At end June 24 , 1 USD = MYR4.71; at end Sept 24, 1 USD = MYR 4.12. Against Malaysian MYR, USD had depreciated by 12.5% from end June to end Sept 2024.
FPI is very cash rich with a CASH balance of about MYR180 mln as at end of June 2024. If the said CASH had all been deposited in USD instrument in Q2 2024, there would be a foreign currency exchange loss of about RM22.5 million due to Malaysian ringgit appreciation against USD over quater 3, 2024.
Suggestion: FPI should return the excessive cash it has to shareholders.

In 2022, MyEG Services Bhd (MyEG) was officially appointed to jointly develop and operate Malaysia’s national public blockchain with Mimos Technology Solutions Sdn Bhd (MTSSB). This collaboration was formalized through a memorandum of understanding (MoU) signed on October 6, 2022123. The project aims to develop the Malaysia Blockchain Infrastructure (MBI) using Zetrix and Mimos blockchain technology.In July 2024, Prime Minister Anwar Ibrahim discussed Malaysia’s National Digitisation Program, highlighting the involvement of MYEG’s Zetrix blockchain and Web3 technologies. This initiative aims to enhance the country’s digital infrastructure and services, leveraging blockchain technology to improve transparency, efficiency, and security in various sector.

BIMB forecast of 8.4 cents for 2024 is very conservative. Factoring in consistent past earnings growth trend and onstream of Ztrade in 2H2024, a 5% qtr to qtr growth could be expected in Q3 and Q4. Estimates of NP for Q3 would be 174m and Q4 182m bringing 2024 full year NP to 677m. This translates into EPS of 9 cents for 2024. At 21/08/24 closing price of 0.92, the PE ratio is only 10.2 which is very low for a growth stock with ROE 23%, profit margin exceeding 60% and past 10-year CAGR of about 20%.

kshinann: Dont understand who Mr Wong kept having acquiring and disposing of same volume in same day?
Multi-million shares queing up on the BUY and SELL sides could potentially serve as "blockages". This could have the effect of promoting
(1) Selling by small traders (majority of traders) at a LOWER share price than the blocking sell value.
(2) Buying by small traders (majority of traders) at HIGHER prices than the blocking buy value.
(1) and (2) could be carried out by proxies of the big players.
Bursa Malaysia requires substantial shareholders to report their Buy and Sell. Obviously trading activities via unofficial proxies are not reporting requirement.

Tenka226: Where can check live update for that , icst1975?
As far as I know, there is no life update of trading activities by substantial shareholder. Disclosure requirement is within a few trading days.

Tenka 226. As far as I know, there is no life update of trading activities by substantial shareholder. Disclosure requirement is within a few trading days. Obviously trading activities via unofficial proxies are not reporting requirement.

Bursa Malaysia requires substantial shareholders to report their Buy and Sell. It is mandatory.

Multi-million shares queing up on the BUY and SELL sides could potentially serve as "blockages". This could have the effect of promoting
(1) Selling by small traders (majority of traders) at a LOWER share price than the blocking sell value.
(2) Buying by small traders (majority of traders) at HIGHER prices than the blocking buy value.

(1) and (2) could be carried out by proxies of the big players.

In the first quarter of 2024, MY E.G. Services Bhd (MYEG) experienced a significant boost in net profit, rising by 47.09% to RM155.83 million compared to the same period last year. This growth was primarily driven by contributions from its Zetrix blockchain platform services and the sale of Zetrix tokens. The company’s revenue also increased by 34.49%, reaching RM232.96 million during Q1 202412. MYEG expects to continue introducing innovative services leveraging blockchain technology (specifically its Layer 1 blockchain platform, Zetrix) to drive organic growth in 2024. Additionally, Zetrix has been integrated with China’s national blockchain platform, “Xing Huo,” allowing cross-border trade and expanding MYEG’s global reach. The long-term outlook for MYEG remains positive as they continue to introduce innovative services both in Malaysia and globally.

Zetrix facilitates trades between different countries worldwide.
Zetrix is a leading public blockchain platform. Zetriz facilitates cross-border trade between countries. Recently, MYEG launched a pilot project in conjunction with the Bank of China to offer supply chain financing products for international importers and exporters. This initiative aims to provide more efficient and convenient cross-border financial services. Additionally, Zetrix’s decentralized application, ZTrade, enables faster and seamless cross-border trading experiences for exporters to China by digitizing their Certificates of Origin. So Zetrix is not restricted to trade between specific countries; it is designed to support global trade by leveraging blockchain technology and critical building blocks for Web3 services.

