Tan Sri Halim Saad intend to divest all 24% major shareholdings as reported in focus. good or bad news? beware of this major dev.

KUALA LUMPUR, Dec 19 ― The UK Court of Appeal has ruled that Malaysian tycoon Tan Sri Khoo Kay Peng’s multi-billion ringgit divorce from former beauty queen Pauline Chai can continue to be heard in England.

UK paper The Telegraph reported that three appeal judges ruled against Khoo yesterday, who had challenged the UK High Court verdict that the proceedings launched by Chai in the UK could continue.

The divorce dispute has already reportedly racked up £5 million (RM32 million) in lawyers’ fees.

The Malaysian Court of Appeal ruled last June that the divorce hearing could be heard in Malaysia, upholding the constitutionality of the common law rule that a wife’s domicile follows that of her husband, even though Chai is no longer a Malaysian citizen.

Former Miss Malaysia Chai, 68, is seeking for the dispute to be decided by the English courts where she stands to gain up to half of Khoo’s estimated £400 million (RM2.1 billion) fortune, possibly the largest divorce settlement in British history.

Khoo, 75-year-old chairman of international fashion and interiors brand Laura Ashley, is applying to have the case heard in Malaysia, arguing that they were married in Malaysia where he also maintains his official residence. Khoo would risk losing less of his wealth if the trial is held here.

GeorgeKent, Gadang, WCT, Bina Puri all under chinese boss also do better job build up political link & securing many projects. mudajaya must hire a bodeking master i guess

Looks like credential is not enough to secure construction projects in malaysia. there must be some political backup with cronyim to get project. mudajaya boss dont bodek najis i guess

Proton is doom. Tan Sri Syed Mokhtar only want the proton's lucrative land property, not the potong saga. if not bcs of POS MAL's recent bail out, DRB-hicom already in hot soup. no way we can win against mighty toyota japan

Fairfax will become the largest shareholder very soon bypassing MULPHA at this rate of accumulation.

Since Saudi Arabia has lost in the battle on market share to both Russia, Iraq in Asia; Saudi Arabia will soon abandon this price war game & work together with USA/ Russia to normalise the price thru output cut. too naive to think that USA shale oil & Russia oil industry to be phased out

Hedging is very risky...No one can predict accurately the currency & fuel movement. both may suddenly rise on 2016...this will caught Tony in surprise in naked water again & bring AAX to death instantly if he fail to hedge but buy on spot expecting low fuel, low MYR in 2016...

Accurate hedging on both currency & air fuel makes the biggest difference btn glory & death in air industry. AA fail in this hedging area caused almost disclosure. Perhaps, CHINA co. can do much better job in this finance area. if this rumours is true, AAX got potential to rise back as dragon again

if TPPA really signed off, many local car manufacturer will close shop with expected intense competition from Japan cars with NO protection or patronage anymore. Car price will then adjust down substantially which caused by protective import tax, excise, etc.

total liability is myr32 Billion to-date...another 1MDB debacle on the making. beware of this stock with the fall out of Mahathir & gang out of power. there wont be any bail out like 1MDB

KUALA LUMPUR: Malaysia Pacific Corp Bhd (MPCorp) ( Valuation: 0.90, Fundamental: 0.20) expects its upcoming residential project within Taman Nusa Damai in Iskandar Malaysia, Johor, which has a gross development value of RM204 million, to help pull it out of its loss-making position.

MPCorp is developing the project jointly with Bina Puri Holdings Bhd ( Valuation: 2.00, Fundamental: 0.15).

Its chief executive officer (CEO) and executive director Charles Ch’ng Soon Sen said the proposed development is slated to commence in two years, and will be a key project in improving the group’s business.

On May 26, MPCorp announced that it had signed a joint agreement with Bina Puri for the development of residential houses on a 24.41-acre (9.88ha) piece of land in Iskandar Malaysia.

Still, Charles said, the group’s turnaround will not happen overnight.

“We have done our best to change. We have [appointed] new board members, confirmed projects, a new management ... The company is changing, but we cannot turn around in one day,” he told The Edge Financial Daily after the group’s annual general meeting (AGM) yesterday, which lasted about three hours.

Charles attributed the management’s failure to turn around the group quickly to external factors such as the slowing Johor property market and depreciation of the ringgit, which had affected negotiations with potential partners.

He said the management is prepared to settle the group’s “historic” issues, some of which remain unresolved, or else MPCorp minority shareholders will have no confidence to vote in favour of any future scheme it may propose.

