There was 4 % work done on vietnam IPP in Q3 as disclosed in the latest prospectus which will translate to about RM20m profit from vietnam in Q3. Whether there is any LAD in Q3, the net results should still be OK.

They have given undertaking that they will subscribe for their warrant entitlements in full.

--------------------------------
Siaosiaoguy2018 What did the two director do? Buy or sell?

exercise period has been revised to "at any time"

11月19日10时40分，公司承建的越南海阳2×600MW燃煤电厂工程升压站区域110kV/220kV构架安装正式开始。
　　该升压站110kV占地面约10681.5平方米，构架共计63件；220kV占地面积约23194.25平方米，构架共计90件；构架全部在厂外加工制作，运至现场安装。
　　施工项目部对外加工构件高度重视，考察多家加工厂对比制造工艺、镀锌工艺及履约能力。确定厂家后，从原材料进场、焊接检验、镀锌工艺、预拼装及供货周期等方面严格把关，确保升压站构架安装高效、优质、平稳推进。

Reference is made to the subject matter and the announcement made by the Company on 30 July 2018, 1 August 2018, 26 September 2018, 7 November 2018, 14 November 2018 and 16 November 2018.

The Federal Court heard and allowed our application for interim injunction today pending the application for leave to appeal to the Federal Court, which is fixed for hearing on 7 January 2019. The interim injunction will restrain STAR from receiving the proceeds of the Bank Guarantee pending the hearing for the appeal to the Federal Court.

This announcement is dated 19 November 2018.

Tony91, either you wait for the subscription form to be mailed to you or you can download from bursa website after 21st Nov.

--------------------------------------
Tony91 can anyone tell how do i subscribe the warrant? where to download the form
19/11/2018 15:50

It gaped down on 16th because it was the Ex-date of the warrant right

warrants will be fully subscribed either by underwriters or undertaking from major shareholders

commonsense, you may like to read this....

http://www.theedgemarkets.com/article/jaks-resources-seeks-closure-star-media-dispute

Some investors are selling to raise funds to subscribe for their warrant entitlement. Once that is done, price will recover.

There is only 1 reason for me to buy Jaks : I know the HUGE potential in Jaks Vietnam IPP.

40% ownership right of a RM8 billions power plant in vietnam is definitely a big piece of cake.

The warrant is created so that the insiders can have a bigger bite on the vietnam IPP

Reference is made to the subject matter and the announcement made by the Company on 30 July 2018, 1 August 2018, 26 September 2018, 7 November 2018 and 14 November 2018.

The solicitors of JIC has on 15 November 2018 filed Notices of Motion with the Federal Court for leave to appeal and Interim Preservation Orders pending the application for leave to the Federal Court to restrain STAR from receiving, the proceeds of the Bank Guarantee.

This announcement is dated 16 November 2018.

Jaks-Wa provides a mean for a lower entry cost and higher leverage to ride on the potential of the vietnam IPP. Investors will opt to keep the Warrants.

Based on the progress announcement by CEEC, the turbine table for the steam turbine is in place. This marks the beginning of the installation procedure of the steam turbine.

11月14日上午9时30分，越南海阳项目部在灰场区域举行EPC2A灰场开工仪式，BOT业主方领导、EPC2A现场代表、安徽电建一公司项目领导等相关人员参加了仪式。
　　越南海阳2×600MW燃煤电厂灰场坝区占地总面积约86575㎡，项目部主要负责坝区地基处理工作，包括清除地表平均挖深1.5m的耕植土、混凝土搅拌桩、500mm厚中粗砂砂垫层和排水板施工等内容。其中，排水板施工面积约为43939㎡，混凝土搅拌桩施工面积约为42363㎡，总施工桩数约为37275根，排水板和混凝土搅拌桩平均施工深度均约为16m。随着BOT方领导的一声令下，伴随着两台挖机的轰隆声，越南海阳项目部灰场正式开挖。EPC2A灰场坝区地基处理开工，进一步推动了总施工进度，为安后续灰场坝体施工奠定了基础。

Star tower has been completed waiting for approval

11月14日上午9时58分，越南海阳1号机组汽机台板顺利吊装就位，圆满完成既定里程碑计划。
　　此次吊装就位的1号机组汽机台板总重705㎏，台板尺寸为3410mm×330mm×86mm。为确保汽机台板安全就位，热动专业科科学策划、精心组织，积极协调，一方面认真编写汽机本体安装方案，并通过项目部、总包、OE审批；另一方面项目部积极协调建筑交安汽机13.7米层平台，同时邀请总包、OE等相关方全程参与建筑移交安过程；此外项目部还积极对吊装机具、人员配置、前期准备等开工条件细化盘点。
　　吊装前，专业科对相关吊装人员进行了安全技术交底，吊装过程中，专业管理人员、项目领导、总包、OE等进行全程监督。最终经各方的紧密配合、共同努力，圆满完成1号机汽机台板就位工作，标志着项目部汽机本体安装工作正式开始。

