another one on Nov 13, showing how cheap BCorp BODs, particularly "independent" directors?

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3102356

Ordinary Shares - Deemed interested held through Berjaya Times Square Sdn Bhd, Berjaya Media Berhad and Gemtech Sdn Bhd

Name of Registered Holder Date of Disposal Price Per Ordinary Share (RM) No. of Ordinary Shares % of Ordinary Shars
Berjaya Times Square Sdn Bhd 3.11.2020 0.1860 9,400,000 0.187
Berjaya Media Berhad 3.11.2020 0.1900 1,071,200 0.021
Inter-Pacific Equity Nominees (Tempatan) Sdn Bhd 3.11.2020 0.1861 6,444,000 0.128

https://www.bursamalaysia.com/market_information/announcements/company...

Date of buy back 03 Nov 2020
Description of shares purchased ORDINARY SHARES
Currency Malaysian Ringgit (MYR)
Total number of shares purchased (units) 21,000,000

Surely BCorp can't fly! Go and read the announcement, BCorp bought back over 23 million shares as if to ensure VT can unload 15 million shares!

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3102047



Ordinary Shares - Deemed interested held through Gemtech Sdn Bhd and Berjaya Times Square Sdn Bhd

Name of Registered Holder Date of Disposal Price Per Ordinary Share (RM) No. of Ordinary Shares % of Ordinary Shars
Inter-Pacific Equity Nominees (Tempatan) Sdn Bhd 2.11.2020 0.187 10,000,000 0.198
Berjaya Times Square Sdn Bhd 2.11.2020 0.185 5,000,000 0.099

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3102040

Date of buy back 02 Nov 2020
Description of shares purchased ORDINARY SHARES
Currency Malaysian Ringgit (MYR)
Total number of shares purchased (units) 23,553,000

25 then 50? what makes you think it'll happen???

BLand has no money for dividend for years but enough to keep on acquiring assets not contributing much to earnings that benefits minority shareholders in terms of dividend or other BCorp/VT controlled companies. Yet, SC and Bursa don't seem to have able to contain this behavior to protect minorities. Given circumstances, still can top up???

Instead of seeing VT goreng BCorp into a soaring share price, would rather VT (1) stop using BCorp to buy high sell low his privately owned companies with "independent" directors really independent acting in the best interests of minorities (2) further streamlining BCorp into an easier to understand companies, structure-wise and financial reporting-wise (3) start treating minorities fairly by declaring dividends including all listed subsidiaries. These will ensure a sustainable BCorp that can provide long term benefits to all shareholders, majority and minority included.

survivor13, if I were not wrong, VT is the biggest warrant holder...

eddysurge, I meant if you are concern over BCorp and BLand acquisition of 7-11, you should write to SC, let them investigate.

eddysurge, write to SC then.

kelvin61 Wonder why the regulators have given BJLAND so much time to regularise their PSS. Is there something amiss at the regulators or is there more than meets the eye on VT's influence?
09/09/2020 11:51 AM

kelvin61, what you can do is to write to SC seeking an investigation into officer allowing BCorp to delay addressing the liquidity issue. Think the decision is made by BURSA and not SC...

err... are you sure, sounded like Bursa is abating VT's effort to buy cheap???

VT intends to keep BLand listed?

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3086164

Further to our announcement dated 23 June 2020, the Board of Directors of Berjaya Land Berhad (“BLand” or “Company”) wishes to announce that 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”).

Currently, the public shareholding spread of BLand stood at 13.255%, a shortfall of about 6.745%. The Company has yet to formulate any rectification plan to address the shortfall in the 20% PSS but will explore all possible options to meet the 20% PSS.
This Announcement is dated 7 September 2020.

Deadline is fast approaching on the liquidity issue, wonder what's BCorp plan?

simon2020, based on what you have presented, I can't be sure if BCorp has any stake in U Mobile now. I once tried to find out the ownership of U Mobile a few years back. What I found out then was U Mobile is owned by VT personally... Now, I could be wrong, maybe a small stake.

U Mobile got nothing to do with BCorp... Would rather VT announces a dividend policy going forward for BCorp and BLand.

BCorp bought back quite some shares during the past few months, it's distributing those shares as dividend.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3083941

Share Dividend

BERJAYA CORPORATION BERHAD


Entitlement subject Share Dividend
Entitlement description Distribution of share dividend on the basis of four (4) treasury shares for every one Hundred (100) existing ordinary shares held

Ex-Date 30 Sep 2020
Entitlement date 01 Oct 2020
Entitlement time 5:00 PM
Financial Year End 30 Jun 2020

