beluga

beluga | Joined since 2020-08-14

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1 week ago | Report Abuse

Even WEIRDER is that EPF only dispose Affin.

Malaysia has 10 listed banks. EPF choose to dispose ABB while purchased ALL of the rest. Interesting right?

Did EPF send a team to do a due diligence on ABB? I doubt.
Did ABB management allow EPF team to look into its books other than publicly available information? I doubt.
Did ABB fail BNM stress test ? Nope.
Did Affin Capital Adequacy Ratio and Liquidity Coverage Ratio (or other metrics like Loan loss coverage etc) fall below regulatory requirement or below its peer average? Nope.
Did any rating company downgraded ABB debt facilities? Nope.
Is ABB Gross Impaired Loan much higher than its peers? Nope.
Did ABB fail to make its ROE greater than its cost of capital? Nope.
Is ABB trading at premium compared to its peer? Nope. In fact the cheapest.

All the challenges especially macroeconomic challenges that ABB is facing is also faced by all other banks. So why did EPF choose to dispose Affin only? I also don’t know. :)

But then, EPF total funds is RM 1 TRILLION. The transacted value in ABB is just a drop in the ocean. I don’t know what they are doing or trying to do with this disposal.

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1 week ago | Report Abuse

Haha. I wish @metaverse. If I'm fund manager, you would see XXX fund owns 4.9% of ABB already in the shareholders list! Unfortunately, I do not have OPM to take large stake in ABB. I am just a small fish investor. I am a minority shareholder of ABB. I have a vested interest in ABB. I am bullish on ABB since long time. I did went to post graduate business school at Cass. I had investment experiences. I have much interest in finance. I read a lot. I am investing for my own only. Maybe Affin IB should offer me a job though. PM me the offer! Haha. :P

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1 week ago | Report Abuse

From Boustead Holdings Berhad Independent Adviser Circular to Shareholders by Kenanga Investment Bank :

"We are of the view that the PBR is the most appropriate valuation methodology for ABB due to, amongst others, the following: (i) We have adopted the PBR valuation methodology in arriving at the estimated value of ABB in view that ABB Group constitutes financial entities.

For a financial entity, the NA size can be an important driver of future potential earnings and hence its valuation given that the size of the NA would, amongst other, determine the scale of financing activities for the financial entity to undertake. Further, the assets of financial entities are largely in the form of financial assets such as loans, government and corporate bonds and equity investments, whereby these assets as well as the investment financial entities’ liabilities are recorded at current market values as at the balance sheet date as reported in the financial entities’ audited financial statements.

As at 31 December 2022, more than 90% of ABB’s unaudited total assets comprise of cash, deposits, financial assets and loans. The book values of such assets are expected to be close to the market value.

We are of the view that the carrying values of these assets are expected to approximate to their fair value after taking into consideration, amongst others, the nature of cash and deposits which are expected to be relatively liquid as well as the annual impairment review on the financial assets and loans being conducted on the carrying value of these assets. ABB has provided allowance for impairment losses on financing and other financing as well as impairment losses on other assets. Based on information made available, as at the LPD, we are of the view that there is no indication of potential impairment which may be required on the carrying values of these assets as at 31 December 2022.

Premised on the above, we are of the view that the PBR approach would be most appropriate valuation methodology to value ABB "

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1 week ago | Report Abuse

Indeed the assets quality of Affin has always been doubt by the market. That explains the huge discount. Mainly it’s because of their affiliation with LTAT and Boustead.

At the same time, I think the market failed to recognise that no matter how badly managed these two institution are, they have an IMPLICIT guaranteed from MOF (the government)… yes in other words, taxpayer money. It is not too-big-to-fail case ; but too-political-important-to-fail. It’s just like Tabung Haji. You do not want to upset the people from the Armed Forces.