11月10日上午09时58分，公司承建的越南海阳2×600MW燃煤电厂工程二号机组1号锅炉受热面第一只焊口顺利开焊，标志着该机组安装工作正式开始。
　　越南海阳2×600MW燃煤电厂工程采用一机两炉配置，单台锅炉受热面焊口数量约23000只，首次焊接的是锅炉水冷壁前墙上部第一道焊口。为确保受热面安装的顺利开展，海阳项目部做了充分的准备工作，从焊接材料、安全防护、质量控制、人员配备、工器具上严格把关；焊接前对焊工进行了岗前培训及考试，对一线施工作业人员进行精细化的技术交底，对施工场地进行清理，为锅炉受热面的顺利开焊提供了有力保证。

Icon8888, that is the most certain thing they will do. Apart from the sovereign risks, the biggest risk is foreign exchange risks. All tariff payments, including those based in USD, are billed to EVN in Vietnam Dong and later converted to USD at the remittance bank. To keep it in Vietnam meaning to keep the payments in Vietnam Dong. Just too much risk to take.

So will see monthly remittance of tariff payments back to shareholders.

----------------------------------------------------------------------------------------------------------------------------
Icon8888 Post completion, we can expect the power plant to regularly distribute dividend to Jaks and China partner. Because it is suicidal to keep the cash in the power company especially when China and Vietnam have a rocky relationship and fought war before.
12/11/2018 10:19

Lets see whether Jaks' investors are intelligent or not ......whether they can tell the difference between Toyoink and Jaks

Toyoink-wa exercise price RM1.50 is out of money. Jaks-wa exercise price only RM0.64 and is in the money. Toyoink still yet to find a JV partner and has not secure bank financing. Jaks power plant is almost 50% completed and less than 15 months to completion.

https://english.vietnamnet.vn/fms/business/206758/vietnam-to-face-power-shortage-by-2030.html

Those investors who took up 20% private placements at RM1.36 and RM1.38 will take this opportunity to further increase their stakes in Jaks

Just a wild derivation from the JV agreement with CPECC. On Page 27 and 31, under contracts EPC1 and EPC2, damages of US$5,000 per KW is payable by the contractors if net output of electricity is less than the guaranteed net output by less than 3%. If more than 3%, the amount payable is US$13,500 per KW.

As capacity charge payment from EVN is based on dependable capacity, any capacity shortfall means future revenue loss which will impact the projected IRR of the project. Therefore, I would assume that the liquidated damages amount is likely to be based on potential future earnings losses discounted to present value (PV)

Based on these premises, the total revenue on the contracted capacity of 1,112,000 KW is potentially US$5.56b PV for the entire 25 years period.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5966581

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5966577

The price will average about RM0.86-RM0.88 to do the price fixing at RM0.60 for the exercise price of the warrant.

I don't know why I can't share the link to this article

2.2.Credit Enhancementas a Catalyst

Credit enhancement was instrumental in providing access to capital for the Mong Duong project under reasonable terms. Mong Duong project was covered under a sovereign guaranteefrom the Government of Vietnam. The project is the first Vietnamese transaction for the South Korean entities. It saw the first participation of Korea Trade Insurance Corporation (K-Sure) and Korea Exim Bank (KEXIM)on the back of Posco Power’s equity stake and an EPC Contract from Doosan.The total project cost is US$ 1.95 billion, and portion debt is US$ 1.46 billion, that were divided into three tranches. Tranche 1 is KEXIM direct loan of US$ 342 million; Tranche 2 is 80% K-Sure covered facility of US$ 839 millionTranche 3 is a 100% Kexim-covered US$ 280 millionBanks signed up to Tranche2 and 3 on pro-rata basis with coverage from the Korean ECA, which is a key factor in the appeal of the loan and ended up winning support of twelvecommercial banks-seven of which under wrote one-seventh of the loan


Paper for POWER-GENAsia2014, Kuala Lumpurby Prabaljit SarkarPage 3of 8amount. B Paribas (facility agent), Credit Agricole (document bank, inter creditor agent), HSBC (account bank and collateral agent), ING (model bank), Natixis, Socete Generale and SMBC (insurance bank) were book runners. They were joined as MLA s by Mizuho Corporation Bank, Stanchart and Unicredit while CIC and DZ Bank signedup as lead arranger. The project company has to maintain a DSCR of 1.4 x –1.5 x and DSRA is six months equivalent of repayment

The debt service coverage ratio DSCR for Mong Duong 2 bank loan has to be above 1.5x otherwise the loan defaults.

As the loan is non recourse in nature and the collateral is a non movable object with no market resale value, the Banks would require very high certainty in earnings. In this case the capacity payment alone in the PPA which gaurantee fixed annual payment for the tenure of the project must at least meet the DSCR requirements.

