some how after the delay penalty in handover KLIA2, bina puri seems never recover despite getting lot of projects. Some thing not right at current price of Bina Puri. It should be around easily at RM0.68 per share based on its book
KLIA2 delayed 2 years...expected LAD MYR146Million (MYR200K x 730 days)....this is the main reason why Bina Puri cant fly till now...if waived off, I'll bet Bina puri
KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB) expects to finalise by December discussions with the joint venture between UEM Construction Sdn Bhd and Bina Puri Holdings Bhd to determine the quantum of the liquidated and ascertained damages (LAD) charged to the joint venture for the delay in completing the KLIA2 terminal building in Sepang.
MAHB managing director Datuk Badlisham Ghazali said MAHB said this during a press conference at the Global Airport Development Asia 2015 conference in Kuala Lumpur on Wednesday.
Badlisham said the matter would be resolved soon and the decision would be announced on the bourse.
MAHB has been reported to have said previously that the total LAD incurred by the UEM-Bina Puri JV was RM60mil.
However, the contractors appealed against the LAD, saying that there were many last-minute requests and additional changes by the clients.
KUALA LUMPUR: Bina Puri Holdings Bhd, one of the main contractors of KLIA2, is still finalising discussions with Malaysia Airports Holdings Bhd (MAHB) on the liquidated and ascertained damages (LAD) imposed for the delay in completing the KLIA2 terminal in Sepang.
Joint venture (JV) partners Bina Puri Sdn Bhd and UEM Construction Sdn Bhd were awarded the work package worth RM997 million that makes up KLIA2’s main terminal building, satellite building, sky bridge and piers.
The LAD was imposed when it did not meet the June 15, 2013 deadline. It was reported previously that the LAD is at RM199,445.40 per day.
“Currently we’re in the midst of finalising it with MAHB. This project is undertaken by UEM and Bina Puri under a 60:40 JV. UEM is taking a lead in finalising this,” Bina Puri group COO of contracts and administration We Her Ching told an analyst and media briefing here yesterday.
He said it has been 1½ years since the airport opened and there have been no major hiccups.
“At the moment, it’s still premature to mention the amount,” We said when asked about the LAD.
Bina Puri group executive director Matthew Tee said KLIA2 is still a pending issue. “When the right time comes, you will see the proper announcements,” said Tee.
An analyst said until Bina Puri closes the chapter on the LAD issue, the matter will still be a concern to investors.
“Even though it’s on a JV level, if the LAD materialises, it can be significant (impact),” he told SunBiz.
The analyst cautioned that the group’s exposure to the LAD under the JV is larger than its market capitalisation of RM95.39 million and this can impact Bina Puri’s earnings significantly.
Truly laggard if you think of below recent articles..... The LAD news definitely not deterring Bina Puri ambition.... If they really win some tenders especially on the local front, it implies people just could not be bother. The LAD could be significant but the issues could already discounted? .... Could be.....
Bina Puri Bids For RM1b Rapid Projects
Construction firm Bina Puri Holdings Bhd is tendering projects worth up to RM1 billion at Petroliam Nasional Bhd’s (Petronas) Refinery and Petrochemical Integrated Development (Rapid) in Pengerang, Johor.
Group COO We Her Ching said besides direct tender to Petronas, the company has received invitation from Samsung C&T Corp and China’s Sinopec Engineering Group Co Ltd to participate in the bidding for Rapid projects.
“We have secured two projects from Rapid so far. We will continue to bid for other infrastructure packages that are available,” he told reporters during a briefing in Kuala Lumpur yesterday.
The projects secured thus far by Bina Puri are the RM234.12 million construction of two main control buildings, and four labs and civil work in Petronas complex, as well as RM94.94 million civil works at Rapid steam cracker complex.
WCT Holdings Bhd which secured Rapid projects worth RM608.9 million, had also announced its intention to bid for more projects in the mega oil and gas development hub.
Meanwhile, Bina Puri group ED Matthew Tee Kai Woon said the company plans to bid for projects worth RM10 billion this year with mega projects announced under the 11th Malaysia Plan and Budget 2016 as the targets.
