Dear all,

My first draft: Will send out the email on coming Monday.

 

Dear all,

Please allow me to make a chronology summary of my complaint on Bjland:

Quote, {On Monday, 18 March, 2019 10:11 PM, I wrote to SC and Bursa to make a complaint on Bjland:

Dear SC and Bursa,

BJLAND announcement on 5^th March 2019

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6087465

In addition, the Board of Directors of BJLand wishes to announce that Bursa Malaysia Securities Berhad (“Bursa Securities”) has approved BJLand’s application for acceptance of a lower Public Spread of 15% in compliance with Paragraph 8.02(1) of the Main Market Listing Requirements of Bursa Securities (“Approved Public Spread”).

http://www.bursamalaysia.com/market/listed-companies/company-announcements/6054497

BJCORP acquired 230,000,000 (4.61%) Bjland share value at RM 87.40 million or 38 cents per share by issued 291.33 million BJCORP share to PENTA INVESTMENT.

After disposal PENTA INVESTMENT still hold 166.186 million (3.32%) and with TSVT deemed interest 83.24%. Thus free float is now about 13.44%.

Question: I quote Paragraph 8.02(1) “The Exchange may accept a percentage lower than 25% of the total number of listed shares (excluding treasury shares) or listed units if it is satisfied that such lower percentage is sufficient for a liquid market in such shares or units.” May I know how Bursa determined liquid market in such a share? And why Bursa did not insist TSVT privatize BJland by offer 38 cents per share for the rest of the BJland share he and PAC do not owned?

 

On: Tuesday, March 19, 2019, 11:17:32 AM GMT+7. Bursa Replied:

Dear Sir/Madam,

Reference is made to your email on the above matter.

As we have mentioned earlier the case relating to the above is outside the purview of the Exchange. However, we have forwarded the issues to the line department concerned again for their feedback on the matter. 

 

Thank you.

Bursa 2U

Bursa Malaysia Berhad

Our ref: CC/43/19

 

On: Tue, May 7, 2019 at 8:07 AM. I follow up with another email:

I had written an article in my i3investor blog:

https://klse.i3investor.com/blogs/Sslee_blog/204216.jsp

How to make Bursa Malaysia the choice of investor and capital market?

Author: Sslee   |    Publish date: Sat, 27 Apr 2019, 10:07 PM

In the article I wrote: In Malaysia, Bursa Malaysia is mandated to operate the stock exchange as a commercially driven, public-listed entity. It is also mandated by Listing/Regulation/Disclosure Act as the front-line market regulator policing public-listed companies and market intermediaries. Perhaps these two mandate clash and give rise to conflict of interest as many of Bursa’s decisions on approval, suspension, delisting and waive seem indulging in excessive corporate abuse for the benefits of controlling shareholders.

 

In order to make Bursa Malaysia the choice of investor and capital market something need to be done by Bursa and SC to ensure high level of trust and integrity among their public-listed companies and to be seen in going after those who break the rules with the full force of the law. Only then the confident and the crowd will return. As an investors what we can do now while waiting for the confident to return is to attend AGM and demand good governances and transparency from the BOD.

 

For many years TSVT was indulging in excessive corporate abuse inter-companies/friendly parties transactions that benefit him and his friendly parties at the expanse of minority shareholder.

I am making this complaint to SC hoping that SC can look into this transaction which in my opinion amounting to corporate abuse.

 

On: Wed, May 8, 2019 at 3:13 PM: SC replied:

Dear Sir,

Thank you for your email. 

Your case has been logged under Case Reference: [Case: SC2019-4833]. Please quote this reference number for any future communications.

We will review the matter and take necessary action should there be any breach of securities law.

In the meanwhile, you may contact us at 03-6204 8999 if you have further question.

 

Thank you

Kind regards,

Aduan Duty Officer

Consumer & Investor Office

Securities Commission Malaysia

 

And on: Fri, Jun 28, 2019 at 9:17 AM. Bursa replied:

Dear Sir,

In line with our Company’s policy, we are unable to reveal any details of the assessment conducted by Bursa Securities in considering a lower public shareholdings spread. Nevertheless, any application submitted to Bursa Securities is being assessed objectively.

In addition, we also wish to clarify that Bursa Securities is not in a position to request any party to make any general offer. Any offer by the offerors will need to comply with the Rules on Take-Overs, Mergers and Compulsory Acquisitions of the Securities Commission. 

 

Thank you.

Bursa 2U

Bursa Malaysia Berhad

Our Ref: CC/43/19

 

On: Fri, Apr 3, 2020 at 1:47 PM, I wrote another follow up complaint:

Dear SC and Bursa Malaysia,

I refer to Bjland Announcement dated 24 March 2020 below:

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3038657

The Board of Directors (“Board”) of Berjaya Land Berhad (“BLand”) wishes to announce that the public shareholding spread of BLand is 14.78% which is below the 15% minimum public shareholding spread requirement approved by Bursa Malaysia Securities Berhad (“Bursa Securities”) vide its letter dated 20 December 2018.

In view of the above, the Board of BLand will seek the approval of Bursa Securities for an extension of time to comply with the approved minimum public shareholding spread requirement.