Earlier during the AGM, minority shareholders had raised concerns over the group’s move to re-elect Charles as a director, the payment of directors’ fees for the financial year ended June 30, 2015 (FY15), including that of the Ch’ng family, the additional time needed by its special auditor to complete the draft special audit report, its future direction and the amount owed to creditor AmanahRaya Development Sdn Bhd totalling RM115 million.

Nevertheless, all resolutions proposed were passed.

MPCorp’s main assets are the land in Iskandar Malaysia and the 22-storey Wisma MPL in Jalan Raja Chulan here. However, the group has seen a drop in contribution from the rental of its investment property due to a lower tenancy rate of 60% in the first financial quarter ended Sept 30, 2015 (1QFY16) from 70% a year ago, said Charles.

Meanwhile, MPCorp chief operating officer Jeffrey Chin said the group has not received any proposal from Superlon Holdings Bhd ( Valuation: 2.40, Fundamental: 3.00) to be a shareholder of the group.

It was previously reported that MPCorp’s former CEO and controlling shareholder Datuk Bill Ch’ng Chong Poh, who is Charles’ father, had been in several discussions with possible white knights to rescue the group.

Charles said the white knights are not limited to local investors, adding that the weak ringgit against the US dollar has made local companies such as MPCorp attractive investment targets for foreign firms.

He added that management has continued to negotiate with potential investors to turn around the group’s business, with options including finding a new shareholder, disposing of assets and joint ventures.

Between FY10 and FY15, MPCorp made losses in four out of five years. It posted a smaller net loss of RM3.03 million in 1QFY16 from RM3.3 million a year ago, while revenue fell 29.18% to RM2.18 million from RM3.08 million in 1QFY15 due to lower contribution from the rental of its investment property.

In December last year, MPCorp’s external auditors expressed a disclaimer opinion in its audited financial statements for FY14, triggering the Practice Note 17 criteria.

Messrs BDO said it was unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion.

As at Nov 2, Top Lander Offshore Inc, the private vehicle of the Ch’ng family, remained the largest shareholder of MPCorp with a 56.36% stake. The stock fell 7.89% or 1.5 sen to close at 17.5 sen yesterday, valuing it at RM50.34 million.

what like most is on its strong cash reserve...will reach myr400Million if I'm not mistaken once all water concession sold out. the only I thing I'm sceptical is boss's low shareholding which beyond my understanding till now

too many shares in public-very hard to push up unless directors buy back much more, reduce public shareholding. its very weird that the main boss hold so less shares despite of co.'s strong balance sheet. why? is it bcs 'cooked' balance sheet?

Par value reduced by MYR0.90/ share to MYR0.10/ share only...new shareholder come in with right issue???

this top up must be precedent something big to happen...its insider move by director

EFFORTS to revive a stalled project located on a prized piece of land at the junction of Jalan Ampang and Jalan Sultan Ismail Kuala Lumpur — which was once earmarked for The Grand Duta Hyatt Hotel — appear to have been re-mobilised.

DutaLand Bhd’s subsidiary Duta Grand Hotels Sdn Bhd made a fresh application to Dewan Bandaraya Kuala Lumpur (DBKL) last month for approval to develop the site, documents sighted by digitaledge Weekly show. Moreover, there appears to have been some activity at the site where a partially built structure stands. Workers have been spotted and part of the safety netting that was visible earlier this year has been removed. This, observers say, is possibly to clean up and fix a new netting prior to construction.

Work on the 2.36-acre plot halted 17 years ago in July 1998 following the 1997/98 Asian financial crisis. It is understood that the initial approval may have been for a gross floor area of 1.89 million sq ft.

While it is widely known that the plan at the time was to build a 52-storey building comprising a hotel, retail lots, offices and serviced apartments, industry players opine that the developer may now consider building a taller structure, possibly even 60 storeys, given that the approving body is now granting higher plot ratios in the city centre.

Construction of the existing building is believed to have halted at the 29th floor. An earlier proposal stated that apart from the retail and office component, a 375-room luxury hotel and 182 serviced apartments were also on the cards.

The new application may be the group’s fourth attempt to restart the project, which is located opposite IGB Corp Bhd’s Renaissance Kuala Lumpur and next to Sunway Group’s Sunway Tower (previously Wisma Denmark). A report indicates that the project was to have recommenced in 2003 but it did not. Then in January 2010, the then KL mayor Datuk Ahmad Fuad Ismail said DBKL had in mid-2009 approved the development of the project but no work started.