Eventually these implicit guaranteed, became an explicit guaranteed from the government. Just like what happened few months ago, the MOF guaranteed the RM2 billion loan for LTAT/BHB in Oct 2023 for them to takeover BPlant and remaining to settle the debt due in December 2023. Yes, almost 900 million loan guaranteed by MOF for LTAT/BHB to settle their debt (sukuk) that was due in Dec 2023. (correct, NEW debt to pay OLD debt, but this time EXPLICIT guarantee by government. From implicit to explicit..).

These assets quality in question…however improbable to default were to crystallise, ultimately, it won't be Affin Bank's problem. It will be Malaysians' problem.

Maybe this short opinion shall explain why our Ringgit is always on pressure..and hitting low. The country debt and liabilities is RM1.45 trillion .. excluding those implicit guarantee commitments.

ps : US banks and our banks, especially Affin are ocean wide different. Ours are relatively “easier" to value due to the almost non existence of complex structured derivatives in their books. Here, mostly plain vanilla kind derivatives only.

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1 week ago | Report Abuse

sarawak, ltat and mindef (government) wants to redistribute some wealth to the people.

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1 week ago | Report Abuse

I posted the below 2 weeks ago. I'll copy and repost :

I believe that the purchase consideration for Affin Bank (ABB) is going to represent an average PBR of 1.3 times (with minimum 0.90). Coincidentally, BEA invested in ABB at 1.3 PBR times in 2007. It is my humble opinion. It is fine that you think it's a crazy valuation from me. We can agree to disagree. Everyone is entitled to their opinion.

Basis of and Justification for the Price Book Ratio (PBR) : precedent transactions involving the acquisition of financial institutions listed in Malaysia as below

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=226950&name=EA_DS_ATTACHMENTS

(page 8 : refer to 20/313).

Selected precedent transactions involving the acquisition of financial institutions listed in Malaysia PBRs ranging from 0.93 times to 2.35 times over the last 15 years from 2007 are as follows:

2013 Bank Islam Malaysia Berhad BIMB Holdings Berhad 1.88

2008 Bank Muamalat Malaysia Berhad DRB-Hicom Berhad 2.15

2018 Asian Finance Bank Berhad MBSB 1.30

2013 Hwang DBS Affin Holdings 1.28

2012 OSK Investment Bank Berhad RHB Capital Berhad 1.77

2012 ECM Libra Investment Bank Berhad Kenanga Investment Bank Berhad 1.27

2011 RHB Capital Berhad Aabar Investments 2.35

2011 EON Capital Berhad Hong Leong Bank Berhad 1.42

2008 EON Capital Berhad Primus Pacific Partners 2.21

2008 RHB Capital Berhad Abu Dhabi Commercial Bank 2.18

2007 Affin Holdings Bank of East Asia 1.30


2007 MIDF PNB 0.93

2007 RHB Capital Berhad Employees Provident Fund of Malaysia 1.76

2007 AMMB Holdings Berhad Australia and New Zealand Banking Group 1.29

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1 week ago | Report Abuse

hopefully the price will be premium times price book ratio ... that's also typical price for controlling stake.

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1 week ago | Report Abuse

https://www.facebook.com/unitkomunikasidanpenerangansarawak/videos/1445819359341639

watch from clip 34:00/54:56 onwards for 1 min

"that is why you have been reading of our move to take a majority stake in one commercial bank....... "

"...... that is why we must have OUR OWN commercial bank that will give support to our private sector... "

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1 week ago | Report Abuse

https://theedgemalaysia.com/article/anz-claims-unable-control-ambank-says-report

ANZ, yes, we know you can’t just turn up and demand things. We know you don't CONTROL or OWN the bank despite 24% stake in the bank and the nomination of two of directors to its board. Not even at 30%. :)

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1 week ago | Report Abuse

“Maybe in one or two months, we will have our own bank and the structure I cannot reveal to you tonight...“I will reveal at the right time how we want to structure the bank. In other words, this bank will be the bank that boosts our small-medium enterprises (SMEs) because we want our SMEs to be very active and participate in our expanding economy,”

excerpt from news article : https://www.theborneopost.com/2024/02/14/sarawak-to-continue-pursuing-economic-restructuring-this-year-under-pcds-2030-says-abg-jo/

“I will reveal …. HOW WE WANT TO STRUCTURE THE BANK..” ??!!