 

My sincere question: How many times will Bjland allowed to breach the Public spread of 15% before SC and Bursa would take actions on BJcorp to offer VGO on the remaining Bjland shares not owned by Bjcorp, TSVT and PAC on the same term as Bjcorp offer to PENTA INVESTMENT: BJCORP acquired 230,000,000 (4.61%) Bjland share value at RM 87.40 million or 38 cents per share by issued 291.33 million BJCORP share to PENTA INVESTMENT} unquote

 

 

Dear Bursa,

Refer: https://www.bursamalaysia.com/sites/5d809dcf39fba22790cad230/assets/5f196b965b711a055bffbf44/CP_PublicSpreadProposals_Final.pdf

 

I am glad that Bursa had set a very clear guideline on Acceptable Minimum Lower Public Spread base on Market capitalisation:

 

10.1 Objective criteria for acceptance of lower public spread–market capitalisation threshold:

(a)As highlighted in paragraph 6 above, depending on the size (i.e. the market capitalisation) of the applicant or listed issuer, the Exchange may grant a lower public spread of between 15% -20%. For enhanced regulatory clarity and certainty, the Exchange proposes to make clear in the LR, the relevant market capitalisation threshold that an applicant or listed issuer must meet for the specified lower public spread as follows:

Market Capitalisation:  Acceptable Minimum Lower Public Spread

RM1billion or more but less than RM3 billion: 20%

RM3 billion or more: 15%

 

Refer BLand latest Bursa announcement on PSS: https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3132022

We refer to our previous announcements in relation to the public shareholding spread of Berjaya Land Berhad (“BLand” or “Company”).

The Board of Directors of BLand wishes to announce that the public shareholding spread of the Company as at 23 February 2021 stood at 13.26%, representing a shortfall of about 6.74%.

 

Bursa Malaysia Securities Berhad has, vide its letter dated 4 September 2020, granted BLand a further extension of time of 6 months from 23 September 2020 until 22 March 2021 to comply with the approved public shareholding spread of 20% (“20% PSS”). In view of the financial impact that resulted from the Covid-19 pandemic preventive measures, the Company needs to re-evaluate the alternatives to address the shortfall in the 20% PSS.

This Announcement is dated 24 February 2021.

 

Clearly the BOD of BLand will not be able to address the shortfall in the 20% PSS by 23th March 2021. Moreover Bursa guideline:  Acceptable Minimum Lower Public Spread: Market capitalization RM 1billion or more but less than RM3 billion: 20%.

With BLand NOSH of 4,920,500,000 shares the Market Capitallisation of BLand is now less than RM 1 billion hence PSS should be 25%.

 

Allow me to relate my personal experience with the controlling shareholder of TAE: I ask the Board during AGM when will the Board address the shortfall in TAGB PSS and the Board without hesitate and apology told me all win-win options are on the table and if I tell you now, you will breach SC rule for insider trading. The Board is quick to cite SC rule when it suit them and play innocent they are the one breaching the rule and refusing to address the PSS issue timely knowing very well the only viable win-win option is to merge TAGB into TAE.

Thank you

 

 

Dear Ms. Lydia Lye,

Thank you for previously forwarding my questions/objection on Singer: Bjcorp deal to the Board and also getting the Board to publish the AGM Key matters discussed in Bjcorp website.

I need a favor from you again to forward this email to BJcorp BOD and newly appointed CEO Mr. Abdul Jalil Abdul Rasheed. Thank you

 

 

Dear Mr. Abdul Jalil Abdul Rasheed,

My heartfelt congratulation to you for been appointed as 'first non-family member' CEO of Berjaya Corp mandate with “to relook at BCorp's corporate structure, optimise financial and human resources, improve synergies and efficiency, enhance corporate governance and transparency, streamline the various group businesses to create and enhance shareholder value and to transform BCorp into a high performing organisation, and “will work together with BCorp's executive chairman Tan Sri Vincent Tan and Robin Tan as an executive committee, which together with the contributions of the board members will be involved in all strategic decision-making and planning of the future business direction of the BCorp Group”

 

So please allow me, a minority shareholder of BLand to have a heart-to-heart talk:

As far as I can remember the dividend received by BLand from subsidiary BJtoto had been used by the controlling shareholder to build his business empire and enable his family member to enjoy an extravagant luxurious lifestyle while we minority shareholder of BLand be left high and dry with nothing to look forward to.

 

I believe you are a man of “Integrity, Just and Kind-hearted” and it is a foregone conclusion that the only viable win-win solution is merger BLand into Bjcorp by offering VGO on the remaining BLand shares not owned by Bjcorp.

 

As of the VGO offer, may I suggest using BJCORP acquired 230,000,000 (4.61%) Bjland share value at RM 87.40 million or 38 cents per share by issued 291.33 million BJCORP share to PENTA INVESTMENT as a reference with option of

I wish you a successful career with Bjcorp and make Bjcorp great again.

Thank you

Hope to meet you in person during AGM

 

 

Dear all,

Thank all for your patience in hearing me out.

Wish all good health and please stay safe, stay healthy, stay happy and have a good day

 

Best Regards

Lee Soon Sheng