Posted by anbz > 2014-08-09 11:38 | Report Abuse

Monday if limit up ... = 54 cents = double of 27 cents ... then what will khazanah say?

Posted by Noraini Ismail > 2014-08-09 11:49 | Report Abuse

I had MAS when price was 0.60 .....when MAS wanted to exercise Right issue I bail out with small profit only......I did not trade MAS until mishap MH17......
I decide to support MAS & got in @ 0.20.....with no definite exit plan yet....
now got offer 0.27 ...... Maybe I just take it.....

Posted by anbz > 2014-08-09 11:54 | Report Abuse

KUALA LUMPUR: A proposal to privatise Ireka Corporation Bhd hit a roadblock when most of the minority shareholders objected to the proposed selective capital reduction (SCR) at its EGM on Wednesday.

Fifty-nine shareholders, who held 14.63 million shares, rejected the proposed SCR.

Ireka said the special resolution tabled at the EGM for the proposed SCR needed a majority of not less than 50% in number of shareholders and 75% in value of the votes attached to shares held by entitled shareholders that are cast either in person or by proxy on the resolution at the EGM.

It said the value of votes cast against the resolution to approve the proposed SCR at the EGM should not be more than 10% (that is 4.021 million shares) of the votes attaching to the shares held by entitled shareholders of the total voting rights of the company (40.211 million shares).

"Based on the above, the motion is voted for by 26.25% in number and 26.92% in value attached to the votes held by the entitled shareholders that were cast either in person or by proxy at the EGM.

"Further, 36.4% of the votes attached to the shares held by the entitled shareholders of the total voting rights of the company voted against the motion. Hence, the special resolution for the EGM has not been carried," it said.

To recap, Olymvest Sdn Bhd and parties acting in concert had in June 2013 made the offer via the SCR, which represents a total capital repayment of about RM39.19mil to entitled shareholders, in mid-June last year, with the non-entitled shareholders, who own 64.7% in Ireka, waiving their respective entitlements for the proposal.

In late January, the independent adviser Affin Investment Bank said the proposal by the  major shareholders to take it private via a selective capital reduction (SCR) and repayment exercise was "not fair" but "reasonable".

It said the 90 sen offer per share was lower than its sum-of-parts valuation of RM1.20 per share.

Ireka privatisation rejected at EGM (Update)

Published: Wednesday February 19, 2014 MYT 3:21:00 PM 
Updated: Wednesday February 19, 2014 MYT 10:26:19 PM

http://www.thestar.com.my/Business/Business-News/2014/02/19/Ireka-privatisation-rejected-at-EGM/

this article might help ... selective capital reduction can always be rejected ... follow ireka minority shareholders

Posted by kptMx > 2014-08-09 12:02 | Report Abuse

Felda's attempt at privatizing Encorp FAILED. It could not get the public to sell to it enough @1.55/ The price of Encorp rose from about 1.52 to 1.89 and is trading now about 1.60/ Felda has the time to work about and around Encorp, and even that, it cannot take its own sweet time; let alone MAS, which is now so pressured to move. Khazanah would lose badly this coming quarter become it holds 70% of MAS. You could count on Khazanah to react, just like now. The bad financial results that is coming has largely been discounted, otherwise the price of MAS would not have gotten the support it had recently. It is not due to insider trading, because most ppl bot on the discounted premise - at least the people I know do that.

Posted by kptMx > 2014-08-09 12:11 | Report Abuse

Is the method by which 27cts came about agreeable? We know that some companies paid over 2 times NTA in the takeover (fair analogy to privatization) of the target. If Khazanah pays 2 times over, then the offer should be above 30cts. There was also the case of NST/Prima. The MinorityShareholdersWatchGroup took the offerer to court over the offer and the offer was subsequently revised to a much higher level.

Posted by kptMx > 2014-08-09 12:16 | Report Abuse

The point is, should we be subjected to .27 cts without recourse? We would like to be paid more, and who wouldn't? For Encorp, Felda can sit on it butt for months and we just sweat and wait, wondering and wondering. For MAS, I think the scenario is the opposite. Otherwise, I think the MSWG should take Khazanah to court over this.