Tan Sri Abang Johari, how big is Sarawak shareholding block that will ALLOW you to STRUCTURE the bank the way you want ? It’s definitely NOT 30% ! It is obvious with that kind of confidence level, I think you must be referring to a shareholding block of 50% at minimum!! You need to buyout Bank of East Asia’s stake for you to “structure the bank"

ps : Temasek Holdings and Ong Beng Seng via Vertical Theme Sdn Bhd is the largest shareholder with 29% shareholding in Alliance Bank Malaysia Berhad (ABMB) . ABMB second largest shareholder is EPF with 10% shareholding only. ABMB has only 2 non-independent directors out of total 10 directors.

Do you think the Singapore sovereign wealth fund & Mr Ong, a Singaporean think they “own” Alliance Bank or “structure Alliance bank the way they want"? Hmmm… Let alone Affin Bank second largest shareholder has 24% shareholding (already with 2 nominee directors in the board as part of their agreement with Affin)

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2 weeks ago | Report Abuse

Sarawak to Take Over Bintulu Port and Establish State Bank
SIBU, 13 Feb - Premier of Sarawak, Datuk Patinggi Tan Sri (Dr) Abang Abdul Rahman Zohari Tun Datuk Abang Openg, revealed plans for significant developments aimed at bolstering the state's economic sovereignty.
"In June 2024, we are going to take over Bintulu Port to Sarawak," declared Premier, highlighting a pivotal move for the state's economic autonomy.
The port, which has been under federal government control for the past 43 years, will now fall under the authority of Sarawak as per the constitution.
"We have negotiated, and the federal government has agreed to give back the port to Sarawak," he added, emphasizing the successful conclusion of talks between the state and federal authorities.
He said this in his speech during Annual Chinese New Year Gathering 2024 organised United Chinese Association Sibu Division Sibu Kingwood Hotel.
Furthermore, Abang Johari revealed plans to establish a unified ports authority in 2024, consolidating all ports under one governing body.
"All the ports will be under one authority, and we will introduce a law to that effect," he stated, underlining the state's commitment to streamlining port operations and management.
Addressing the financial challenges faced by Sarawak, The Premier unveiled plans to establish a state-owned bank.
"Sarawak has had difficulty obtaining loans from peninsular banks, as our local banks were absorbed by larger institutions," he explained.
Negotiations to acquire a significant stake in Affin Bank are nearing completion, with the Premier expressing optimism about Sarawak's imminent ownership of its own bank.
"Maybe in one or two months, we will have our own bank," he projected, withholding details about the bank's structure until the appropriate time.
Highlighting the strategic significance of the state bank, he emphasized its role in bolstering Small and Medium Enterprises (SMEs) and fostering economic growth.
"This bank will boost our SMEs, making them very active participants in our expanding economy," he affirmed, outlining the bank's pivotal role in Sarawak's economic development strategy.
Also present were, TYT Yang di-Pertua Negeri Sarawak, Tun Dr. Wan Junaidi Tuanku Jaafar and wife, Toh Puan Fauziah Mohd Sanusi, Premier's wife Datuk Amar Hajjah Juma'ani Tun Tuanku Bujang, Deputy Premier Prof. Datuk Amar Dr. Sim Kui Hian and wife, Minister of Tourism, Arts and Culture Malaysia Dato Sri Tiong King Sing, Minister for Tourism, Creative Industry and Performing Arts Dato Sri Haji Abdul Karim Rahman Hamzah and other distinguished guests.

