SSlee, thanks, it's well written. I will wait for MOU details before any comment.

I know one thing for sure, I will NEVER touch VT's shares FOREVER once my current holding are sold...

I have written in to BJCorp seeking the details of the MOU... wait till going through the MOU or if BJCorp refused to email me, I will seek SC intervention. Hopefully, SC will look into the deal and delay the deal until after the impact of covid-19 is clear where financial valuation is possible.

If bjcorp exchange valuing bjcorp at between 0.60 and 1.00, I won't be so pissed off

What's 20 million profit to 6 billion shares?

No need shareholder approval according to MOU, and not any other regulatory bodies. Only hope to stop the deal is through SC, and of course only if SC initiate investigation

Leong, bjcorp has net asset above 1.00, its priced at 0.19 cause market sentiment and VT not declaring dividend for past two years. Bjcorp, a company with over 6 billion of assets, is issuing 20% additional new shares just to buy a 300+ million company, what joke are you talking...

My bad, initially I thought it's a debt owed by Singer to BRetail, while it's actually the other way round. Anyway, it's basically the same though, RM 148 million cash + RM 388 million of BJCorp shares valued at ONLY 0.33 per share

It's in the announcement, Singer is valued at 536 million. But Berjaya Retail owes Singer 148 million. So, basically, BJCorp issue RM 388 million worth of BJCorp shares while waiving the RM 148 million owed by BRetail.


https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3055489

For shareholders’ information, the unaudited net assets of the Singer Group as at 31 December 2019 is RM561.00 million and the estimated total amount of inter-company debts owing by BRetail to the Singer Group as at 31 May 2020 is RM148.00 million. Assuming the final inter-company debt prior to the completion of the Proposed Acquisition remains at RM148.00 million and no dividends are declared and paid by the Singer Group after the date of this MOU, the net payment for the Proposed Acquisition will be RM388 million. Hence, BCorporation will issue about 1,175.76 million Consideration Shares for the net payment of RM388 million.

or 7%, forgot already

stock888, VT owns about 5% of BJLand himself, there'll be no dilution if BJLand is taken private by BJCorp through share issuane. Anyhow, without a clear evaluation of covid19 and digital impact over singer future business prospect, the deal should be halted!

stock888, and NO, BJCorp NOT just issue 1 over billion shares. The deal is basically asking BJCorp to pay VT 140 million cash + over 1 billion BJCorp shares for 2 year profit guarantee of RM 20 million each!

Stock888, BJCorp will bear a 140 million inter-company debt on top of who knows how much Singer is bearing only to receive a 40 million profit guarantee. Who knows how much Covid 19 and digital impact will be on Singer. If it's bad, saying cash flow negative after 2-3 years, BJCorp will on top of giving 1 over billion of BJCorp shares to VT and 140 million cash through debt owed, bear the future cash top up to keep Singer floating.

hng33, 480 million profit will have a net eps of less than 7. 5 sen if the singer deal goes through! It's a bad deal, but I guess you won't care.

f**k up deal to take advantage of minority shareholders!

Write to SC to oppose the deal!

yeah, with 2 days suspension, think it's strange if it is only to buy singer.

I will vote against this deal if it requires shareholders to vote on it...


https://www.theedgemarkets.com/article/berjaya-corp-buy-home-appliance...

KUALA LUMPUR (June 1): Berjaya Corporation Bhd (BCorp), which made a request to suspend trading of its shares, will be taking over home electronic appliances distributor Singer (M) Sdn Bhd, several sources say.

While details are scant, sources familiar with the deal told theedgemarkets.com that the transaction might involve issuance of BCorp shares.

Singer, a well-known household brand name particularly for its sewing machines, is currently owned by BCorp’s controlling shareholders, Tan Sri Vincent Tan.

Last year, Berjaya group made known that there might be a plan to inject Singer into Berjaya Media Bhd — the publisher of The Sun newspaper — as part of the latter’s regularisation plan.

However, with the latest move to inject Singer into BCorp, it is unclear how this would impact the regularisation plan for Berjaya Media. The media company has until June 20 to submit its regularisation plan to the relevant authorities for approval.

Singer, which was then known as Berjaya Singer Bhd, was once housed under a former listed entity, Berjaya Retail Bhd, which also owned 7-Eleven Bhd then. It was listed in 2010.

Less than a year after its debut on Bursa Malaysia, Berjaya Retail was taken private with Tan citing its dismal share price performance as one of the reasons for the privatisation.

According to CTOS data, Singer recorded a profit after tax of RM31.2 million for its financial year ended Dec 31, 2018 (FY2018), up 64% against RM19 million the year before.

Annual revenue grew to RM321.96 million in FY2018 versus RM310.97 million in FY2017.

According to Singer’s website, it has a retail network of 700 shops in major townships, suburban and rural areas supported by more than 3,000 sales associates and 350 authorised after sales service contractors.

It sells and provides easy payment schemes for its variety of consumer durables products that include both brown and white goods.