Posted by GiveMeFive > 2014-08-09 13:52 | Report Abuse

This should answer some of our doubts :)

http://www.thestar.com.my/Business/Business-News/2014/08/09/Taking-the-knife-to-MAS-Khazanah-embarks-on-turnaround-plan

For the privatisation to go through, an EGM needs to be called to seek shareholders’ approval. The date has not been fixed yet, but the question is: Will Khazanah get the required votes to push the plan through?

Khazanah, with a 69.37% equity, cannot vote as it is deemed the interested party. The voting will have to be done by those holding the 30.63% of shares, of which 20.4% is free float.

interesting! I though Khazanah can almost do what she wants :)

Posted by Muhammad Jamaluddin > 2014-08-09 15:01 | Report Abuse

If the market open this Monday what will happened to MAS shares? Any possibility of price move more than 0.27? or if below 0.27 still profit because Khazanah plan to buy at 0.27, my concern is will the price trade more than 0.27 this Monday?

Posted by izoklse > 2014-08-09 15:14 | Report Abuse

The egm will no agree to that price. what i can see is that the price will move higher then 0.27 as investor will carefully wait for the egm to see whether the all of them will vote on the favor of this deal.and if they againts this deal then Khazanah should think to offer more or it can go down. But the risk if it go down is that the minority shareholder will bring this to court and that what govt and khazanah dont really want.

Posted by GiveMeFive > 2014-08-09 15:20 | Report Abuse

Resumption of trading this coming monday confirmed.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1705789

Posted by anbz > 2014-08-09 15:21 | Report Abuse

Monday will be suspended again ... revising offer price ... dont be so stingy khazanah .. or it will fail

Posted by Cweed > 2014-08-09 15:23 | Report Abuse

Many cases, rejected , get better counter offer. Negotiate abit. No need court case. This one voluntary gmo right?

How much u guys expect?

Posted by anbz > 2014-08-09 15:24 | Report Abuse

At 27cents the cost is RM1.38b

At 54 cents it will cost khazanah just RM2.76b ... most would accept the offer then

Posted by izoklse > 2014-08-09 15:29 | Report Abuse

MAS’ shares were suspended from trading yesterday morning and closed at 24 sen a share on Thursday. Khazanah believes its offer of 27 sen a share offers a 12.5% premium.

If someone had bought the shares three months ago at 21 sen, then the premium would be 29%.

MAS’ shares are at its all-time low, as even during its last downturn in 1998, the shares were trading at higher levels. At current prices, it does not cost Khazanah much to make the offer.

However, for those who had bought the shares at 80 sen, RM2.50 or even RM3, the financial loss would be painful, not forgetting their holding cost.

For the privatisation to go through, an EGM needs to be called to seek shareholders’ approval. The date has not been fixed yet, but the question is: Will Khazanah get the required votes to push the plan through?

Khazanah, with a 69.37% equity, cannot vote as it is deemed the interested party. The voting will have to be done by those holding the 30.63% of shares, of which 20.4% is free float.

Other than Khazanah, the other institutions holding a stake in MAS include the Employees Provident Fund with 0.18%, Skim Amanah Saham Bumiputera (1.66%), Norges Bank Investment Management (0.29%), Great Eastern Life Assurance (0.60%), State Financial Secretary (0.27%), Mega First Housing Development (0.19%) and OSK Capital Partners (0.13%).

The exercise requires approval from at least 50% in the number of minority shareholders and 75% in the value of minority shareholding. Even relevant creditors and lenders have a right to object.

“Khazanah should announce the details of its plan before the EGM for everyone to digest before they make up their minds to either vote for or against the privatisation. They should not keep the shareholders in the dark.

“In my view, the institutional funds should not sell their shares because they have held the stock for so long and now that the Government is seriously going to restructure the airline. It is their chance to make something out of their investment. More so if the funds have been holding on to the stock for a long time,’’ says an analyst who requested anonymity.

He cites the example of MISC Bhd, which was supposed to have been taken private by Petronas but was failed at the eleventh hour when a group of minority shareholders did not accept the offer and scuttled the privatisation.

