Depends on your strategy. This counter has good potential. Monitor price movement and volume over next few days or even next week. There are some waiting to buy more.
EPF investment board is surely consisted of brightest and finest of talents who are all exceedingly qualified to perform in the best interest of the country
EPF must've known about this counter even before write up by The Edge If they are indeed very keen to buy, you will know very soon My assumption is they would only buy after more clarity on completion
If they comply to PM's urge to switch more focus to local equities, it will mean the profit margin ratio might deteriorate since local investments are much lower return Hence, to have no dividend for a few years more with new investment may not bode well
Should be gain due to disposal of entire 40% equity interest in Radiant Pillar Sdn Bhd (RPSB) to IJM Properties Sdn Bhd, for RM494 million
KUALA LUMPUR (Feb 20): Shareholders of highway concessionaire WCE Holdings Bhd have approved the proposed disposal of its entire 40% equity interest in Radiant Pillar Sdn Bhd (RPSB) to IJM Properties Sdn Bhd, for RM494 million cash.
The extraordinary general meeting (EGM) for the related party transaction (RPT) was held virtually on Monday (Feb 20) afternoon. IJM Properties is an indirect wholly-owned unit of IJM Corp Bhd, who also owns 26.65% stake in WCE.
In a statement, WCE said bulk of proceeds will be used to fund its West Coast Expressway project (WCE project), which will enable the group to save on financing costs.
With the transaction, WCE will exit RPSB – the developer of the 1,879-acre Bandar Rimbayu township in Kuala Langat, Selangor – and become a pure-play expressway operator.
Meanwhile IJM Properties, which currently own 60% in RPSB, will wholly-own the company as IJM seeks to commensurate Bandar Rimbayu, first launched in 2013, as a flagship township development.
WCE said the sale will unlock the value of its investment in RPSB and give rise to a pro forma gain on disposal of approximately RM245.67 million.
Its chief executive officer Lyndon Alfred Felix noted that the disposal is also strategic in the sense that the group is monetising non-core assets to focus on the core business.
“On the project (WCE project) front, construction is currently at 82%, and we are scheduled to open another four sections in 2023. With the remaining 1% of land acquisition slated to be completed soon, we are firmly on track for full completion of the WCE project in CY2024,” said WCE chief executive officer Lyndon Alfred Felix in the statement.
Type Announcement Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS Description WCE HOLDINGS BERHAD ("WCEHB" OR "COMPANY")
DISPOSAL OF THE ENTIRE 40% EQUITY INTEREST IN RADIANT PILLAR SDN BHD ("RPSB") HELD BY WCEHB AND ITS SUBSIDIARIES TO IJM PROPERTIES SDN BHD ("IJMP" OR "PURCHASER") ("DISPOSAL") We refer to the Company’s earlier announcements in relation to the Disposal. Unless otherwise stated, all terms used herein shall have the same meaning as defined in the said announcements.
On behalf of the Board, RHB Investment Bank wishes to announce that the SSA has been completed today following the receipt of the First Instalment payment from the Purchaser in accordance with the terms of the SSA.
The Company is also in receipt of the irrevocable and unconditional corporate guarantee dated 28 February 2023 from IJM Land Berhad to guarantee the Purchaser’s payments of the Second Instalment and Third Instalment, which shall take effect from 28 February 2023 until the full payment of the Second Instalment and Third Instalment.
Sslee, you do not find IJM greedy in this transaction to wrestle the project from WCE?
Quote : With the transaction, WCE will exit RPSB – the developer of the 1,879-acre Bandar Rimbayu township in Kuala Langat, Selangor – and become a pure-play expressway operator.
[WCEHB] Change In Substantial Shareholder's Shareholding - IJM CORPORATION BERHAD on 15-Jul-2021 Stock [WCEHB]: WCE HOLDINGS BERHAD Announcement Date 15-Jul-2021 Substantial Shareholder's Particular: Name IJM CORPORATION BERHAD Details of Changes: Currency - Date of Change Type Number of Shares 15-Jul-2021 Others 159,221,180 Registered Name IJM Corporation Berhad Nature of Interest Direct Interest Description Conversion of RCPS Nature of Interest Direct Interest Shares Ordinary shares. Reason Conversion of 159,221,180 Redeemable Convertible Preference Shares into new WCE Holdings Berhad Ordinary Shares. Total no of securities after change Direct (units) 796,105,843 Direct (%) 33.57 Indirect (units) 0 Indirect (%) 0.00 Total (units) 796,105,843 Total (%) 33.57 Date of Notice 15-Jul-2021
Ijm indeed took some credit from the land sale, but gives wcehb big amount of cash to continue the work. Win win scenario albeit one could argue slightly more beneficial for ijm
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
ks5S
4,601 posts
Posted by ks5S > 2023-05-09 12:25 | Report Abuse
now epf have to invest 70 % of their fund locally. this is the best place for them to invest for long term