In August 2012, Duta Grand Hotels once again submitted a plan for approval by DBKL. Still, nothing transpired.

It is unclear why DutaLand has chosen to restart the project now and whether it is tying up with a partner for the project. DutaLand would not reply to questions sent by digitaledge Weekly.

But in its FY2014 annual report, DutaLand indicated that “the board will look into ways to re-strategise the group’s businesses, including seeking joint-venture partners for its property development projects and/or changing the product mix to adapt to market demand”.

Despite talk of various offers for the site, the developer held on to the asset, which, as at June 30, 2014, had a net book value of RM330.94 million.

A search on the Companies Commission of Malaysia’s website reveals that DutaLand owns a majority stake of 78.39% in Duta Grand Hotels. The other shareholders are Barisan Nominees (Tempatan) Sdn Bhd (5.4%) and Duta Credit Sdn Bhd (16.21%).

As at June 30, 2014, Duta Grand Hotels had accumulated losses of RM82.37 million while total liabilities stood at RM110.85 million, of which RM77.73 million were current.

It is worth noting that Duta Grand Hotels, which was previously known as Kuala Lumpur Landmark Sdn Bhd and Duta Grand Hyatt Sdn Bhd prior to that, has satisfied all charges created between 1995 and 2005.

The history of this project goes back two decades. Hotelier The Hyatt Group had in 1994 awarded the contract to develop the then RM570 million Grand Hyatt Duta to Kuala Lumpur Landmark, which was a subsidiary of Olympia Industries Bhd. Mycom (which is today DutaLand), the holding company of Olympia, subsequently teamed up with Kuala Lumpur Landmark to develop a 52-storey building to house its headquarters and the hotel.

Following the 1997/98 economic downturn, Mycom and Olympia chalked up debts of RM1 billion and had to be restructured. The restructuring was completed several years later and Mycom was requoted as DutaLand in 2007. DutaLand and Olympia are now sister companies. DutaLand’s business today is oil palm plantations and property development and investment while Olympia’s core business is gaming and stockbroking, although it is also in property management and leisure.

For the nine months ended March 31, 2015, DutaLand posted a group revenue of RM33.72 million, down 25% from a year ago. The decline was attributed to a drop in contribution from the plantation division due to lower average fresh fruit bunch prices and production volume as well as a lack of development activity at its property division.

Net profit rose 9.1% to RM45.88 million because of a RM85 million legal settlement.

In FY2014, DutaLand recorded a net profit of RM75.1 million against a net loss of RM18.56 previously, mainly due to a gain from the disposal of Olympia Plaza Sdn Bhd and compulsory land acquisition by the Sabah government.

Tan Sri Yap Yong Seong, better known as Duta Yap, is the group managing director of both DutaLand and Olympia. He and his wife

EFFORTS to revive a stalled project located on a prized piece of land at the junction of Jalan Ampang and Jalan Sultan Ismail Kuala Lumpur — which was once earmarked for The Grand Duta Hyatt Hotel — appear to have been re-mobilised.

DutaLand Bhd’s subsidiary Duta Grand Hotels Sdn Bhd made a fresh application to Dewan Bandaraya Kuala Lumpur (DBKL) last month for approval to develop the site, documents sighted by digitaledge Weekly show. Moreover, there appears to have been some activity at the site where a partially built structure stands. Workers have been spotted and part of the safety netting that was visible earlier this year has been removed. This, observers say, is possibly to clean up and fix a new netting prior to construction.

Work on the 2.36-acre plot halted 17 years ago in July 1998 following the 1997/98 Asian financial crisis. It is understood that the initial approval may have been for a gross floor area of 1.89 million sq ft.

While it is widely known that the plan at the time was to build a 52-storey building comprising a hotel, retail lots, offices and serviced apartments, industry players opine that the developer may now consider building a taller structure, possibly even 60 storeys, given that the approving body is now granting higher plot ratios in the city centre.

Construction of the existing building is believed to have halted at the 29th floor. An earlier proposal stated that apart from the retail and office component, a 375-room luxury hotel and 182 serviced apartments were also on the cards.

The new application may be the group’s fourth attempt to restart the project, which is located opposite IGB Corp Bhd’s Renaissance Kuala Lumpur and next to Sunway Group’s Sunway Tower (previously Wisma Denmark). A report indicates that the project was to have recommenced in 2003 but it did not. Then in January 2010, the then KL mayor Datuk Ahmad Fuad Ismail said DBKL had in mid-2009 approved the development of the project but no work started.