Zetrix 促进了全球不同国家之间的贸易.
Zetrix是一家领先的公共区块链平台。Zetrix促进了各国之间的跨境贸易。最近，MYEG与中国银行合作推出了一个试点项目，为国际进口商和出口商提供供应链融资产品。该举措旨在提供更高效、更便利的跨境金融服务。此外，Zetrix的去中心化应用程序ZTrade通过数字化原产地证书，使出口商向中国更快、更无缝地进行跨境交易。因此，Zetrix不受特定国家之间贸易的限制；它旨在通过利用区块链技术和Web3服务的关键构建块来支持全球贸易。

Companies with MSC status recognition enjoy significant tax incentives. Key benefits:

100% Tax Exemption: MSC-status companies receive a 100% tax exemption on their taxable statutory income. This exemption is renewable for up to 10 years from the date the company starts generating income.
Investment Tax Allowance (ITA): MSC-status companies can also benefit from the ITA, which provides a 100% deduction on qualifying capital expenditure.
Additionally, there’s a new outcome-based tax incentive called the Malaysia Digital (MD) Tax Incentive. It encourages investments in high-growth tech areas. The MD Tax Incentive aligns with international standards and offers reduced tax rates or investment tax allowances for eligible companies undertaking qualifying activities.

ZTrade is a cross-border trade facilitation service that uses Web3 and Artificial Intelligence (AI) to connect China with its trading partners. It runs on the Zetrix layer-1 blockchain platform and offers a faster and more seamless trading experience, especially for exporters to China. One of its key features is digitizing the Certificate of Origin, which is essential for verifying the country of origin of goods being exported

The profit contribution from MYEG’s Zetrix blockchain platform, including Ztrack, has been significant. In the first quarter of FY24, MYEG’s normalized earnings jumped by 47.2% year-over-year to RM156.0 million, with Zetrix contributing approximately 30% of the earnings forecast.
Zetrix platform launched in China in 2023 has direct cross-border and cross-chain integration to China’s blockchain platform. This enables Zetrix to serve as a blockchain gateway that facilitates global trade, deploying critical building blocks for Web3 services with a total of 374,255 registered accounts since its launch.
MYEG Services has seen high growth in the Philippines. The first four months of 2024 witnessed a 101% increase in transactions compared to the same period in 2023, indicating sustained momentum and expansion of digital solutions acceptance among stakeholders. This growth is part of MYEG’s broader success, which includes a substantial increase in profits and revenue attributed to its blockchain business, including Zetrix.

Base on a minimum of 3 years needed to complete the NIISe project after project award to a new competent contractor (versus the 4.5 years project time given to IRIS,which failed to achieve anything), the earlist date for NIISe could be July 2027 but more likely to be in 2028.

The NIISe contract, worth RM1.16 billion, was awarded to Iris IT Solutions (IITS) in January 2021 for a period of 54 months, starting from March 1, 2021, until August 31, 2025. However, as of March 2023, the project did not achieve adequate progress, leading to a one-year extension to 31 August 2026. Due to the lack of satisfactory project by IRIS, the NIISe contract with IRIS was terminated on 14 August 2023 by the Home Ministry with immediate effect on the same date. Base on the extended timeline to IRIS of August 2026, it would take 3 years to complete the project. Until today, the NIISe project had not been awarded to a new contractor.

NTA per share is about RM1.95. Company has a net cash of about RM450 million which is about RM1.1 per share.

2 Inv and Tan L C
Magni tech has 2 main business segments, Garment and Packaging. In the garment segment, Magnitech is the long term mid and up market garment & apparel maker for world famous brand names including Nike. I think business volumes are related to world market demand for the mid to upper market brand name apparels. Magni tech is not making low end clothing wears.

Opensys 以 1,050 万令吉的价格在同一座办公大楼内以每单位最高价格购买了 8 个办公单位。这让股东们对商业意识、内涵甚至诚信都相当紧张。他们在进行公平交易吗？管理层的声誉受到威胁！

Opensys buying eight office units for RM10.5m in the same office tower at TOP price per unit. This makes shareholders quite nervous about the business sense, intension and even integrity. Are they arm length dealing ? Management's reputation is at risk !

