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Wednesday, February 1, 2012

The Ghost not wasting time on Tebrau Teguh

There is a once popular Indian curry house in New York City called Curry in a Hurry. By the look of things, the Ghost and Dato Lim Kang Hoo is in a hurry to consummate everything before the General Election.

The Star's prediction of the MGO of Tebrau Tegas shares as quoted in our posting yesterday was a bit off. Instead of state-owned KPRJ doing the MGO, it is Iskandar Waterfront Holdings (IWH) offering the MGO and buying a block from KPRJ, thus reducing the state company direct equity to a minority status.

Kang Hoo direct shares in Tebrau Teguh via Credence Resources and his equity remained. And, Kang Hoo (also via Credence Resources) owns IWH together with KPRJ. The percentage equity is not known and not locatable online.

He also controls Ecovest Berhad, who owns Danga Bay Sdn Bhd and Executive Director of Khusford Berhad. And, he has lots of option and power at his disposal.

On the same hurried note, the disappearance of a bright JB-based lawyer Kamal Hisham attracted the attention of the media. The police claimed they could not find him and had contacted Interpol.

On the contrary, the lawyer representing him, Dato Jaharbedeen, who happens to be RockyBru's lawyer, said there is no problem to contact him. He happens to be away in Dubai doing business since April. Read on in Bigdgdotcom here.

Sounds spooky, isn't it?

Back to the Tebrau Teguh MGO by IWD, read The Star's yesterday report below:
IWH buys Tebrau Teguh stake triggering mandatory takeover offer

The Star
Wednesday February 1, 2012

PETALING JAYA: Tebrau Teguh Bhd's major shareholder Kumpulan Prasarana Rakyat Johor Sdn Bhd (KPRJ) is selling a 33.15% stake in Tebrau Teguh to Iskandar Waterfront Holdings Sdn Bhd (IWH) for 76 sen per share.

The offer is for 222 million ordinary shares of 50 sen each in Tebrau Teguh, which works out to a price tag of RM168.72mil.

Tebrau Teguh told Bursa Malaysia that the proposed acquisition would trigger a mandatory takeover offer for the Johor Baru-based property developer and construction group by IWH and parties acting in concert (PAC) with it.

The mandatory offer for Tebrau Teguh would be conditional upon IWH receiving valid acceptances which would result in IWH and the PAC holding more than 50% of Tebrau Teguh's voting shares.
Now for the real meat and not as per the item reported to fill in for Tebrau Teguh's corporate profile mentioned yesterday here.
Meanwhile, Tebrau Teguh also announced that it had been appointed by the Johor state government as the developer for 167.13ha in Pengerang, Kota Tinggi, Johor.

The land, within the Johor oil and gas industry hub, is to be developed into a mixed development which would complement the proposed Petroliam Nasional Bhd's RM60bil integrated refinery and petrochemical complex, known as RAPID.

Tebrau Teguh said it had received a letter from Johor's Economic Planning Unit dated Jan 30, 2012 regarding the appointment.

Tebrau Teguh was presently negotiating the technical, financial and legal aspects of the appointment.

“We will make further announcements on the final terms and conditions of the said project later,” said the company.
Notice how timely that Johor state's EPU issued the letter of appointment to Tebrau Teguh on Monday when the shares were suspended.

Isn't providing land and infrastructure for the ancillary and supporting industries complimenting and complementing Petronas's RM60 billion Rapid project described here to feed the hungry ghost?
Meanwhile, IWH's shareholders are Credence Resources Sdn Bhd and KPRJ.

IWH directors are Datuk Lim Kang Hoo, Lim Hoe, Lim Keng Cheng, Lim Chen Herng, Datuk Shahir Nasir, Datuk Ayub Mion and Johar Salim Yahaya.

Kang Hoo is the co-founder and chairman of construction and civil engineering company Ekovest Bhd.
Remember Johar Salim here? Read also Big Cat's version here. Recently found out, he is related to a buddy of ours.

Missing from the report is the equity structure of Credence and KPRJ in IWH is not found online yet. Only found information on IWH is in Edgedaily here reporting it's paid-up capital of RM12.73 million is in the form of RM10 million paid-up capital and 274.629 million redeemable preferene shares of 10 sen each.

The way things are going, maybe it is no more relevent who is the majority shareholder. The person calling the shot will be Kang Hoo, who seems to be above the interest of the rakyat and state.

What will be Kang Hoo's next move? Will he move in to control Tebrau Teguh by taking over from IWD or he takeover IWD from KPRJ? With the ghost behind, it is not necessary yet.
If the proposed acquisition is completed, KPRJ's direct shareholding in Tebrau Teguh would be reduced from about 41.15% to 8%.

KPRJ is the Johor state's investment arm.

Under the terms of the offer, IWH, KPRJ and other relevant parties are to enter into definitive agreements on or before April 29, 2012 concerning the proposed acquisition.

The offer price would also be reduced by an amount equivalent to the net amount of dividend payments or distribution made by Tebrau Teguh prior to the completion of the proposed acquisition.

Tebrau Teguh also said it was not in discussions with any parties to acquire Danga Bay Sdn Bhd from its current owners, Credence Resources and KPRJ.
Maybe not in the material time, but perhaps in the future.

As soon as Tebrau Teguh is delisted, can we expect more projects awarded and more state land injected?
For the third quarter ended Sept 30, 2011, Tebrau Teguh posted a 29.3% year-on-year jump in net profit to RM3.2mil, mainly due to higher profit generated from property development activity.

Revenue for the quarter under review was slightly lower at RM30.5mil, compared with RM30.6mil a year earlier.

For the nine months ended Sept 30, 2011, the company recorded a net profit of RM3.7mil, compared with RM3.8mil a year earlier.

Revenue for the nine months under review increased 33.4% to RM93.9mil, compared with RM70.4mil a year earlier.

As at Sept 30, 2011, Tebrau Teguh's net assets per share was 75 sen.

Tebrau Teguh's shares closed last Friday at 75 sen, and trading in the company's shares was suspended on Jan 30.

The company's shares will resume trading from 9am on Feb 2.
Too bad, all the future benefit will not be felt by KPRJ and other shareholders, major or minor, if the shares are delisted.

If you happen to own the shares, keep it to as some predict it to be at least RM1.80 since the claimed RNAV is RM2.50. Do not be in a hurry to exercise the MGO.

Who knows you may help the rakyat and buy time or even thwart the delisting plan. That is if stock investors have any sense of moral and nationalistic duty other than the self interest of making money.

Let them be in a hurry.

Just like they are in a hurry to hunt for Kamal Hasan. Rumours are saying he may have something to spill on the hantu. Jahat betullah khabar angin. Kasi pokok goyang saja. 

Make sure you read Bigdogdotcom here.

- bigdogdotcom

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