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3 weeks ago | Report Abuse

"Thirdly, we also aspire to have a major stake in a commercial bank to provide Sarawak a financial platform to boost the economy further through the development of SMEs and entrepreneurship. Sarawak already has some stakes in this particular bank and we want to increase our stake. I am confident that we can conclude the negotiations soon so that we can participate actively in the running of the bank and be able to serve Sarawak’s interest well. "

https://www.youtube.com/watch?v=PnKmW9n7DJo&ab_channel=TVS
(clip 5:00/13:00)

Gong Xi Fa Cai, Xin Nian Kuai Le

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3 weeks ago | Report Abuse

Under CMSA interpretation of PAC, I think LTAT and Boustead Holdings (BHB) will be construed as PAC if Sarawak pursuant to an agreement, arrangement or understanding to acquire shares for the purpose of obtaining control of Affin Bank whether jointly or severally.

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3 weeks ago | Report Abuse

The Financial Services Act 2013 (FSA) that regulates licensed bank only set limit for individual shareholdings to 10% and does NOT set limit for institution shareholders. Any acquisition of multiple 5% required BNM approval and; for CONTROLLING stake, with the Minister and BNM approval.

Also if one were to understand the Capital Market Services Act 2007 (CMSA) that regulates all listed companies (including listed licensed banks), Sarawak and PERSON ACTING IN CONCERT (PAC) would be obligated to extend the mandatory general offer (MGO) to all shareholders if Sarawak and PAC raised its stake to more than 33% voting shares .

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3 weeks ago | Report Abuse

“Like I mentioned earlier in Kuala Lumpur, we have an interest in Affin Bank and the discussions have been conclusive. It is just a matter of formality from Bank Negara Malaysia and we are going to be the block shareholder,”

https://www.theborneopost.com/2024/02/05/swak-aims-to-be-block-shareholder-in-affin-bank-says-premier/

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3 weeks ago | Report Abuse

Sarawak to have own commercial bank by end February, says premier.

Feb 5 — Sarawak Premier Tan Sri Abang Johari Openg today said the state government is expected to complete the acquisition of majority shares of a commercial bank by this month.

He said the state government is in the final stage of negotiation.

“Pray that we will have our own commercial bank some time this month when we will take over a commercial bank where the majority of the blocks will be owned by Sarawakians,” he said at the Centre of Technology Excellence Sarawak graduation ceremony here.

https://www.malaymail.com/news/malaysia/2024/02/05/sarawak-to-have-own-commercial-bank-by-end-february-says-premier/116451

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3 weeks ago | Report Abuse

"The Premier of Sarawak added that the process of hiring another entity, which is the transaction of increasing the state government’s shares in Affin Bank, is also going smoothly."

https://ukas.sarawak.gov.my/2024/02/05/sarawak-has-complete-ingredient-to-boost-economy/?fbclid=IwAR1QdNkGUwIQZEyys_n81pARAP0fb7dJ4A99x2L4NWO0A9npzYqnSSZGdIc

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3 weeks ago | Report Abuse

I believe that the purchase consideration for Affin Bank (ABB) is going to represent an average PBR of 1.3 times (with minimum 0.90). Coincidentally, BEA invested in ABB at 1.3 PBR times in 2007. It is my humble opinion. It is fine that you think it's a crazy valuation from me. We can agree to disagree. Everyone is entitled to their opinion.

Basis of and Justification for the Price Book Ratio (PBR) : precedent transactions involving the acquisition of financial institutions listed in Malaysia as below

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=226950&name=EA_DS_ATTACHMENTS

(page 8 : refer to 20/313).

