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

err... email bland investor relation? doubt any of us here has any credibility to confirm if there's a dividend.

I guess that's why market is not excited over the news at all, really need to read extra carefully what BLand is announcing, I guess.

Dear Lydia,

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 RM 521.325 million, of which equities attributable to owners of the parent is RM 378.475 million. How would this court settlement results in an estimated gain of RM 59 million. Or, was I wrong in that BLCL is actually receiving more than RM 378.475 million?

Thanks.

Best regards,

err... this at best saying institutional buyers have sold their BLand, no mention about who's holding them. This could also explain why the price is lower, i.e., institutional investors selling down to clear their position?

VT mentioning about selling a hotel in Vietnam, probably this one?

a 50% ownership in Berjaya Hotay Joint Venture Company Limited Vietnam, five star hotel and provision of related services

Group 30.6.2019 RM'000
Non-current assets 202,628
Current assets 8,186
Non-current liabilities (107,230)
Current liabilities (22,289)
Net assets 81,295

VT mentioning about selling a hotel in Vietnam, probably this one?

a 50% ownership in Berjaya Hotay Joint Venture Company Limited Vietnam, five star hotel and provision of related services

Group 30.6.2019 RM'000
Non-current assets 202,628
Current assets 8,186
Non-current liabilities (107,230)
Current liabilities (22,289)
Net assets 81,295

err... difficult to comprehend what you guys are discussing. you guys were suggesting that most of the 14.+% free floating shares are mostly in the hand of VT and his buddies hands but still kept at low level? For what???

Truth is, 59 million profit from the Jeju Settlement is a huge disappointment if one recall what VT and his son mentioned in the AGM. VT and his son sounded as if the settlement will be huge, and a 59 million net profit is like peanut-sized bone thrown to dog by South Korean government after dragging the issue for years. Anyway, at least the issue is settled and BLand can move on.

Dear Lydia,

As a reference, when BCorp disposed Kyoto Four Seasons, in its announcement on Bursa as follows

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id...

BCorp has offered its shareholders an insight into how the disposal would affect its balance sheet and so forth. Could something similar be presented to minority shareholders of BLand?

Quite frankly, the disposal of Kyoto Four Seasons is worth over RM 2 billion with BLand has an equity interest of 50% and Jeju Court Settlement involves worth over RM 800 million of compensation. Yet, to this date, minority shareholder like me has yet to know HOW these two would affect BLand's balance sheet and how BLand will utilize those new fund.

Please forgive me, I am not account specialist and able to draw conclusion from the announcements that BLand has announced. I suppose there's no harm letting your shareholders who have invested in BLand a deeper understanding into what had happened. An announcement offering insight into BLand's financial health and plan post Kyoto Four Seasons disposal and Jeju Court Settlement would be much appreciated and bring relief to those who have invested in BLand for years.

Thank you for your attention.

Best regards,


On Friday, July 3, 2020, 03:44:16 PM GMT+8, Berjaya. com. my-Media <media@berjaya.com.my> wrote:



As stated in the BLand announcement dated 30 June 2020, the Settlement will not have any material effect on the earnings, net assets and gearing of the BLand Group for the financial year ended 30 June 2020 as the Settlement has not been completed in the financial year ended 30 June 2020.



Pursuant to the terms of the Settlement Agreement, the BLand Group expects and will account an estimated gain of RM59 million, barring any unforeseen foreign exchange fluctuations, upon the receipt of the net settlement sum in the first quarter of the financial year ending 30 June 2021.



An appropriate announcement will be made upon completion of the Settlement.

Regards,

Lydia

If VT kept his promises and declared dividend post kyoto four seasons disposal, I would think its OK to buy, now? Pui

I'm no balance sheet expert, especially when looking at bcorp or bland's, best let bland provides further details...

Dear Lydia,

On June 30, BLand announced it has reached a settlement agreement on Jeju's investment. Despite the hundreds of millions of compensation reached, BLand has announced "the Settlement will not have any effect on the issued share capital and substantial shareholders’ shareholdings of BLand. The Settlement is also not expected to have any material effect on the earnings, net assets and gearing of the BLand Group for the financial year ended 30 June 2020."

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=104455&name=EA_GA_ATTACHMENTS

Does that mean the settlement will not have any material effect on BLand's financial position post FY2020 as well? If it will have an impact, is BLand required to provide a proper analysis on the settlement's impact? If yes, could relevant announcement be made soon? Thanks.


Best regards,

If you look at the kyoto four seasons deal, most, at least I'm, would have expected at least 900 million will flow into bland coffer, instead the real amount is less than 600 million, or less? (clueless how the debt is structured)

Eric Lim, if what you said is right, then there should be a spike in share price. I have my reservation...

BLand should make an announcement detailing the impact of Jeju court settlement, not us guessing what's the impact. Sigh!

BLand's Btoto holding is already worth RM 1.2 billion, and BLand is worth less than RM 0.9 billion. Conglomerate factor? More like neglected minority shareholder interests factor...

There's 2 more issues yet to be addressed, (1) Vietnam project disposal, think value is around 250 million or more (2) Selangor Turf Club, don't know how much Selangor state government has to pay, and to whom, BCorp or BLand?

Felt like BCorp and BLand are trying to downplay the impact of Kyoto Four Seasons disposal and Jeju compensation on BLand's balance sheet.

https://www.theedgemarkets.com/article/bland-reaches-settlement-south-korea-jeju-airest-city-dispute

However, BLand said the settlement will not have material effect on its earnings, net assets and gearing for the financial year ended June 30, 2020.

*** of course there won't have material impact for FY ended June 30, 2020. It's announced on June 30, 2020 and has yet to be completed! Feels like BLand is making an announcement trying to downplay the true impact of the deal???

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3064536

Immediate Announcement on Shares Buy Back

BERJAYA CORPORATION BERHAD


Date of buy back 30 Jun 2020
Description of shares purchased ORDINARY SHARES
Currency Malaysian Ringgit (MYR)
Total number of shares purchased (units) 400,000
Minimum price paid for each share purchased ($$) 0.190
Maximum price paid for each share purchased ($$) 0.195
Total consideration paid ($$) 76,606.83
Number of shares purchased retained in treasury (units) 400,000
Number of shares purchased which are proposed to be cancelled (units) 0
Cumulative net outstanding treasury shares as at to-date (units) 340,600,000
Adjusted issued capital after cancellation
(no. of shares) (units) 5,214,924,527
Total number of shares purchased and/or held as treasury shares against total number of issued shares of the listed issuer (%) 6.53000