RM10.00 will be too high , which will value the company at almost RM5.5B in market capitalization. Fair value should be around RM2 if white knight came in to this company with the assumption that the company will through private placement , issue new shares for the white knight to inject cash into the company to settle ADSB debt and all warrant will be converted to generate cash to repay remaining of the debt. The land will be develop for the next few years and through DCF method of analysis , determine the PV of this project. Even at best case scenario , white knight came in , pay off all debt as above , dispose the land and repay all cash to shareholder , the fair value will be RM3.
Based on my analysis , worst case scenario - RM0.42 , best case scenario - RM3.00. Will continue to accumulate once price break RM0.42

Debt and liability at about 250M. Cash very limited. Financially distress ???
115MM to pay ADSB - 10 more weeks to go ? what to do ? Don't know...
What is the value of this company - APTEC & Lakehill + Wisma MPL.
When management will unlock the value of the assets ? Waiting since 2008 until forever ???
Investors sentiment - basically very negative...
Can it be a sunrise company ? May be , with white knight as new major shareholder and new management ???
Where is the white knight ??? ' King of small cap ' cash out 29.5M last week and 133.6M soon ? Will he be the white knight ???

Conclusion : this stock can go either way - extremely good or extremely bad- depending on the outcome as per above. Depending on your risk appetite.

Article from The Star and Nanyang - 12th April


（吉隆坡12日讯）市场消息指出，马帕斯集团（MPCORP，6548，主板产业股）或出现新股东，以“白武士”姿态出手相救。
《星报》引述消息人士，该公司前任总执行兼大股东长拿督庄崇宝，正与多位潜在“白武士”洽谈。
很大机会与一位近期内积极寻找投资机会，且已大量吸纳中小型上市公司股权的商人达成协议。
消息透露：“据悉，这商人将助马帕斯集团偿还拖欠Amanah Raya发展私人有限公司（简称ADSB）的1亿2000万令吉欠款，还会协助公司回到正常轨道。
惟庄崇宝必须出让其61%股权。”
不排除股东变动
报道还指出，马帕斯集团回复电邮时，没有直接回应上述提问，但不排除公司在未来1年内，将出现一些股东变动。
该公司还透露，料有策略性伙伴加入，共同执行手上现有的工程，且会在短期内公布新消息，并强调其董事部主要目标是为公司创造更高价值。
马帕斯集团是家充满争议性的公司。最引入注目的事迹包括2008年与Amanah Raya发展联营合作的LakeHill度假村计划，后因利益冲突，最终诉诸法律途径解决。
该公司最终宣布将支付1亿2000万令吉款项于ADSB以了结该案。

EVEN with a hefty RM120mil bill due to be paid to Amanahraya Development Sdn Bhd (ADSB) in less than six months and seemingly no way to pay it, Malaysia Pacific Corp Bhd (MPCorp) is seeing some interest.
This week alone, the stock has gone up 11% to close at 51.5 sen although it went up to as high as 54.5 sen mid-week.
Trading volume has also more than doubled.
Industry observers say the interest could be spurred by something that is brewing in the property company and point to the possible emergence of a new shareholder.
According to sources, Bill Ch’ng Chong Poh (pic), MPCorp’s former CEO and controlling shareholder, has been in several discussions with possible white knights and could be close to sealing a deal with a businessman who has been on a shopping spree in recent times, snapping up substantial stakes in mid-sized and small listed companies.
“It is understood that this businessman will help MPCorp settle its RM120mil bill as well as help it get back on track but he (Ch’ng) has to give up his 61% stake to this person.”
MPCorp in its email reply to StarBizWeek does not address this possibility directly but says its shareholders can expect “various changes” in the company over the next one year.
“Strategic partners are expected to jointly implement our current projects and we shall announce this in due course.”
It adds that “creating higher value for shareholders is always a key agenda of the board.”
MPCorp is no stranger to controversy.
In August 2008, a joint-venture agreement was entered into between ADSB and MPCorp’s wholly-owned subsidiary Oriental Pearl City Properties Sdn Bhd, whereby Oriental had granted a put option to ADSB to exercise its rights to sell its entire investment of 22% in a proposed development known as the LakeHill Resort Development to MPCorp on or before the expiry of the option period.
ADSB exercised the put option granted to it on March 23, 2012 and Oriental was to purchase ADSB’s participation in the joint-venture project.
A sum of RM110.8mil was due on May 20, 2012.
A few months later, MPCorp was served with a writ of summons and ordered to settle the amount.
Fast-forward, MPCorp has since said it will make the payment plus interests amounting to RM120mil or risk facing more late interest payments which will further hurt the already financially-troubled firm which has defaulted on millions of its loans.
It has less than six months to pay up.