In August 2012, Duta Grand Hotels once again submitted a plan for approval by DBKL. Still, nothing transpired.

It is unclear why DutaLand has chosen to restart the project now and whether it is tying up with a partner for the project. DutaLand would not reply to questions sent by digitaledge Weekly.

But in its FY2014 annual report, DutaLand indicated that “the board will look into ways to re-strategise the group’s businesses, including seeking joint-venture partners for its property development projects and/or changing the product mix to adapt to market demand”.

Despite talk of various offers for the site, the developer held on to the asset, which, as at June 30, 2014, had a net book value of RM330.94 million.

A search on the Companies Commission of Malaysia’s website reveals that DutaLand owns a majority stake of 78.39% in Duta Grand Hotels. The other shareholders are Barisan Nominees (Tempatan) Sdn Bhd (5.4%) and Duta Credit Sdn Bhd (16.21%).

As at June 30, 2014, Duta Grand Hotels had accumulated losses of RM82.37 million while total liabilities stood at RM110.85 million, of which RM77.73 million were current.

It is worth noting that Duta Grand Hotels, which was previously known as Kuala Lumpur Landmark Sdn Bhd and Duta Grand Hyatt Sdn Bhd prior to that, has satisfied all charges created between 1995 and 2005.

The history of this project goes back two decades. Hotelier The Hyatt Group had in 1994 awarded the contract to develop the then RM570 million Grand Hyatt Duta to Kuala Lumpur Landmark, which was a subsidiary of Olympia Industries Bhd. Mycom (which is today DutaLand), the holding company of Olympia, subsequently teamed up with Kuala Lumpur Landmark to develop a 52-storey building to house its headquarters and the hotel.

Following the 1997/98 economic downturn, Mycom and Olympia chalked up debts of RM1 billion and had to be restructured. The restructuring was completed several years later and Mycom was requoted as DutaLand in 2007. DutaLand and Olympia are now sister companies. DutaLand’s business today is oil palm plantations and property development and investment while Olympia’s core business is gaming and stockbroking, although it is also in property management and leisure.

For the nine months ended March 31, 2015, DutaLand posted a group revenue of RM33.72 million, down 25% from a year ago. The decline was attributed to a drop in contribution from the plantation division due to lower average fresh fruit bunch prices and production volume as well as a lack of development activity at its property division.

Net profit rose 9.1% to RM45.88 million because of a RM85 million legal settlement.

In FY2014, DutaLand recorded a net profit of RM75.1 million against a net loss of RM18.56 previously, mainly due to a gain from the disposal of Olympia Plaza Sdn Bhd and compulsory land acquisition by the Sabah government.

Tan Sri Yap Yong Seong, better known as Duta Yap, is the group managing director of both DutaLand and Olympia. He and his wife

USA super low interest cost's dynamic has now changed to worldwide oil deflation problem instead of solution. Prolonging low interest rate has backfired already. Thus, FED must quickly, firmly raise interest rate without any further delay....Unfortunately, FED now 'DELIBERATELY" delaying rise to their own advantage by creating UNCERTAINTIES as this uncertainty cause OVER-VALUED US dollar currency....all USA people is partying but at the expense of all others. there must be political reason why US Fed prefer HIGH US DOLLAR, SUPER LOW OIl...who's the main losers from this situation? think...then you'll know the answer definitely

In other words, the faster crude oil reach USD20, the faster USA high cost competitor will die naturally for the greater benefit for the whole industry sustainable long term recovery...Otherwise, whole oil industry will be sinking together unless USA willing to sacrifice for the greater good

problem is with USA higher cost shale oil industry-not Saudi Arabia or Russia...the faster US Fed increase the interest rate, the faster crude oil price will recover with more falling out of supply chain from Zombie USA oil business who keep hanging up at losses but survive...Then, only over-supply will be reduced. its the survival of the fittest theory. Due to super low interest cost or cheap credit in USA, many inefficient with very cost USA competitor still cause the over-supply PROLONG further

TPY has hidden secret weapon: strong political ally behind the scene

When bursa saham authority fail to take legal action against big bully-pretending ignorant- who can we place complaint then as minority? I believe TPY also has strong political back up or ally but not disclosed only. YKW has done miscalculation this time

no need internal deal. anyone manipulate must be penalised according to law. lest, many big bully think can have hostile take over again. bursa should protect the minority not the patronage system protect big bully

many underestimate TPY strength. YKW thought can bully him easily but end up as a lame dog.