BCorp announced this morning that Bursa Malaysia had approved its application for a trading suspension of its securities from 9am today until 5pm tomorrow pending the diversified entity's announcement of a material transaction.

Prior to the suspension, BCorp's shares were last traded at 19 sen last Friday for a market capitalisation of RM930.49 million.

I will vote against this deal if it requires shareholders to vote on it...


https://www.theedgemarkets.com/article/berjaya-corp-buy-home-appliances-distributor-singer-major-shareholder

KUALA LUMPUR (June 1): Berjaya Corporation Bhd (BCorp), which made a request to suspend trading of its shares, will be taking over home electronic appliances distributor Singer (M) Sdn Bhd, several sources say.

While details are scant, sources familiar with the deal told theedgemarkets.com that the transaction might involve issuance of BCorp shares.

Singer, a well-known household brand name particularly for its sewing machines, is currently owned by BCorp’s controlling shareholders, Tan Sri Vincent Tan.

Last year, Berjaya group made known that there might be a plan to inject Singer into Berjaya Media Bhd — the publisher of The Sun newspaper — as part of the latter’s regularisation plan.

However, with the latest move to inject Singer into BCorp, it is unclear how this would impact the regularisation plan for Berjaya Media. The media company has until June 20 to submit its regularisation plan to the relevant authorities for approval.

Singer, which was then known as Berjaya Singer Bhd, was once housed under a former listed entity, Berjaya Retail Bhd, which also owned 7-Eleven Bhd then. It was listed in 2010.

Less than a year after its debut on Bursa Malaysia, Berjaya Retail was taken private with Tan citing its dismal share price performance as one of the reasons for the privatisation.

According to CTOS data, Singer recorded a profit after tax of RM31.2 million for its financial year ended Dec 31, 2018 (FY2018), up 64% against RM19 million the year before.

Annual revenue grew to RM321.96 million in FY2018 versus RM310.97 million in FY2017.

According to Singer’s website, it has a retail network of 700 shops in major townships, suburban and rural areas supported by more than 3,000 sales associates and 350 authorised after sales service contractors.

It sells and provides easy payment schemes for its variety of consumer durables products that include both brown and white goods.

BCorp announced this morning that Bursa Malaysia had approved its application for a trading suspension of its securities from 9am today until 5pm tomorrow pending the diversified entity's announcement of a material transaction.

Prior to the suspension, BCorp's shares were last traded at 19 sen last Friday for a market capitalisation of RM930.49 million.

err... Yeah, but BJLand and BJCorp are both controlled by VT, isn't it a bit fake trying to assume BJLand is not aware of BJCorp's move?

interesting, if BJCorp were to privatize BJLand and have its shares suspended, shouldn't BJLand's trading be suspended too?

If it involves BJLand or 7-11, shouldn't that they be suspended as well? I don't see BJLand and 7-11 being suspended... Anyway, if it's to privatize 7-11, I would vote NO

so many companies yet to report their earning...

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3054446

Immediate Announcement on Shares Buy Back

BERJAYA CORPORATION BERHAD


Date of buy back 29 May 2020
Description of shares purchased ORDINARY SHARES
Currency Malaysian Ringgit (MYR)
Total number of shares purchased (units) 2,000,000
Minimum price paid for each share purchased ($$) 0.190
Maximum price paid for each share purchased ($$) 0.195
Total consideration paid ($$) 384,533.54
Number of shares purchased retained in treasury (units) 2,000,000
Number of shares purchased which are proposed to be cancelled (units) 0
Cumulative net outstanding treasury shares as at to-date (units) 319,600,000
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 (%) 6.13000

what gentleman? He told me dividend two years ago, and I have yet to receive a single cent! If there's no improvement in business or disposal of assets, I won't be so pissed off. No money to declare even a single cent of dividend but got money to buy 7-11, BJFood, and BJAsset?

wantanmi, thanks for the clarification

There's a 4.75% liquidated damages on unpaid sum, so BJLand shall receive more than RM 650 million, though BJLand owns only 51% of that sum and there's no telling Beijing Skyocean has the money the pay or BJLand is holding on to sufficient collateral...

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3053140

BLand is pleased to announce that GMOC has on 21 May 2020 obtained a favourable arbitration award from the HKIAC (“Final Award”), details of which are as follows:-

(i) Beijing SkyOcean shall pay to GMOC the outstanding balance amount of RMB974.07 million;

(ii) Beijing SkyOcean shall pay liquidated damages on the outstanding balance amount calculated at the People’s Bank of China’s lending rate of 4.75% per annum from the payment due date of 28 November 2017 until the date full payment is made;

(iii) The Guarantors shall be jointly and severally liable for the amounts payable by Beijing SkyOcean under the Final Award; and

(iv) The Respondents shall jointly pay legal costs of about RMB15.9 million (or about RM9.72 million) and arbitration costs of about HKD3.96 million (or about RM2.23 million) within 30 days after issuance of the Final Award, failing which late payment interest at 8% per annum shall be charged from the due date until the date of actual payment.



