KLSE (MYR): IGBB (5606)
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Can someone explain to me what the below mean? Sorry, trying to learn here.
RESTRICTED OFFERING OF UP TO 945,000,132 UNITS IN IGB COMMERCIAL REAL ESTATE INVESTMENT TRUST ("IGB COMMERCIAL REIT") ("UNITS") COMPRISING: (A) RESTRICTED OFFER FOR SALE OF UP TO 378,000,053 UNITS ("ROFS UNITS") ON A NON-RENOUNCEABLE BASIS TO ENTITLED SHAREHOLDERS OF IGB BERHAD ("IGB") ON THE BASIS OF TWO (2) ROFS UNITS FOR EVERY FIVE (5) ORDINARY SHARES IN IGB HELD ON THE ENTITLEMENT DATE AT THE PRICE OF RM1.00 PER ROFS UNIT; AND (B) DISTRIBUTION-IN-SPECIE OF UP TO 567,000,079 UNITS ("DIS UNITS") TO BE DISTRIBUTED ONLY TO ENTITLED SHAREHOLDERS OF IGB WHO HAVE SUBSCRIBED FOR THEIR ENTITLEMENTS TO THE ROFS UNITS ON THE BASIS OF THREE (3) DIS UNITS FOR EVERY TWO (2) ROFS UNITS SUBSCRIBED, ("RESTRICTED OFFERING").
Say if you have 1000 units of IGBB before 3 June 2021, you are offered 1000 units of IGB Commercial Reit (new and will be listed in mainboard in August) for RM400. But for public offering, it will be RM1000 for 1000 units shares.Got it?
Very good deal. Don't miss it.
Such a long announcement and you summarize it in 1 sentence. Thank you.
You are welcome. Tauke-tauke all converted because of this good deal.
And normal normal and possible special dividend declared in August.
Sorry, need to ask about the corporate action again. As a shareholder of IGBB, what do I need to do to accept the offer? Do I have to fill up any form to subscribe and pay for the shares offered to me?
IGBC REIT issued 2,307M shares and RM 8.5M cash to IGBB for buying properties. Where the cash come from? (IGBC REIT only get RM378 + RM 282 = RM 660 cash after listing)
So for every 1000 IGBB shares (assuming I bought it at RM2,800 prior to ex-date), I can buy 400 IGBREIT shares (by paying RM400). And by buying the 400 IGBREIT, I will get another 600 IGBREIT shares for free.
So my total cost is RM3,200
Effectively, I will end up with
a) 1000 IGBB shares (now valued at RM2.100)
b) 1000 IGBB REIT shares (now valued at RM1,700)
My total market value is now RM3,800. So I gained about 15% from this corporate action???
Doubt IGB cReits wud hav similar prc w Igbreits. As d former is very much less popular than d latter, oso d former is an entirely new listing vehicles, no proper listed track records b referred thus far.
All based on forecasts & implications
The acceptance offer form for the ROFS of this Commercial REIT can only be delivered manually only - unlike others like rights issue, DRP etc which can be done online where purchase of bank draft and revenue stamp could be dispense with.
Thx for d efforts, v r in digitalised era; y still talking abt physical application? Sounded like create difficulties to investors, so the comp can absorb those whom had given up
I have emailed my dissatisfaction over the above matter to IGBB Investor Relations Enquiries and cc a copy of the email to the General Manager of Bursa Malaysia to look into this issue.
Good news. There was immediate response from Bursa2U : " ....we have escalated the email to our department for their further action. The Exchange will initiate all necessary enforcement actions should there be any breach of Listing Requirements",
@Kensington, many thx for d efforts made & feedback. Nevertheless, if d comp not providing e-applicatns, this doesn't mean d comp had breached d listing requirements rite.
As it doesn't govern by bursa to offer this e-applicatn facility as a 'compulsory' option to investor. Probably Bursa juz reply to ease our angers ony
Pardon me for my shallow view if it is
IGB has now offered online subscriptions (email + payment via internet banking. Need to make the paying account is the shareholder).