Sharehoders should voiced out to RHB management about the very detrimental impact of DRP on both the short term and long term negative effect on the share price and request that the bank should just declare a smaller dividend if Bank need to conserve more cash.

To be fair to all shareholders particularly the vast no of small shareholders (who makes up more than 97% of the shreholders) and who are thus very important for a dynamic market, Banks should just give lower dividends if they want to conserve cash.

HL Bank and PBB are not giving DRP. After adjusting for bonus shares,
their long term share price are on uptrends.


speakup: DRP is toxic. Wonder why banks love it?

The large shareholders (example, EPF, KWSP) and fund managers could have asked for DRP's as they are in a position to sell millons of shares at highs pre to x-dividend dates, subscribed to millions of DRIP shares at very substantial discount, sell millions of these shares even at lower price, like now for RHB shares at RM5.3 as they subscribed at RM4.74, pushing the price lower, and these large share holders would buy back millions of shares at lower price, and wait for the next round. The small fishes, who are more than 97% of the shareholders, are the ultimate losers if they don't know how to protect themselves.

Multiple rounds of DRIP which lead to a faster increase in the no. of shares as compared to Company's profit growth is surely very harmful to the Company's long term share price. It is most detrimental to small share holders who may not want to subsribe to the DRIP due to small odd lot DRIP shares allocated to them.

I also bought RHB shares at about RM6.8 ten years ago. RHB's long term profit growth is about 4.43% pa but the total shares had been growing at about 6% pa. Total shares had been increasing at faster rates than profit growth by 1.57% pa. RHB long term share price had drifted downwards most likely due to faster rate of increase increase in no. of shares resulting from mulltiple DRP's. Share price had droped from RM6.8 to peak of about RM5.8 just before the most recent round RM0.25 dividend. The drop in the long term share price can be estimated from the following formula. RM6.8*[100%- (6%-4.43%) ] = RM6.0* [ 100% - 1.57%]^10 = RM6.8* (98.43%^10) = RM5.8 which was the peak price before the most recent round of RM0.25 dividend.

Ten years ago, I bought Maybank shares at around RM10. Company's net profit growth was 2.37% p.a whilst the NOSH increased by 3.75% p.a. over the 10-year period. Maybank long term share price had drfited downwards at minus 1.18% pa to peak around RM8.8 recently prior to the most recent round of div ( RM0.25) . Maybank long term average share price can be estimated by the formula RM10*(100%-1.18%)^10 = RM8.8 , which was the high price before the recent RM0.25 dividend.

For long term investors, I observed that for Banks which are giving DRP's which resulted in their total shares that increased at rates fater than the company's profit growth rate, their long term share prices were all trending downwards. This happen to BIMB ( the worst case out of the four banks), CIMB, RHB and Maybank (the best out of the above four banks, but Maybank long term share price has also been drifting downwards over the years). The impact of DRP is equivalent to making the open market pay the big shareholders additional dividends. The large share holders like EPF who subsribed tens of millions of DRP shares at a substantial below market share price would lock in profit. They can then buy back if they wish to at lower price as the share price drops lower in the short term which they can sell off in the next cycle of dividends and DRP.

Take EPF as example. It could quite likely disposed its 16+ million DRP shares acquired at 4.74/share at say average an average of 5.31/share. This is an immediate gain of 16m*(5.31-4.74)= 16m*0.57 =RM9.12 m. This is an additional gain of RM9.12m "dividend payment" to EPF from the open market.
If all the 40m DRP shares were disposed to lock in gain from "open market funded additional dividend payment" , it is without doubt very detrimental to the RHB share price.
BIMB is a much more severe case example of DRP's on its share price. Share holders must vote against DRP's to protect their interests!