Selected precedent transactions involving the acquisition of financial institutions listed in Malaysia PBRs ranging from 0.93 times to 2.35 times over the last 15 years from 2007 are as follows:

2013 Bank Islam Malaysia Berhad BIMB Holdings Berhad 1.88

2008 Bank Muamalat Malaysia Berhad DRB-Hicom Berhad 2.15

2018 Asian Finance Bank Berhad MBSB 1.30

2013 Hwang DBS Affin Holdings 1.28

2012 OSK Investment Bank Berhad RHB Capital Berhad 1.77

2012 ECM Libra Investment Bank Berhad Kenanga Investment Bank Berhad 1.27

2011 RHB Capital Berhad Aabar Investments 2.35

2011 EON Capital Berhad Hong Leong Bank Berhad 1.42

2008 EON Capital Berhad Primus Pacific Partners 2.21

2008 RHB Capital Berhad Abu Dhabi Commercial Bank 2.18

2007 Affin Holdings Bank of East Asia 1.30


2007 MIDF PNB 0.93

2007 RHB Capital Berhad Employees Provident Fund of Malaysia 1.76

2007 AMMB Holdings Berhad Australia and New Zealand Banking Group 1.29

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1 month ago | Report Abuse

maybe I should share a TikTok link because I was told many people use TikTok now instead
https://www.tiktok.com/@bilikberitacats/video/7330053967101152514

"we are more of less CONCLUSIVE in terms of our discussion with LTAT"

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1 month ago | Report Abuse

actually, not many people read this forum on Affin Bank i think. Yesterday i shared two Youtube news links : https://www.youtube.com/watch?v=QfE4q6VRzdk&ab_channel=AstroAWANI and https://www.youtube.com/watch?v=LEJmXgGJtbs&t=29s&ab_channel=TVS
to see how many people actually read or listen since i shared the link ... Very little...

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1 month ago | Report Abuse

https://theedgemalaysia.com/node/699220

Press conference has been made. Many other news outlet has reported all over. They should announce the proposed deal as soon as possible rather than let market speculates for the interest of market integrity, fairness and investor confidence in the capital market.

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1 month ago | Report Abuse

We all can “maybe this, maybe that” , on and on .

LTAT should issue a statement stating the reason rather than let people speculate.

We also didn’t know why PM changed the Defence Minister in December . This new Minister now wants to appoint his people to lead LTAT? Get used to LTAT revolving door .

Endless possibilities… I doubt any conjectures will help the public perceptions of LTAT.

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1 month ago | Report Abuse

https://youtu.be/QfE4q6VRzdk?si=dPX7r70Wkq5knxUm


https://youtu.be/LEJmXgGJtbs?si=aYB5dhoWco6KczGu

“Dekat … very soon “

I think it’s just depends on how soon BNM approve . We know how efficient Malaysia authority works ..

My recent experience with local council .. “orang tugas hari ini MC” , “oh esok public holiday ya” (yes Malaysia has one of the most bank holidays in the world) … last week Thaipusam , today federal territory, next week CNY . 😆 eh change Agong no holiday ka? Agong birthday got holiday right ? .
Add in the MC .. sakit holiday .. think will have to wait slightly longer for the approval .

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1 month ago | Report Abuse

https://theedgemalaysia.com/node/699142
"We are more or less conclusive in terms of our discussions with LTAT" ... means it's confirm.

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1 month ago | Report Abuse

https://youtu.be/dfaD8Xhflqc?so=NuKFeMizFEeM3JDX

It is so obvious that Sarawak will make an offer that will trigger the mandatory general offer .

I am perplexed that the market STILL can’t read all the obvious signs.





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1 month ago | Report Abuse

It’s been reported in The Edge Malaysia weekly business news titled “Sarawak on the verge of raising stake in Affin Bank”

The article erred in regard that the Banking and Financial Institutions Act 1989 limit institutional shareholdings to 20%. BFIA 1989 has been repealed and superseded by Financial Services Act 2013.

I believe Sarawak will want to own more than just 20% - 30% shareholding . 20%-30% is “meaningless” for Sarawak’s ambition to have their own commercial bank. I think any offer from Sarawak will likely to trigger the mandatory general offer threshold. Else Bank of East Asia will be outraged . Since Boustead purchased insignificant amount of Affin shares last month, LTAT & BHB most likely will be persons acting in concert (PAC) under some SCA or SSA (agreement; LTAT/BHB retains some stake) or as reported in the news some sort of MoU. Under FSA, acquisition of more than 5% shareholdings requires consent from BNM and for controlling shareholding or 50% above, requires approval from Finance Minister and BNM .