“The long-term funds should seriously not give up their MAS shares, unless of course, they are pressured to react and help push the plan through. Their entry cost must have been higher and it cannot be anything close to 27 sen. It would be unfair to the minorities and the institutions,’’ he says.

Posted by izoklse > 2014-08-09 15:36 | Report Abuse

In my view if Im a minority shareholder and institutional buyer, i will not agree and accept the 0.27 as my holding and buying cost are far more higher then the price that khazanah had offer. So in my view the MAS share price will attract a lot of buyer at this moment because in view of whether the shareholder will accept the offer or not. To privatize it khazanah not requirer much to pay and at least the shareholder get something out of it because of their loyalty to hold MAS share.In my view the price will rage from above 0.27-0.35 in view that a lot of shareholder will not agree with that price.

Posted by kptMx > 2014-08-09 17:26 | Report Abuse

We can establish a few points here for the time being:

1)there is no option to go bankrupt, simply because it would "bankrupt" Khazanah and by extension the Govt. first;

2)voluntary liquidation is also not an option, simply because it would bankrupt MAS by the time it is done and therefore
it is self-defeating;

3)the Govt. can get Khazanah to pay higher which will garner support and love for our national carrier and our national pride.

Posted by sunztzhe > 2014-08-09 17:27 | Report Abuse

Short term investors will rejoice whereas long term investors will cry out loud. Whatever it is, when you invest in MAS you are well aware of the risks of investment and must take full responsibility and be accountable for the result of your investment.

Don't blame MAS if your investment go sour. Blame yourself, take responsibility and be accountable for your investment decision to invest in MAS whether you make profit or loss..

Posted by kptMx > 2014-08-09 17:42 | Report Abuse

It is sometimes quite interesting to reflect upon Tajudin Ramli being bailout at not a cent less than his investment of 8 RM, despite the rout of a mess he caused at MAS.
I am sure Tajudin Ramli loved MAS, being loved the way he was, and the minority sharelholders like us, would just like to feel some of that love and we are just as important if not more so. In fact we are terribly terribly important.

Posted by thesteward > 2014-08-09 17:50 | Report Abuse

what will happen to monority shareholders residing overseas currently and couldnt be reached to accept the offers and for those who rejects the offers? once MAS delisted how ya? if timing is so short i am pretty certain there are some that couldnt be reached right? anyone has any idea what are the implications? tq

Posted by kptMx > 2014-08-09 17:58 | Report Abuse

LoL >anbz

I fully agree.

anbz Monday will be suspended again ... revising offer price ... dont be so stingy khazanah .. or it will fail
09/08/2014 15:21

Posted by Cweed > 2014-08-09 18:01 | Report Abuse

If dun object, it's considered accept? If object, up to court order level, I think no choice but accept gmo price. Can be quite messy - mas has so many shareholders.

Posted by chrisyap > 2014-08-09 18:17 | Report Abuse

last flight. hehe

Posted by izoklse > 2014-08-09 18:34 | Report Abuse

Monday the price sure will be shoot which i believe above 0.27.Since so many people interested and some minority share holder also will fight back to ask better offer . It would be very interesting to see the price movement next week. For me it will be around 0.27 - 0.35 at least until EGM. After EGM would be other scenario.

Posted by Andrew Wong > 2014-08-09 19:25 | Report Abuse

now all depends on the minority shareholders ~ good luck everyone! ^_*

http://awonginvestment.blogspot.com/2014/08/khazanah-offer-027-for-mas-3786-fair.html

Posted by Funtrade > 2014-08-09 19:25 | Report Abuse

Give u one guni of sugar u guys demand want the whole sugar factory ar? So greedy and u expect mas is golden tickets huh. Bear in mind it's just a money losing company. Will lost more and more if no restructuring.

Usually those glc funds will just accept to let restructuring goes on. How many shares u have to fight?