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3083854

Reference is made to the earlier announcements of Berjaya Land Berhad (“BLand”) dated 6 November 2015, 23 March 2016 and 30 June 2020 in relation to the JDC Lawsuit.
The Board of Directors of BLand wishes to announce that the resolution of the JDC Lawsuit involving the settlement of all claims and disputes in relation to the Project (“Settlement”) has been completed today and accordingly, BJR ceased as a subsidiary of the BLand Group.
The Settlement sum after taxes and expenses is about KRW102.1 billion (equivalent to about RM361.0 million). The BLand Group is expected to record an estimated gain of RM59.1 million during this current financial year ending 30 June 2021.
BLand proposes to utilise the net cash proceeds from the Settlement in the following manner:
(i) KRW51.1 billion (equivalent to RM180.5 million) to repay part of the existing bank borrowings of the BLand Group; and
(ii) the remaining sum to fund its overseas projects and for working capital of the BLand Group.
This Announcement is dated 28 August 2020.

as a shareholder, surely hope the deal is genuine and making shareholders money with REAL dividend... Sigh, what a shame, philanthropist tycoon, LOL.

Err... When VT said next year, he said it during AGM end of 2018

VT son said 3 years to breakeven. VT said next year during his return to bcorp... Don't know if its really making any money cause its not disclosed

nobody will trust VT on this, remember the Vietnam Toto "license" turning out to be "managing the business" for the Toto license owner?

anyway, lets see if VT will declare dividend as promised. Like my email to BCorp and BLand investor relation, it's not the amount that matter, it's delivering promises that matter. I have requested for 0.01 dividend if VT believe BCorp and BLand should preserve as much cash as possible given Covid-19 pandemic that's sudden and unexpected.

rogers123, you are right, I should seriously evaluate my investment strategy to focus on avoiding crook owner. More specifically, I should stop assuming that it's SC and Bursa role to make sure these owners are not getting funds from the public...

Last I emailed Lydia, not yet. Guess there'll announcement if bland has received it.

Looks like pump and dump lately, legal???

an MOU that should not even be started...

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=105919&name=EA_GA_ATTACHMENTS

TERMINATION OF THE MEMORANDUM OF UNDERSTANDING BETWEEN BCORPORATION AND BERJAYA RETAIL SDN BHD

We refer to the Company’s announcement dated 2 June 2020. The Board of Directors of BCorporation wishes to announce that BCorporation had on 13 August 2020 entered into a Termination Agreement with Berjaya Retail Sdn Bhd (“BRetail”) and Tan Sri Dato’ Seri Vincent Tan Chee Yioun to mutually terminate the Memorandum of Understanding in relation to the proposed acquisition by BCorporation of 100% equity interest in Singer (Malaysia) Sdn Bhd from BRetail for a total purchase consideration of RM536.00 million (“Termination”) due to business challenges and uncertainty in the recovery of the economy after the Covid-19 outbreak.
The

Best don't touch until VT declares dividend from kyoto disposal?

Eric Lim, there's an earlier transaction before the one you are mentioning here, read the following:

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=2631793

On behalf of the Board of Directors of BCorp, Maybank Investment Bank Berhad wishes to announce that BCorp and Juara Sejati Sdn Bhd, a wholly-owned subsidiary of BCorp, have today entered into separate conditional share sale agreements with Tan Sri Dato’ Seri Vincent Tan Chee Yioun and Penta Investment Advisers Limited for the Proposed Acquisition.

Eric Lim, BCorp offered to buy from Penta and VT earlier at 0.60 (or slightly higher?) before that's not extended to other minorities, go check Bursa...

I thought 888stock888 meant 8.88...

The only worry would be the offer is only extended to VT but not other minorities while bursa and SC keeping a silent mouth

If there is one reason bcorp is paying a high price to privatise bland, it would be because VT is holding a large number of bland shares at his own capacity

wonder what's driving the 4 days 8 cents up 8 cents down drama???

Err.... Below RM 1 share price, to limit up means 0.30 higher if I were not wrong, so you sure what you are saying?

26.5 still ICU lah, even 40 also considered seriously ill...

Actually, kinda worried... If it's truly a privatisation move, shouldn't the accumulation made by bcorp instead of redtone?

privatization soon?

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3071806

Details of changes

No Date of change
No of securities
Type of Transaction Nature of Interest
1 22 Jul 2020
1,601,100
Acquired Deemed Interest
Name of registered holder Redtone International Berhad

2 23 Jul 2020
379,300
Acquired Deemed Interest
Name of registered holder Redtone International Berhad

Circumstances by reason of which change has occurred Deemed interested by virtue of its deemed interest in Redtone International Berhad
- Acquisitions of shares in open market
Nature of interest Deemed Interest
Direct (units) 223,700,000
Direct (%) 4.546
Indirect/deemed interest (units) 3,662,355,396
Indirect/deemed interest (%) 74.431
Total no of securities after change 3,886,055,396

eric lim, read Leong1982's comment and read bursa announcement before commenting.

Anyway, BCorp owns 77.8% of BLand while VT owns 85.3% of BLand...

you know what's shit? The following is:



Eric Lim in this current pandemic situation, Tan Sri is responsible to ensure the survival of the company instead of pleasing minority shareholders by franking dividend

eddysurge, if VT is keen on privatizing BLand, he would have done that when offering Penta an exchange of BLand shares into BCorp shares. Just hope he is not on to something to squeeze more minorities. It's a real sad thing VT not honoring his word declaring dividend post Kyoto Four Seasons disposal...