“Bina Puri aims to secure RM1 billion worth of construction project this year, both locally and abroad,” he said, adding that the company is confident of meeting the target.
“Presently we have ongoing projects worth RM3.4 billion and an outstanding orderbook of RM1.89 billion,” he said. About 87% of these ongoing projects in Malaysia while the rest are overseas.
Tee said among the firm’s main ongoing projects include the Fisheries Development Authority of Malaysia in Kuching worth RM247.8 million, a R M 291.1 m i l l ion Bu nu s Regional Sewage Plant in Kuala Lumpur, a RM128.5 million Movenpick Spa Resort in Kuala Terengganu and RM195 million Medini Twin Towers in Iskandar Johor.
He said Bina Puri also has ongoing projects worth RM3.54 billion are in gross development value (GDV) for its property division.
Among its projects are The Opus Residence with RM400.3 million GDV, Riveria Sentral (RM1.29 billion), Sentosa Puri Tower (RM195.5 million) and AEC Park i n T hai la nd (RM181.2 million).
Meanwhile, Tee said the company plans to list its utilities business in Indonesia. “We expect to submit our application in February and to list our business on the Indonesia Stock Exchange by June 30, 2016.”
While postponement of selected projects is inevitable, our revisit of the distribution of projects under Budget 2016 shows that more than 90% of the jobs are high-priority. Industry players concurred that the risk of cancellation for these jobs is minimal. MRT 2, LRT 3 and Pan Borneo are among the safe ones, Sharizan said. Sharizan said builders like IJM Corp, Sunway Bhd, Mudajaya Corp Bhd, Gamuda Bhd and Bina Puri Holdings Bhd, which have formed consortiums with Sarawak contractors, were deemed frontrunners for the Pan-Borneo Highway project.
KUALA LUMPUR: Bina Puri Holdings Bhd has proposed to list its indirect subsidiary PT Megapower Makmur Tbk on the Indonesia Stock Exchange.
The property-construction company said on Friday PT Megapower would undertake an initial public offering involving a public issue of up to 300 million new shares with nominal value of 100 rupiah (2.99 sen) per share.
Bina Puri said this tranche of new shares represented 30.93% of the total paid-up of PT Megapower, at an issue price to be determined later.
It added after the proposed public issue, PT Megapower would seek to list and quote its entire enlarged issued and paid-up share capital of up to 970 million shares with the total nominal value of up to 97 billion rupiah (RM29mil).
PT Megapower is an 80% owned subsidiary of Bina Puri Power Sdn Bhd, which is in turn 80% owned by Bina Puri.
It said PT Megapower was involved in micro power generation where it leases and operates diesel engine generators and mini hydro power plants and supplies it to PT Perusahaan Listrik Negara.
Bina Puri said the proceeds raised from the proposed listing would be used by PT Megapower and used as additional working capital, repaymentof loans and to defray expenses relating to the listing.
On the rationale, it said the floatation would enable PT Megapower to gain direct access to the capital markets in Indonesia for cost effective capital raising in the future.
It added the exercise would provide the company an opportunity for the investors to participate in PT Megapower’s continuing growth by way of equity participation.
We refer to the announcements made on 12 June 2015, 15 June 2015, 30 June 2015, 28 October 2015, 3 November 2015, 11 November 2015, 16 November 2015, 14 December 2015, 16 December 2015, 28 January 2016 and 2 February 2016 in relation to the Private Placement (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.
On behalf of Bina Puri, TA Securities wishes to announce that the Board has on 12 May 2016 (“Price-fixing Date”) fixed the issue price for the fourth tranche of the placement of 5,684,800 Placement Shares at RM0.50 per Placement Share (“Issue Price”).
The Issue Price represents the par value of Bina Puri Shares and is at a premium of approximately RM0.1011 or 25.34% to the five (5)-day volume weighted average market price of the Bina Puri Shares up to and including 11 May 2016, being the last market day immediately preceding the Price-fixing Date of RM0.3989 per Bina Puri Share.
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....
Terence Chin Yun Peng
156 posts
Posted by Terence Chin Yun Peng > 2015-11-16 15:08 | Report Abuse
ya. i found some one is keep collecting around 0.45 0.46