no sure it is the Tangjung Malim land with DRBhicom or privatization. look like the later has high possible as they suspense the counter to ensure that mkt price is lower than the offer price. of which the offer price should not be higher than 4.50.
if the offer price is below RM6.50 i will buy all the way and vote against the privatisation as the RNA is at least RM7.00 with revised NTA of RM10 given a 30% margin as a property developer.
Closing time still dun want to make announcement. They must have done it on purpose. Better hold on to your shares tomorrow unless opening price is real attractive. With NTA above $5 and a deep water port on hand, price shd minimally be $5 if there is privatisation.
Big disappointment. Someone trying to steal the company for a song. There's just too many valuable productive assets with the company and now some smart alec thinks they will be able to take the company private for themselves. Lawan tetap lawan...
I strongly believe the politicians are behind this privatisation knowing that Perak may fall to PR and there will not be any more opportunity to take over the company assets...just watch and see what they do after the privatisation.
They offer $3.90 and once they managed to privatise, they will break down the assets...one take over the port ( we all know who is monopolising the ports ), one take over the theme park and one take over the property assets. Seems like its grab what you can before the fall of the empire.
Prkcorp shareholders, vote by yourself if can, you may nominate your right to others, but you would not be sure if they will really vote against the privatization..
cgtan...that's why i think it's pure robbery. They are trying to take it cheap. When the announcement was delayed until after the closing bell, it shows that they are not transparent and do not want to give shareholders sufficient time to think it over.
Something I found about SCR. Basically they need 75% approval before they can privatize as what JKing mentioned. Hey JKing, saw your name in top 30 shareholder 2012 AR.
yup offer is definitely too low for such an asset rich company... furthermore they are having very healthy free cash flow every year due to their port operations.
A quick look at valuations of the other port operators based on an analysis on Alliance shows that the offer price is on the low side of the Price/Book.....
1 CIMB Group Nominees (Tempatan) Sdn Bhd CIMB Bank Bhd for Perbadanan Kemajuan Negeri Perak (CBD-NR-PERAKCB) 51,506,250 51.51 2 Sime Darby Property Berhad 6,125,000 6.13 3 KAF Trustee Berhad KAF Fund Management Sdn Bhd for KAF Seagroatt & Campbell Berhad 4,378,000 4.38 4 DB (Malaysia) Nominee (Asing) Sdn Bhd Deutsche Bank Ag Singapore for Horizon Growth Fund N.V. 3,116,600 3.12 5 HLB Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Chee Sai Mun 2,014,000 2.01 6 Lim Pei Tiam @ Liam Ahat Kiat 808,000 0.81 7 Kenanga Nominees (Asing) Sdn Bhd Cantal Capital Inc. 800,000 0.80 8 Perbadanan Kemajuan Negeri Perak 765,003 0.76 9 RHB Capital Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Teh Kian Lang (CEB) 612,500 0.61 10 Public Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Chee Sai Mun (E-KLC) 560,100 0.56
denver..take Ireka as example...propose mid June and only got SC approval this week ! EGM still not held yet.You can look up at other SCR and determine roughly how long it will be.
one thing for sure far far better than FD, even wait 1 year :D :D consider the position/who of the major stakeholders, likely they will speed it up rather than slow it down
They offered a capital reduction buy-back at 23% below the NTA to effectively take over PCORP?! This is a loop-hole in the take-over code. Later-on, they can relist again at effectively 1000% more!
denver..i think there are other scr taking much shorter time. The board will have to deliberate first and then calling for an egm will requires at least 3 weeks notice.
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JKing
239 posts
Posted by JKing > 2014-01-06 15:27 | Report Abuse
no sure it is the Tangjung Malim land with DRBhicom or privatization. look like the later has high possible as they suspense the counter to ensure that mkt price is lower than the offer price. of which the offer price should not be higher than 4.50.
if the offer price is below RM6.50 i will buy all the way and vote against the privatisation as the RNA is at least RM7.00 with revised NTA of RM10 given a 30% margin as a property developer.
let's see what it is in the anoouncement.