Don't want accept ar? Drop until 15sen time all will beg khazanah to buy at 25sen

Posted by Dickson Chan > 2014-08-09 19:51 | Report Abuse

Goodbye MAS. this forum will be history

Posted by AhSook AhKou > 2014-08-09 21:15 | Report Abuse

0.30-0.35 could b the deal breaker !!! It will cost much more for KHAZ to let it go bankruptcy and much more difficult to re-start with a "new skin" where existing creditors & union might be difficult to b responsive with the "new skin" , etc etc. At the same time , KHAZ & Govt is under pressure to come out with a solution as sales r continue to downtrend and PR pressure in regards to MH370 & MH17 where so far , no statement b made if MAS go private & burst !!!!
Indeed, is no surprise comes Mon morning , the price will swing either direction by 10% -15% before it can settle down for a short while and KHAZ will watch very closely b4 next move ......

Posted by gymkhana > 2014-08-09 21:36 | Report Abuse

sayonara MAS...

Posted by Cweed > 2014-08-09 22:13 | Report Abuse

http://www.thestar.com.my/Business/Business-News/2014/08/09/Firms-whose-fates-are-linked-to-MAS/

Posted by kptMx > 2014-08-09 22:36 | Report Abuse

Andrew Wong's link to AWong (just a few lines above) presents a calculated analysis of fairness.
It argues that the offer should be between 0.382 or 0.424 per share.

Posted by ks55 > 2014-08-09 22:56 | Report Abuse

Khazanah is simply too generous because the bosses are not the one who foot the bill. It is you and me, the tax payer (income tax, direct and indirect taxes and the coming GST).
How much is enough to satisfy those who just bought the share with anticipation of privatisation?
If 27 sen not enough, wait till Q2 result is out. Wait further till the full year result is out. Then you will thank Khazanah for robbing the whole country in order to satisfy a small group of punters!
Bear in mind when you enter the market, whether @ rm 8 or 15 sen, decision is yours. If you make money, nobody is asking for a share. Likewise, if you lose money, don't blame on others. Good luck and wish everyone making money this round.......

Posted by Ring > 2014-08-09 23:30 | Report Abuse

PETALING JAYA: MAS was reminded today that in the excitement of a restructure, the 20,000 employees must not be forgotten.
DAP Secretary-General Lim Guan Eng said MAS employees must be retained while unfair contracts benefiting Barisan Nasional cronies must be terminated.
Lim said in a statement that DAP is willing to keep an open mind about MAS’ announcement that its 69.37% owner Khazanah Nasional, will offer 27 cents for each share that Khazanah does not own.

Posted by Ring > 2014-08-09 23:31 | Report Abuse

“Khazanah should not take the easy way out of blaming MAS’ ordinary employees but focus on the decision makers, who had approved unfair contracts to BN cronies at uncompetitive prices that deepened MAS’ financial losses,” he said.

Posted by izoklse > 2014-08-10 02:55 |

Post removed.Why?

Posted by jolie2 > 2014-08-10 09:29 | Report Abuse

my prediction on monday
a) all the big sharks and fund manager will throw this stock as some of them may be holding at higher price. Make it a panic sell.
b) then they collect back at bottom price .
It will be volatile on monday.

Those who buy low earlier will have a Bull feeling
Those who buy high earlier will have a Bear feeling

Bull and Bear fight,

Hope my prediction is wrong.

Posted by kkng0819kk > 2014-08-10 10:02 | Report Abuse

The final chapter has not closed,and the long and winding journey for Mas has just begun

Posted by Muhammad Jamaluddin > 2014-08-10 10:05 | Report Abuse

Jolie2> might be you are right, if fund manager and big shark throwing the shares and make panic selling then buy back at lower price this is always their style. Now we has confirmed that khazanah will buy all the shares and it time for shark to take a chance by making panic selling and buy back at Lowe price

Posted by BumbleBee > 2014-08-10 10:40 | Report Abuse

Khazanah proposes selective capital reduction to de-list MAS
News Business 2014-08-08 12:04
KUALA LUMPUR, Aug 8 (Bernama) -- Khazanah Nasional Bhd today submitted a formal request to the board of directors of Malaysian Airline System Bhd (MAS) to undertake a selective capital reduction and repayment exercise of its ordinary shares.

Upon completion of this exercise, Khazanah Nasional will become the sole ordinary shareholder of MAS, which would lead to a de-listing of the counter from Bursa Malaysia.

