed payment that is paid each period for each kilowatt of available (not dispatched) capacity.  It includes fixed charges involved in the construction, operation, and maintenance of the power plant, including charges for: – Repayment of the principal and interest of the debt used to construct the facility – Return on equity capital invested – Fixed operation and maintenance (O&M) costs that are independent of the amount of energy generated (e.g., staffing costs, administrative expenses, operator fee, insurance premiums, etc.) – Possible fixed costs related to fuel supply and transportation, such as demand or through-put charges, or minimum take-or-pay obligations.

The Energy Charge is paid each period for each kilowatt hour of energy dispatched and delivered at the agreed delivery point during that period.  It includes variable costs involved in the generation of the energy delivered, including charges for: – Commodity charges for each unit of fuel used, including the cost of fuel and its transportation to the plant – Variable operation and maintenance costs (e.g., spare parts, lubricants, and other consumables) – A major maintenance sinking fund to cover the costs of required turbine maintenance based on usage.
The Supplemental Charge covers other costs not included in either the Capacity or Energy Charges, including:
– The costs of start-ups beyond an agreed number each year reflecting the cost of fuel per start-up and likely a contribution to the major maintenance sinking fund
– The costs of ancillary services provided if such services are included in the scope of the PPA
– Any supplemental charges for repairing damage to the facility as a result of a Force Majeure event if such repair is the responsibility of buyer.

1 day ago

jjohnchew

Coal supply agreement (CSA)

* Vinacomin shall supply anthracite coal for the full term of the BOT contract.
* Failure of supply gives JHDP the right to source for alternative coal from domestic or foreign sources and seek compensation from Vinacomin for additional costs.
* JAKS’ COAL SUPPLY AGREEMENT WITH VIETNAM NATIONAL COAL-MINERAL INDUSTRIES GROUP (“VINACOMIN”) (“CSA”) - The CSA provides for the delivery by Vinacomin and purchase by JAKS Hai Duong of coal for use in the Project from testing and commissioning until the termination of the BOT Contract or other circumstances as stipulated under the CSA. The quantities of coal to be supplied by Vinacomin will be determined, among other things, by the actual plant load factor and operating performance of the Facility and the quality and other characteristics of the coal used at the Facility. JAKS Hai Duong will have the right to buy from other coal sources in the event Vinacomin is unable to meet its obligations under the CSA and provided that the coal price from the other source have been agreed by both parties and approved by MOIT. There is no take or pay obligation (minimum order obligation) in the CSA.

1 day ago

jjohnchew

BOT contract
* 25 years from commercial operation date (COD).
* The power plant shall be transferred to Vietnam Ministry of Industry and Trade (MOIT) at no charge after 25 years.
* JHDP shall pay US$60,000 per day per unit for each day of delay after the deadline. The deadline for unit one shall be 48 months and 54 months for unit 2 after the construction start date. Subject to max of US$15m.
* JHDP shall pay US$150 per KW shortfall below the contacted capacity which is 1112MW subject to max of US$8m.
* JHDP company may terminate the BOT contract due to Vietnam side default or government events such as war, invasion, terrorist, revolution, strikes, none performance of GGU, change of laws.
* In the event of non-government force majeure like earth quake, flood etc, either party can terminate the BOT contract and MOIT has to purchase the assets based on the terms set out in the BOT contract. However, MOIT has the option to continue to pay the capacity charges and JHDP has no right to terminate.

the MOIT on September 19, 2016 officially announced that the start date of the BOT contract was October 1, 2016.

1 day ago

Sslee

You can replant palm oil plantation every 25 years cycle.
But what happen when 25 years JHDO BOT contract expired?

1 day ago

jjohnchew

Hoho Jaks Vietnam power plant is COD on January 2021 .. 25 years BOT is maturity on 2046 …

Where will Ssleee on 2046 ???🤣🤔

1 day ago

Income

Hu Hu

23 hours ago