Given the same DSCR, simple calculation shows that the earnings of Jaks from its vietnam IPP has to be at least around RM140m (EPS=RM0.25) to meet the loan DSCR requirement.

15X PE = RM3.75

In practice, the earnings has to be much higher to be of comfort to protect the company from loan default risk due to earning fluctuations.

10月23日下午14时30分，越南海阳1号机主厂房行车顺利吊装完成，为主厂房断水节点顺利完成奠定了基础。
　　此次吊装行车总重71.832吨，包括两根主梁、一个大车、一个小车及电机设备等， 行车主梁总长27.5米，单件重24吨，吊装机具为公司自备M2250履带吊。

　　为确保行车设备安全就位，早日实现汽机房既定节点目标，热动专业科学筹划、精心组织，积极协调各项吊装筹备工作，一方面认真编写、修改吊装方案，并通过总包、OE审批；另一方面积极对吊装机具、人员配置等开工条件进行盘点准备。吊装前，专业科对相关吊装人员进行了安全技术交底；吊装过程中，项目领导、总包、OE及专业科负责人进行了全程监督；最终，在热动和机械化专业科通力协作下，圆满完成了此次吊装工作，为后续汽机房内设备安装打下了坚实的基础。

https://baijiahao.baidu.com/s?id=1602529380592282201&wfr=spider&for=pc

Another china funded coal power plant in vietnam under BOT commenced construction.

http://www.sasac.gov.cn/n2588025/n2588124/c9568080/content.html

中国能建 is the parent company of China Power CPECC who is partnering Jaks in Jaks Hai Duong power plant.

https://baijiahao.baidu.com/s?id=1607054796841344322&wfr=spider&for=pc

First china 1B1R owned and funded thermal power plant in vietnam under BOT scheme starts operation.

https://www.taodocs.com/p-34272264.html

This article describe how a vietnam BOT licencee handles the associated risks and the subject matter is actually referring to Jaks Hai Duong Power Plant.

I like to add a few of my observations;
1. If Rozali’s initial intention was to fully distribute all cash proceeds, he could have initiated a takeover offer where all shareholders get RM1.05 per share immediately. A faster and less complicated approach than creating a shell company to house the listing status.
2. A more logical rationale, other than ulterior motives, for such move is to retain the listing status for sale to gain extra dollars for shareholders.
3. Having Triplc going thru complicated restructuring instead of an outright takeover will place the shareholders in suspense. Judging from the price action of Puncak, shareholders likely become skeptical of the ulterior motive of the controlling shareholders. Uncertainties has caused some shareholders to sell out which has caused the price of Triplc to fall to RM1.50 at one point in time. This has created great opportunities for the insiders to accumulate at extremely low prices.
4. As only 90% of the proceeds are placed in a trust account with interest, the directors can still enjoy fat salaries doing nothing for the next 2 years.
5. With only less than RM70m in its Bank, Triplc is unlikely to be able to acquire any profitable business assets as required by PN16 regulation to stay afloat. RTO will be its only option which entails a general offer to all existing shareholders. All decisions will require 75% approval from shareholders. GO has to be done above the cash value to be successful. Thus, RTO, if any, will be beneficial to the existing shareholders.
6. Can its PN16 status be extended under the new PH government which promote clean and healthy practices? PN16 extension can only be granted if there is evidence of business dealings such as MOU.

Calvintaneng said power plant is a cyclical business. Anyone agree ??

calvintaneng, now I know why i3 readers do not like you because you treat everyone here like 3 years old kids.

why is Jaks investing in vietnam power plant considered a cyclical stock ????

https://themalaysianreserve.com/2018/10/19/jaks-to-move-into-renewable-energy-sector/

Assuming no significant shareholders except Ang's parties and KYY were interested to vote, and it seems that KYY didn't vote during the EGM. Comparing the polls results of the AGM and the EGM, Ang's parties could have bought additional 3% during the recent selldown. Just my speculation.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5945709

http://www.theedgemarkets.com/article/jaks-looks-renewable-energy-new-revenue-source

10月15日11时40分，公司承建的越南海阳2×600MW燃煤电厂工程二号机组1号炉烟囱钢内筒提升安装正式开始。
　　该烟囱钢内筒高170米，共4束。为保证后续钢内筒顺利提升，在一号机组2号炉烟囱钢内筒安装结束后对液压提升装置油缸进行检查清洗，并后移位至二号机组1号炉烟囱钢内筒吊装位置进行第二个钢内筒安装。

1 warrant at RM0.25 for every 2 shares. If you do not wish to take the warrant, you can sell the warrant right later.

Warrant exercise price fixing soon. Based on the proposal, it is likely to be fixed at RM1. The proposal indicated about 30% discount.

Date of EGM to approve the warrant rights : 18 Oct 2018

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5930601

Why people just walk away from "too good to believe" ? Why not try to find out whether it is believable or unbelievable ?