IGB berhad braves the rough and tough market for office real estates. I believe it says something about the underlying asset quality. There is no retail IPO but only through the current routes (buy 2 free 3) for retail investors, perhaps fearing of under subscriptions? I believe eventually the big part will be offered to EPF and KWAP, both are the current major shareholders of sister REIT, IGBREIT.
The future road map for IGB points to this. They will finally list their final part in their portfolio -- hotel assets --as REIT too, may be after 5 years from now. Eventually the parent IGBB itself will be delisted. There is little merits to be listed as such an illiquid stock. What is special about IGBB is that almost all of their assets are of top quality, including the precious land they own in London.
Hi, you can check the announcement on Bursa. Stock code 5299. Thanks.
Here you hv
Cool...! Finally, v can apply via digital instead of d usual physical handing overs or postal
Hi, am newbie here.. may I ask means if we are not IGBB shareholders, we can’t apply correct? there will Not be IPO for retails investor to apply?
IGBC REIT cannot apply excess shares? sad for my odd lot
Wonder y extension of ipo closing dare caused its mkt prc heading south immediately
walao, I already make payment. now, just realized the subscription date has been extended.
Ony a little dividen being announced, but share prc dropped so much.... Indicating dissatisfied emotions to d board decision???
Check out IBG Berhad and 6 other Interesting Stock Ideas here - https://www.smallcapasia.com/my-7-interesting-stock-ideas-for-november/
Hopefully IGB Bhd will wake up in 2022.
Potential privatisation for IGBB.
Might as well since IGBB is worth more dead than alive. It will cut short the agony of the long suffering minorities.
No need thanks. Do not expect IGBB to surge up suddenly, it is not a goreng stock. It is a fundamentally sound company with deep values and strong cashflows. Sooner or later the market will realise its value.
Potential catalysts are:
1) a strong set of quarterly result in 2 weeks time and a decent interim dividend plus a special dividend using part of the proceeds from the UK land disposal.
2) receipt of remaining disposal proceeds from the proposed disposal of UK land for RM550 million. In its Q4FY2021 result, IGBB received a total of RM338.569 million from disposal of a joint venture. It is not clear to me if this disposal of joint venture refers to the 50% joint venture in the UK Bkackfair land. If it is, there should be a remaining disposal proceed of RM211.4 million to be received by IGBB. Even half of this remaining proceeds is to be declared as special dividend, we could expect a special dividend of at least 10 sen per share.
3) Continued strong footfalls to IGBB shopping malls to support rental revision and higher occupancy rate in its Mid Valley Southkey Mall in JB. These would bring the timing of injection of Mid Valley Southkey into IGB REIT closer to fruition once IGBB achieves the required valuation for Mid Valley Southkey injection.
4) Continued rebounds in its hotel business to achieve back steady high occupancy rates and potential creation of a new hospitality REIT to house all its hotels
5) Successful development and commercialisation of its new quality office buildings North Tower and South Tower at Mid Valley Southkey and potential injection into IGB Commercial REIT
6) Successful launch of 18@Medini quality housing project in Johor
7) Any plan for development of new Mid Valley megamall brand in other states
Company share buyback gains more tractions, it only shows that the management also sees that its company share price is very much undervalued.
IGB Bhd has appointed Tan Boon Lee as group chief executive officer (CEO), succeeding Datuk Seri Robert Tan Chung Meng effective Jan 1, 2023.
Robert will remain with IGB in the role of non-independent non-executive director to facilitate the change in leadership during the transition.
Boon Lee, who is currently the deputy group CEO, holds a Bachelor of Economics from Monash University, Australia, and a Master in Business Administration from Cranfield School of Management, United Kingdom.
After the privatisation of IGB on March 16, 2018, Boon Lee was appointed deputy group CEO of IGB on June 1, 2018 and alternate to Robert on the board on Aug 30, 2018.
In addition, Tan Mei Sian, the current head of group strategy and risk will assume the role of deputy group CEO. She will remain as alternate director to Tan Lei Cheng.
quietly going up to RM2.70. Love it!
2 weeks ago