The Sarawak Premier has said too many times that they want to have their own (state owned) commercial bank. Having 20%~ 30% will get you the most 2 board seats representation , if we gauge based on BEA previous investment in Affin. My prediction is Sarawak will go for more than 50% and offer a buyout.

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2 months ago | Report Abuse

Sarawak Sovereign Wealth Future Fund will start its operation on 1st Jan 2024 with RM8 billion. I believe they will buy this financial institution with the 8 billion. You just wait. 2 more weeks till 2024.

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2023-11-17 11:28 | Report Abuse

The Chairman of LTAT's INVESTMENT PANEL and CEO is in Sarawak now. Isn't it obvious?

https://www.ltat.gov.my/wp-content/uploads/2023/11/Jelajah-Sarawak-PR-English-vF.pdf
"Bumi Kenyalang has become the PERFECT location for this year’s program to strengthen the relationship with key stakeholders...".

Indeed. I believe Bumi Kenyalang is going to be the saviour of LTAT solvency.

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2023-11-16 18:26 | Report Abuse

or maybe they structure it slightly complicated involving few parties acting in concert (eg. EPF/PNB/Khazanah/or the newly minted Sarawak Sovereign Future Wealth Fund?)
The Sarawak Sovereign Wealth Future Fund will start its operation on 1st Jan 2024 with an initial appropriation of 8 BILLION. It's too obvious la.

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2023-11-16 18:20 | Report Abuse

I also think both sides just waiting for approval from BNM. Based on what the Sarawak Premier said to the news, maybe by end of the year. “I am making the effort to get the licence for Sarawak to have its own commercial bank by the end of this year,” https://themalaysianreserve.com/2023/05/18/sarawak-commercial-bank-welcomed-but-must-cater-to-state-smes-needs/

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2023-11-16 16:45 | Report Abuse

what puzzled me is that the price still doesn't reflect that divestment is imminent despite all the OBVIOUS signs. is ok that they delay... i just have more opportunity to buy more.

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2023-11-16 14:53 | Report Abuse

pg 14. NA per share after proposed disposal will be RM1.89

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2023-11-16 10:56 | Report Abuse

"an implied price-to-book ratio ("P/B") of approximately 1.64 times based on the Total Consideration of USD58,000,918.69 (equivalent to approximately RM276.32 million based on exchange rate as at LPD)..."

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2023-11-02 16:35 | Report Abuse

best do your own due diligence. study carefully the annual reports (LTAT, BHB & affin). you will find a lot of info there. that's what warren buffett's advice and strategy isn't it? :)

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2023-10-31 15:29 | Report Abuse

in order to become a sustainable provident fund, LTAT said they are restructuring and will diversify, rebalance portfolio, de-concentration, recover cost of investment in boustead, value creation, unlock the value etc. hence to meet all that, i believe they have to divest affin.

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2023-10-27 17:52 | Report Abuse

to meet its debt obligations and also to meet its mandated strategic asset allocation framework. Datuk Nazim and Tok Mat have been mentioning very often since the official launch of Manpan25 in july until recently in Dewan Rakyat.

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2023-10-27 16:49 | Report Abuse

Smokescreen..