GMOC will proceed to seek recognition and enforcement of the Final Award in all relevant jurisdictions after 20 June 2020, upon the expiry of the 30 days’ voluntary settlement period stated in the Final Award.

Best don't touch unless you have enough to buy the whole company... VT has already shown us what he can do, NO dividend, NO price support if he's not buying, and who knows what investment strategy that minorities ONLY assured one thing so far, not getting a cent of dividend.

learning how cheap billionaire can be?

err... personally, prefer a 1-2 cents dividend while all those shares bought back be cancelled.

Just time to realise one less joker in the board has no harm...

Leong1982 Sigh! Luckily stop buying this co's share months ago... Can only hope for best outcome, but with little faith seeing VT breaking promises two years straight since his 王者回归，now felt like 王八回归 to minority shareholders...

VT is the one deciding what BJLand's market value should be right now, whether it's to be delisted or not. With the disposal of Kyoto Four Seasons, Q3 earning report to be presented end of this month should be good. Unless BJLand receive compensation from either Jeju, China, or Selangor, Q4 earning report should be bad given sluggish property market and an almost shut down hotel operation. It's a sad thing BJCorp and BJLand didn't announce any dividend post Kyoto Four Seasons disposal.

wantanmi, thanks for the update. So, a license may benefit BJCorp only in the long term, not short term, cause the upfront fee is high. Currently, BJCorp is already holding on to a Vietnam Toto license that has yet to provide BJCorp a decent return, not to mention a broadcasting license through ANSA (was the company name correct?).

wonder if BJCorp were ever returned the RM 525 million?!?

wantanmi, and you forgot to add the following:

https://www.thestar.com.my/business/business-news/2010/05/17/is-berjaya-paying-too-much-for-ascot-stake

Is Berjaya Corp Bhd getting value for its money for the 70% stake it has proposed to acquire in Ascot Sports Sdn Bhd?

The price tag of RM525mil for the stake works out to RM9.37 per share based on Ascot Sports’ paid-up share capital of RM80mil comprising RM1 shares. The acquisition price is valued at six times price-to-earnings (P/E) ratio.

wantanmi, bjcorp already own a online sports betting license that can't be used. it would be stupid to pay another huge sum to only see another license that may never be utilized...

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3048683

BERJAYA CORPORATION BERHAD


Date of buy back 06 May 2020
Description of shares purchased ORDINARY SHARES
Currency Malaysian Ringgit (MYR)
Total number of shares purchased (units) 5,000,000
Minimum price paid for each share purchased ($$) 0.200
Maximum price paid for each share purchased ($$) 0.200
Total consideration paid ($$) 1,003,480.00
Number of shares purchased retained in treasury (units) 5,000,000
Number of shares purchased which are proposed to be cancelled (units) 0
Cumulative net outstanding treasury shares as at to-date (units) 290,000,000
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 (%) 5.56000

Why does a property and hotel business arm, i.e., BJLand, invest in BJFood and 7-11?

wantanmi Yup!

Recap...
"Berjaya Group’s proposed restructuring, as announced by founder and substantial shareholder Tan Sri Vincent Tan, is expected to provide more clarity to investors and fund managers on the value of each business within the conglomerate.

Tan said the proposed corporate exercise would see the privatisation of convenience chain store operator 7-Eleven Malaysia Holdings Bhd and property and hotel business arm Berjaya Land Bhd (BLand).

https://themalaysianreserve.com/2018/12/21/berjayas-proposed-restructu...

06/05/2020 11:54 AM

May 05's traded volume is a mere 8 million, BJCorp's buying back of 5 million shares already accounts for more than 60% of traded volume.

With BJCorp recent share buy back of almost 280 million shares at less than 0.20 per share, its equivalent to BJCorp buying Penta's BJLand shares at 0.25 per share, i.e., (0.20*0.38/0.30), instead of the claimed 0.38 per share.

With BJCorp recent share buy back of almost 280 million shares at less than 0.20 per share, its equivalent to BJCorp buying Penta's BJLand shares at 0.25 per share, i.e., (0.20*0.38/0.30), instead of the claimed 0.38 per share.

额 多几家上市公司给孩子发工资？

err... big difference between buying at 0.19 and 0.195?

wantanmi this is what's happening now! BJCorp and BJLand sold Kyoto Four Season for 1.9 billion, giving NO dividend, share price is falling despite shares purchased, and BURSA didn't say a f**king word after so many days!

There's always other options, like no privatization or delisting with BURSA's blessing, no dividend or share price gain even when receiving billions from Jeju or Sg Besi court ruling...

Guess there's nothing impossible with VT, especially with BURSA still silent about shareholding spread in BJLand...

Hmm... I have been right? Seems like there's no buying interests except for VT and related party. Since BJLand stop buying back last Friday, the trading volume has been hanging low... Wonder why's BURSA not announcing its view on BJLand's low liquidity?

err... inventory is not an issue, bigger issue is low demand for jet fuel, gasoline, and diesel until coronavirus pandemic is addressed...