"The proposed de-listing of MAS will enable minority shareholders to receive a capital repayment amount of 27 sen per ordinary share, amounting to RM1.38 billion, representing a 12.5 per cent premium to the closing price on Aug 7 and a 29.2 per cent premium to the three-month volume weighted average market price," said Khazanah Nasional in a statement today.

Khazanah Nasional said the proposed de-listing of MAS represented the first stage of the restructuring scheme, which it announced in June, following its consultation with the special shareholder, the Minister of Finance Incorporated.

It reiterated that the proposed restructuring will critically require all parties to work closely together to undertake what will be a complete overhaul of the national carrier on all relevant aspects of, inter alia, the airline's operations, business model, finances, human capital and regulatory environment.

"Nothing less will be required in order to revive our national airline to become profitable as a commercial entity and to serve its function as a critical national development entity.

"Khazanah is in the final stages of completing the overall restructuring proposal and, upon due process and approvals from the relevant authorities, regulators and the special shareholder, we envisage that additional detailed plans will be announced by the end of this month," it added.

DOES THAT MEANS DUE TO THE COURT ORDER ALL THE MAS SHARES CAN BE COMPULSORY ACQUIRED AT 27 SEN ??

Posted by chrisyap > 2014-08-10 10:54 | Report Abuse

interesting! last fight or last flight ! Bull vs Bear ! all the best guys !

Posted by Lewis Lee > 2014-08-10 11:27 | Report Abuse

No wonder last 2 weeks the share price in top volume and the price goes up !! Somebody must have known the proposal and make a killing from the price movement !! All insiders trading !!

Posted by newonboard > 2014-08-10 11:48 | Report Abuse

If i do not sell it at the market, and wait for Khazanah to buy back at 0.27, how long will it take for them to conclude the exercise and pay me? Will they direct credit to my account?

Posted by Noraini Ismail > 2014-08-10 11:55 | Report Abuse

newonboard.....you bot from Bursa......so sell back thru Bursa....
After delist Khazanah will not entertain you......
Then you have to wait years to sell when Khazanah wants to relist into Bursa......
Anyway still got time to think....not that its going to delist tomorrow.....

Posted by johnny cash > 2014-08-10 12:17 | Report Abuse

https://www.facebook.com/228799620464655/photos/a.228820880462529.68340.228799620464655/833515126659765/?type=1&theater

MAS (3786) ready to breakout the ascending triangle resistance..

login to facebook first ok

Posted by Ring > 2014-08-10 12:56 | Report Abuse

It may take about 6 mths to delist meanwhile Kazanah will be buying d shares in d open mkt @ 27 n below.Those who hv not sold their shares at d time of delisting, it will be credited to yr account.I would suggest 27 cts under d circumstances is a good deal,sell it n buy Sumatec n double or triple yr profit...just my2c opinion.

Posted by jolie2 > 2014-08-10 13:00 | Report Abuse

27 cents fall between 17 cent (MH 17) and 37 cents (MH 370).

So , the price can be yo-yo between this 2 numbers.

Posted by Ring > 2014-08-10 13:02 | Report Abuse

Can ye yo-yo but Kazanah wont be buying anything above 27 please remember that.

Posted by nitestayer > 2014-08-10 13:33 | Report Abuse

Ring : if acquired Sumatec in mid of 2013 was a good buy.... now too high la.

Posted by GiveMeFive > 2014-08-10 13:34 | Report Abuse

If MAS has a total shares of 100, then Khazanah's 69.37%=70 shares and the others 30.63%=30 shares.
If Khazanah add 1 sen to the offer of 27 sen (ie 28 sen), Khazanah needs to pay out extra 30 sen.
But the book value of his 70 shares goes up by 70 sen. :) ie. for each additional 1 sen Khazanah offers, it gots extra 70 sen increase in it's equity book value.
So, its to the advantage of Khazanah to offer higher and also easier to push the plan through.

Just my 2 cents worth.

Posted by Ring > 2014-08-10 13:47 | Report Abuse

Hello! nitestayer,... Sumatec is very cheap by end of this month or by early next mth may 1.00...dont be surprised.

Posted by nitestayer > 2014-08-10 14:23 | Report Abuse

Ring : noted with thx. :)