lesson: never try hostile take over unless new king managed to win the hearts & minds of all internal management, staffs. internally & morally Wintoni staffs still prefer previous leadership. only harmonious happy working environment spark productivity

i believe TPY will cash out all stake from protasco, shift the money to nexgram to consolidate his controlling share power in nexgram. learning from mistake when kicked out from wintoni due to low shareholding level then

if minority supporting TPY, rejecting YKW during the hostile take-over votes, this share will not fall to this stage. minority thought KYW can do the miracle, better job than TPY riding on Tan Sri Liew's popularity but eventually short of expectation.

Tan Sri Tengku Azlan ibni Sultan Abu Bakar is Sultan Pahang's brother....can win the suit against big fish with royalty background?

TPY has made a name as a white knight in doing turnaround in many almost failed co. by injecting new business unlike Yap Kok Weng who flee during crisis. Leader must be courage to face challenge like TPY. he is my secret admirer. I betNexgram looking at his Never say DIE ATTITUDE in life

will TPY make a comeback as the largest shareholder at lowest price accumulation?

I still hold MPCORP till now. only RTO from another well established co. can turnaround this company's fate

Nexgram must be pushed above MYR0.10 price, otherwise, Iretex minority will reject this merger offer

the word run is only for kaki kontra...we're long term players..stay back & wait for this germ become diamond

stupid govt. accepts Syria refugee to Malaysia...there will be Shia terrorism in Malaysia fight with Sunni mal. soon

yes...No one can close 3 M&A deals within 1 tough year without CASH involved-except Tey Poh Yee...I like his DIVERSIFICATION strategy using shares issuance expansion only

Dutaland share market capital is over 5 times bigger to swallow Olympia easily

whoever sell MULHA today will regret this decision...I've disclose the motive of the boss why he con already

Dear Calvin, thank you-since your highlight of MUI, i keep accumulating MUI till now whenever have spare money...with MYR drop like shit, investment in UK pound property is the best hedge protection against our falling myr currency

both genting boss & Mulpha boss has substancial stake in olympia...NTA is myr0.34. personally feel olympia may be privatised by Duta Yap or merge with DutaLand one day-same boss

MR SEE POH YEE, executive director's retirement is good or bad news to nexgram?

The worst is over for falling MYR currency. USA fed wont increase the interest rate this year. most likely, interest rate will increase after the oil & gas industry real price recovery in 2017

end june quarter report already out. net drop to myr13Miilion from myr40M last quarter....its a disappointing result. why net profit down?

Mont Kiara land with over 70acres joint-shared with Dutaland yet to be revalued. this land will push out further olympia's intrinsic asset market value.

58,000 shares or 5.7% direct block-off-market transaction last week. whose the buyer?

RCE Capital Bhd (fundamental:1.4; valuation:1.8) saw 55.15 million shares, representing 4.41% stake in the company, crossed off-market at 32 sen apiece today.

The transactions were done in two blocks: one block of 42 million shares at RM13.44 million, and a second block of 13.15 million shares for RM4.21 million.

RCE is principally involved in the provision of general loan financing services.

As at July 31 last year, its substantial shareholders were Cempaka Empayar Sdn Bhd with 44.78%, and Aras Kreatif Sdn Bhd held 8.58%.

Its shares gained 1.5 sen or 4.84% to close at 32.5 sen, giving it a market capitalisation of RM396.98 million.

since Petronas is going to have a M&A using bond issuance recently, let's see which O&G share will the the lucky star? will it be SCOMI or SUMATEC or other counters? there are 40 public listed potential O&G shares which may be choosen by Petronas.....I bet both SCOMI & SUMATEC

Since penalty is due to power failure or transformer-this is under L&T fault, nothing to do with the monorail technical failure under SCOMI ENG.One should watch out on pontential 400 replacement units of of bus coach by KTN sooner. This new prospect is a HUGE contract to SCOMI ENG

Since SCOMI revenue derived mostly from export market (both drilling fluid & Monorail), GST 6% won't affect export market. Exporter should be able to claim back input tax derived from any import material. Any further falling share price is the best opportunity to average down.

4D business in Sabah is s.t. 6% GST only if there is net profit after deducting all gaming taxes. If losses, NO GST. Thus, GST dont affect 4D business much in Sabah