DRP is very damaging to the share price both short term and long term.
I think RHB should not have DRP as an option as the dilution effect over time due to multiple DRP's is substantial. and damaging to the share's market value. If Company needs to retain more money, it should just simply declare a lower dividend so that the number of issued shares does not keep increasing. In the most recent DRP, RHB issued shares increased by about 40 million or about 1 % of total shares .
In the short term Large/substatntial shareholders, like EPF & KWAP, who subscribed to DRP at a a discounted price of RM4.74 are already disposing their DRP shares to lock in profit. EPF alone would have subscribed to about 16+ million DRP shares. The impact of selling millions of DRP shares is very damaging to the share value.
In the long run, if growth in company profit is not significantly faster than the increase in total shares due to DRP, the long term share price will trend downwards. I think this may be what is happening to RHB share price.

lxx9328: what were you talking about ?
Profit more or less flat for 4 yrs (2019 to 2022). ROE declined from 17.7% in 2019 to 13.8% in 2022.

FY NP (mln) NP to SH (mln) ROE
31.1w.2019 11.1 11.1 17.7%
31.12.2020 11.1 11.1 10.3%
31.12.2021 11.1 11.0 14.5%
31.12.2022 11.7 11.7 13.8%

Opensys earning had stayed more or less flat at about 11 mln for 4 years. since FY2019. Current dividend payout of ~53.4% gives a DY of some 3 - 4%. This could not support a significantly higher share price as earning growth is more or less stagnant. If management of OPENSYS can increase its dividend payout to about 90% of its annual earning, its share price could likely increase to ~RM0.62. Current average share price of ~RM0.36 and div payout of RM0.014 p.a. gives DY of ~ 3.9%. This is not attractive when it is compared to for example Maybank which has a DY of typically between 6.5% to 7%. If OPENSYS div payout could increase to RM0.024 p.a., OPENSYS average share price could increase to ~RM0.62 ( RM0.36*0.024/0.014 = RM0.62). OPENSYS is a net cash Company with cash position of about RM0.083 per share or about 25% of its market cap.

Go Go Holland

Why2TellMeWhy &
lxx9328
Stock: [OPENSYS]: OPENSYS (M) BHD
3 weeks ago | Report Abuse
hehe... collect collect 375

The exercise price of the Warrants will be adjusted downwards from RM1.49 to RM1.42 per Warrant effective from 4 October 2022 pursuant to a fixed annual step-down of RM0.07 per year on each of the anniversary dates from the first issuance of the Warrants in accordance with the Deed Poll for Warrants dated 19 September 2017 ("Deed Poll"). The revised exercise price of RM1.42 per Warrant will be effective for a period of one year from 4 October 2022.The exercise price, at any time during the tenure of the Warrants, is further subject to adjustments in accordance with the provisions of the Deed Poll in the event of any alteration to the share capital of the Company. The Company had on 9 November 2020, adjusted the exercise price of the Warrants to RM1.56 pursuant to the renounceable rights issue of new ICPS.

The exercise price of Sunway-WB will be adjusted downwards from RM1.49 to RM1.42 per Warrant effective from 4 October 2022 pursuant to a fixed annual step-down of RM0.07 per year on each of the anniversary dates from the first issuance of the Warrants in accordance with the Deed Poll for Warrants dated 19 September 2017 ("Deed Poll"). The revised exercise price of RM1.42 per Warrant will be effective for a period of one year from 4 October 2022.The exercise price of WB will be further adjusted downwards from RM1.42 to RM1.35per Warrant effective from 4 October 2023.

The exercise price of the Warrants will be adjusted downwards from RM1.49 to RM1.42 per Warrant effective from 4 October 2022 pursuant to a fixed annual step-down of RM0.07 per year on each of the anniversary dates from the first issuance of the Warrants in accordance with the Deed Poll for Warrants dated 19 September 2017 ("Deed Poll"). The revised exercise price of RM1.49 per Warrant will be effective for a period of one year from 4 October 2022. The exercise price of the Warrants will be further adjusted downwards from RM1.42 to RM1.35per Warrant effective from 4 October 2023. The exercise price, at any time during the tenure of the Warrants, is subject to further adjustments in accordance with the provisions of the Deed Poll in the event of any alteration to the share capital of the Company.

Management revealed that Company curently has 3920 staff compare to 3320 in June, an increase of 18%.

Dyson is discontinuing service provided by ATAIM (June 2022).
JABCO Filter is a separate company. Although it may have common shareholders as ATAIM. its contract service to Dyson (if any) should not be affected because of their common shareholders.

Filters for Disposable Surgical Masks

MTAG converting services for ATAIM which are linked to Dyson is about RM8m out of MTAG revenue of RM190m (2019) or about 4.2% only.