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2023-10-10 11:19 | Report Abuse

i have sold all my shares at cost. therefore i can't vote anymore. it's too much controversy. some love this kind of volatility. some don't like uncertainty. everyone is different. here's my take after exiting. honestly i think it's just about voting for the lesser evil.. like in politics. all this talk about MAA team is good is just deluded or simply their own people lobbying here. do u think TY really has the best interest for all shareholders? just take few minutes and look at MAA and Melewar Bhd. it's public listed company and hopefully you can derive your OWN conclusion. just take a break for while from KNM forum...and study briefly his other listed companies. the minorities suffer from the poor performance of the share price with no dividends while he took large salary and related party transaction.
am i lobbying for german? no. I don't know him. not much info you can make your own informed decision (unlike MAA and Melewar, listed companies). i doubt he will have the best interest for all shareholders too. both are shrewd businessmen in their own way i guess.

my prediction is TY will win this proxy battle hands down. his war chest via MAA and Melewar is ample. also, he can just make few calls to few tycoons in Malaysia.

regardless, this kind of proxy battle is very rare occurrence in malaysia. it gives some spark to our dull and boring capital market. so "fun"/interesting to watch even after disposing the share. good luck guys!

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2023-10-05 10:02 | Report Abuse

I wonder if this pre conditional "POSSIBLE" offer is to soothe KLK's anger. KLK is stuck with direct interest of 3% BPlant shares where KLK forked out more than RM100 million. SC kindly please investigate and explain to the public why SC approved this Pre-conditional possible offer announcements in such a hurry when the other offer just failed. All less than 12 hours.

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2023-10-05 09:50 | Report Abuse

LTAT announced a new pre-conditional possible offer at 8am.
SC did not sleep? so efficient approve this when the other offer just terminated less than 12 hours ago?

"The SC must be consulted in advance if a person proposes to include in a announcement any pre-condition to which the making of an offer will be subject. " CMSA

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2023-09-29 16:37 | Report Abuse

@woodswater thank you for sharing. seem like they want to display their cards to the public forum to drum up support. this proxy battle is really very interesting to watch. i think just like most elections, it's a matter of choosing the lesser evil. in my opinion, i find that TY is just as untrustworthy as the german. both just serve their interest rather than the company ( to include minority interest at heart). not much info about the german so can't comment. as for TY, the precedent of his other listed companies (melewar, maa group) can be witness clearly; shareholders not getting any dividend and share price doing badly while he just take exorbitant salary relative to the company performance. i think this might be same fate for us here too.

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2023-09-29 15:54 | Report Abuse

@woodswater. Where do you get the latest shareholders list ? According to your list : MELEWAR INDUSTRIAL GROUP 347,201,800 shares is more than 5% of the total voting shares. I wonder if your list is true, how come there is non disclosure of this substantial shareholder (Section 137 CA 2016) till today ? I assume you have insider connection to KNM therefore you have access to the list ? Or you drive to their registered office to see the register or the Registrar send you the list (Section 144 CA)?

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2023-09-22 11:29 | Report Abuse

big volume to create a fictitious interest. so obvious syndicate ping pong each other.

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2023-09-22 09:31 | Report Abuse

i dont think TY is any better. Just look at MAA share price.

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2023-09-19 10:28 | Report Abuse

MAA entered KNM at cost price 0.22 They should have increase their shareholding when share price was below 0.10 Holding only 10% of a small cap company and want to control the company is just risky.

Heeschen entered KNM at much lower price than MAA/TY. His party definitely hold more than 10% else they would not call for this proxy fight . Even at today's price, less than 10 million Euro will get you another additional 10% . It's actually very little money.

Both sides just have to buy more shares before or on 11 Oct to win this proxy battle (EGM on 16 Oct).

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2023-09-13 09:42 | Report Abuse

“Quiet" or “noise" is irrelevant to me. I have said before that I believe sarawak will buy more of affin. "Holding a 4.9% stake is meaningless”. https://theedgemalaysia.com/node/663570

Over the years, I invested in Affin and Boustead (privatised now). But I have increased my interest significantly in affin recently after reading all the news reports, circulars on Boustead etc. All the variables just strengthen my conviction that Boustead will have no choice but to sell affin to settle their huge debt.

Beside that, affin is trading at a huge discount to its net assets, widest among its banking peers. 60% discount! Even if my thesis is wrong, I think the margin of safety is there.