Bland in the process of clearing its past failed projects, divesting China great mall, Vietnam property projects, and jeju claim. Its annual 180 million financing costs is mainly due to its failed expansion. Local market small projects unlikely to bring in the kind of profits needed for this size of Co. A new attempt to venture into mynamar and okinawa to bring in sales and profits for coming few years but little can be said given past failures.

Bland hotels are not really profit contributor through services but providing investment return through disposal given past deals...

MFRS 5: Non-current Assets Held for Sale and Discontinued Operations, requires the BLand Group to reclassify all BJeju’s assets, both current and non-current, as the assets of a disposal group classified as held for sale and this is separately disclosed from other assets in the “Current Assets” section of the consolidated statement of financial position as at 30 June 2020. Likewise, the MFRS 5 standard requires BJeju’s liabilities, both current and non-current, to be classified as the liabilities of a disposal group classified as held for sale, and to be separately disclosed from other liabilities in the “Current Liabilities” section of the consolidated statement of financial position. These assets and liabilities shall not be offset and presented as a single amount. This classification is expected to strengthen the consolidated net current assets position of BLand Group as at 30 June 2020.

When the Jeju Court Settlement is completed in the second half of year 2020, BLand Group is expected to recognise an estimated gain of RM59 million in the financial year ending 30 June 2021.

Information on utilisation of net Settlement sum from the Jeju Court Settlement can only be announced upon receipt of the net Settlement sum on completion.

As to offering an insight into BLand's financial health and plan post Kyoto Four Seasons disposal and Jeju Court Settlement, shareholders are advised to read the quarterly results as the Board of BLand will offer their opinion on the future prospects after reviewing the financial requirements of the entire Group, assessing consumer demands and the prevailing global economic conditions.

Question 2 received on 5.7.2020

With reference to Jeju Court Settlement, may I confirm the amount that BJLand would receive through its 100% subsdiary BLCL will be KRW102.00 billion (approximately RM362.19 million)?

With reference to BLand FY 2017 annual report, the carrying net asset of BJeju is RM521.325 million, of which equities attributable to owners of the parent is RM378.475 million. How would this court settlement results in an estimated gain of RM59 million. Or, was I wrong in that BLCL is actually receiving more than RM378.475 million?



Berjaya’s reply

Firstly, we would like to clarify that BJeju’s net assets attributable to owners of about RM378m is not an updated figure as it was based on the 2017 annual report.

Since 30.4.2017, BJeju has continued to incur administrative and other expenses, including legal fees and these have further eroded or depleted BJeju’s net assets as BJeju was not able to generate any revenue due to the suspension of its development project in Jeju Island.

We also would like to state that the estimated net settlement sum to be received by BLCL upon completion of JDC Settlement is about RM362 million and not any other amount which is “more than RM378 million”.

Upon the completion of the JDC Settlement, BLand Group will transfer its entire shareholding in BJeju to JDC. This will result in BLand Group losing control over BJeju and BJeju will cease to be a subsidiary company of BLand Group.

In accordance to MFRS 10: Consolidated Financial Statements, when BLand Group loses control over BJeju, it will need to:

derecognise the assets (including any goodwill) and liabilities of BJeju at their carrying amounts at the date when control is lost and the carrying amount of any non-controlling interests in BJeju at the date when control is lost;
recognise the fair value of the consideration received from the transaction that resulted in the loss of control;
reclassify to profit or loss, or transfer directly to retained earnings if required by the other MFRSs, the amounts recognised in other comprehensive income in relation to BJeju;
recognise any resulting difference as a gain or loss in profit or loss.
Only upon the completion of the JDC Settlement, which is expected to be in the second half of year 2020, and after the adjustments to comply with MFRS 10 as explained above, the BLand Group is expected to record an estimated gain of about RM59 million.



If you require more detailed explanations on the accounting treatment relating to the recognition of the gain etc, we would advise that you should seek clarification from qualified professional accountants.

Don't know about hanky panky at bjmedia, anyone? what's interesting, though, is rumor of injecting Singer into BJMedia that remains rumor till delisting. Yet, BCorp is proposing to buy Singer with 1.1 billion BCorp shares, what a shame, the independent directors of BCorp...

Actually, despite the concluded 3 deals, China, Jeju and Kyoto, bland has received ZERO money so far. Kyoto money still held at associate Co, jeju and China money yet to be received....

Wonder what will VT do? September 23 deadline to comply with shareholding spread.

Just don't sign an MOU or trying to tell shareholders agreeing into buying VT companies at net asset through issuing bcorp shares at 0.33 a share... Bcorp independent directors have yet to answer to this!

1.6 million shares sold at 0.175 after nobody want to buy?

Bcorp has not bought back any shares for quite some time already