According to Jaw Place Research, JABCO Filter is the biggest customer of MTAG in the business segment of Mesh Filter Converting . However, JABCO is unlikely supplying to Dyson.This is because the business services & activities provided by JABCO (see Jabco website) are as described below. JABCO is mainly supporting the Health Care Industry in area of PPE (personal protection equipments).

JABCO's business services and activities): "To Carry On Business Of And To Act As Manufacturer,Marketers,Importers,Exporters,Retailers,Buyers,Sellers,Distributors Of And Dealers In Disposable Surgical Masks And Medical Devices,Lab Apparels,Wipes And In All Kind Of Descriptions For Diagnostic Centers,Hospitals,Nursing Homes,Laboratories Pharmacies And Any Other Health Care, Life Cares,Centers"

Target to secure another 2 to 3 new terminal operation management contracts in 2022 in Perak/other states. This is asset light (low Capex outlay) and can bring in revenue within about 6 months from signing contracts.

Interview with PTRANS CEO & team 8-9pm today (17/11/2021). Rakuten Trade,
Revenue growth prospects from the existing terminals.
1. PTRAN has partnership with 2 logistic & distribution companies (e-commerce related) at Meru Raya & Kampar Putra Sentral started in Sept 2021 has a revenue contribution of 2.5-3.0 m/month which may grow further depending on revenue growth of the logistic business. This implies that in Q4 2021, the increase in revenue from logistic partnership alone could be some 5.0-6.0m (3 months instead of just month of Sept) above that of Q3 2021 (35.2 m) which could amount to 14 - 17% increase above Q3 revenue.
2. Current average rental rates per unit area are significantly (30-50%) below the rental rates in comparable commercial area due to MCO . Rental rates and rental take-up both are expected to improve with ending of MCO and increase in people footprints through the terminals.

update on litigation in Q4 2021 report

"(i) EMGS (cont’d)
On 17 December 2020, the Kuala Lumpur High Court (“High Court”) struck out the action by EMGS against the Company and 3 others in KL High Court Civil Suit No. WA-22NCVC-88-02/2020 (“Striking Out Decision”). The action against the Company was struck out on the Judge’s own motion. In his brief oral grounds, the Judge stated that the Statement of Claim was defective, that the action was time barred and that EMGS did not have locus standi to bring the action.
On the 12 January 2021 EMGS filed Notice of Appeal against the Striking Out Decision. Scicom has, with the leave of the Court of Appeal applied to stay the Arbitration Decision Appeal pending the outcome of the Striking Out Decision appeal.
The hearing date for the Striking Out Decision appeal was adjourned on 9th August 2021 and has been relisted for 3rd March 2022. The Arbitration Decision Appeal at the Court of Appeal is adjourned for a Case Management hearing date after the Striking Out Decision appeal."

"(ii) Informatics International Limited
On 29th November 2019, the Company was served with an Application for an Interim Injunction against the Company and its wholly-owned subsidiary namely Scicom Lanka (Pvt) Ltd (“SLPL”) along with six (6) employees of SLPL ......... There is no monetary claim sought in this action.
The Company has appointed Counsel in Sri Lanka to represent its interests and that of its employees. The Company has sought and obtained legal advice that the Application for the Interim Injunction filed by IIL is frivolous and without merit. The Application for the Interim Injunction has no material financial or operational implications to the Company./"

SongJoseph.

It is usually complex to make business profit forecast but for SCICOM, profit is directly linked to the number of employees they provide in BPO services.

SCICOM principal business activities are the provision of customer contact centre services within the Business Process Outsourcing (‘BPO’) space, which offers multi-lingual, multi-channel customer care, technical support help desk, consultative sales and associated fulfilment. Over 99% of the revenues comes from BPO.

Revenue is recognised when the outsourcing services are delivered according to the terms of the respective contracts with customers which should be similar from year to year.

For forecast purpose, I think it is reasonable to assume similarity base on the the past two years in
1) the BPO services SCICOM are serving
2) average BPO service contract rates
3) average BPO service volume handled per employee
When above are similar from year to year, the revenue per employee would be similar.
When the overhead and tax rates are similar, the net profit per employee would also be similar.

Year Employee Revenue per employee Net profit per employee
2020 2338 RM77558 RM9432
2021 2800 RM78284 RM9221

For estimation of FY2022 (June 2022), I assume that there are 3400 employees and the average revenue and profit per employee from FY2020 & 2021 can be used.

FY2022 revenue and net profit are therefore estimated to be RM265m and RM31.7m respectively. Profit margin is around 12% which is in between that of FY2020 (12.2%) and FY2021 (11.9%).

Base on FY2020 annual report, Scicom had about 2338 employees and reported net profit was RM22.05m. This means each employee contributed an average of RM9432 net profit per annum for the Company. The bulk of Scisom income is from BPO services.
If the latest employee count of about 3400 is correct, investor can expect Scicom net profit for current FY2022 to be about RM32m (3400*RM9432). This gives EPS of about 9 cents in FY2022. So investors can expect quarterly dividend of 2 cents. The growth in profit from RM25.8m in FY2021 to RM32m FY2022 would be about 24%.

30.06.21 Financial Report
Cash & Bank Balances 9.059m
Trade Payables & liabilities -27.090m
Tax payables -1.284m

Company is likely facing serious operating cash flow problems!!

INTANGIBLE ASSETS had increased by 58.115m to 99.079m (30.06.2021) from 40.964m (30.06.2020). This means the Company had suffered further losses of its tangible assets amounting to 58.115m in the last financial year !!

Don't think NAPS is relevant in market share price. Future growth rate, profit margins, return of shareholder equity, debt to equity, .... are important. If net asset is high but ROE is low, it is no good.
Nestle's NTA is less than RM3.0 but its share price is RM133. The ROE is about 100%. i.e. for every dollar of share holders' money, the Company is making a dollar per annum.

Since listing in 2016, PTRANS net profit has increased every year from 21.6m in 2016 to 53.7m in 2021 (analysts' estimate), which is 2.5 times higher than 2016. This is a compound growth in net profit of about 20% per annum. Company fundamentals has improved substantially since listing in 2016
- good future growth prospects (increase in the number of transport terminals under management and 2 are in the pipeline to be bulit)
- profit margin improved from 24%(2016) 38%(2021)
- Dividend payout from 19% (2016) to 38% (2021)
- net asset per share from RM0.23 (2016) to RM0.76 (2021)
- Debt to equity has decreased from 93% just before listing to 43%.

Share price was between RM0.46 (lowest) and RM0.80 in 2016 - 2017(corrected for the latest number of issued shares). If the same PE range is assumed for valuation, PTRANS should be trading at RM1.15 (0.46*2.5) to RM2.0(0.8*2.5).

Base on the above, the share should be worth at least RM 1.0 which will still gives a dividend yoeld of 3.2% p.a. (note: analysts' TP is RM1.15).

Please refer to Section 4.3 (c) of "GUIDANCE FOR DIRECTORS DEALINGS IN SECURITIES" issued by Bursa Malaysia. Directors are exempted from disclosures on the the conversion of convertible securities. PA are convertible securities.


Exemptions and Subsequent Dealings
[Paragraphs 14.06 and 14.07 of the MMLR]
The categories of dealings that are exempted from the restrictions are:-
(a) the acceptance or exercise of options or rights under an employee share or
share option scheme;
(b) the exercise of warrants;
(c) the conversion of convertible securities;
(d) the acceptance of entitlements under an issue or offer of securities where
such issue or offer is made available to all holders of a public listed
company's securities (including Bursa Malaysia) or to all holders of a relevant
class of its securities, on the same terms;
(e) the undertaking to accept, or the acceptance of a take-over offer; and
(f) the undertaking to accept, or acceptance of securities as part of a merger by
way of a scheme of arrangement.
Subsequent dealings in securities obtained as a result of the above mentioned
exemption, are not exempted from the restriction.

https://www.bursamalaysia.com/sites/5bb54be15f36ca0af339077a/assets/5bb559ce5f36ca0c3028d488/Guidance_to_Directors_on_Dealings_in_Securities.pdf

I think the most likely underlying reason is that the Company is running out of cash to stay afloat to operate. Banks are probably not willing to lend out more money after analysing the prospects of the Company and its financial reports. Directors have no choice but to pump in money through their proxies. Anyway they probably have made tons of money from selling PA's at 0.020 - 0.045 earlier through their proxies.
Even if they sell some % of the PA they own at only 0.015 (probably through proxies), they would be able to make a handsome profit of 50% as PA was issued at 0.01.