Lowyat.NET: Latest topics by menangsama

MTONE - Reverse Take Over

menangsama — Fri, 05 Feb 2010 11:50:12 +0800

General Announcement
Reference No CA-100204-59814

Company Name
:
MANGOTONE GROUP BERHAD (ACE Market)
Stock Name
:
MTONE
Date Announced
:
04/02/2010

Regularisation Sponsor

:
M&A Securities Sdn Bhd
Sponsor
:
Same as above

Type
:
Announcement
Subject
:

MANGOTONE GROUP BERHAD (Formerly Known as TecAsia Group Berhad) (“MTone” or “Company”)
- MEMORANDUM OF UNDERSTANDING

Contents
:

The Board of Directors of MTone wishes to announce that the Company had on 4 February 2010 entered into a memorandum of understanding (“MOU”) with Kow Cheong Heng, Tay Kiong Hann, Kow Cheon Thye and Tay Tze Yi (Collectively “White Knight Shareholders”) for the proposed acquisition of the entire equity interest in KCH Mining Pollution Control Sdn Bhd (“KCH”) in conjunction with the proposed restructuring scheme of the Company (“Proposed Restructuring Scheme”). The White Knight Shareholders are the shareholders of KCH. KCH’s principal business activities are mining of minerals and general contracting.

The Proposed Restructuring Scheme is envisaged to encompass proposed capital reduction, proposed rights issue, proposed acquisition of KCH, proposed write off of debts and proposed debt settlement scheme with the bank and trade creditors.

The salient terms of the MOU include inter-alia, the following:-

(a) The MOU is an understanding mutually agreed to by the parties for the purpose of outlining their respective interest and intents prior to the entering of a definitive formal agreement for the proposed acquisition of KCH.

(b) The parties shall enter into a formal agreement incorporating all the terms and conditions agreed upon between the parties within thirty (30) days from the date of the MOU (or such extended time as may be agreed in writing to by the parties).

© In the event that no formal agreements are executed by the expiry of thirty (30) days from the date of the MOU (or such extended time as may be agreed in writing to by the parties), then the understanding under the MOU is terminated and neither party shall have any rights against the other.

(d) The Company shall be entitled to conduct a due diligence exercise on KCH.

The Company shall make a detailed announcement on the Proposed Restructuring Scheme which complies with the requirements under the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) for the ACE Market upon the completion of the due diligence exercise on KCH and the execution of the definitive agreement(s) for the Proposed Restructuring Scheme.

The MOU may be inspected at the registered office of MTone at 3rd Floor, Block C, Kelana Square, 17 Jalan SS 7/26, 47301 Petaling Jaya, Selangor Darul Ehsan during normal office hours from Mondays to Fridays (except public holidays) for a period of three (3) months from the date of the announcement.

This announcement is dated 4 February 2010.

ECOFIRS

menangsama — Wed, 03 Feb 2010 15:37:53 +0800

Wah .... SEG up alots recently. But mother ECOFIRS no much move one ..... ???

[addedon]February 3, 2010, 3:42 pm[/addedon]EcoFirst rebrands education mall
By SHANNEN WONG

PETALING JAYA: EcoFirst Consolidated Bhd aims to achieve a yield of up to 7.5% annually for its South City Plaza in seven years after the rebranding of its key property asset into an educational mall due for launch on Friday.

Executive director Tiong Kwing Hee said the rebranding of the Edu Mall @ South City was part of the group’s restructuring exercise to give a good return for its long-term investment in the property.

“We aim to sell the property to real estate investment trusts once we achieve our targeted yield within seven years,” he told StarBiz.
Tiong Kwing Hee (inset) says South City Plaza will be rebranded as Edu Mall @ South City.

Currently, about 4,000 students are receiving higher education and vocational training offered by eight institutions at the five-storey mall in Seri Kembangan, Selangor.

Among them are EcoFirst’s 27%-owned associate SEG International Bhd (SEGi), International College of Health Sciences and Summit Multimedia Education Sdn Bhd.

The group targets to increase the number of students at the mall to 6,000 by year-end and 10,000 by end of next year.

“We have allocated about 25% of the total lettable area of the mall, or 200,000 sq ft, for these educational providers, which received competitive rental rates of RM1.50 per sq ft from us,” said Tiong.

“We still have about 70,000 sq ft reserved for educational tenants.”

To enhance the value of its property, EcoFirst plans to build two blocks of 13 to 14-storey apartments which can house about 3,000 students on top of the mall to be leased to SEGi.

With a gross development value of RM75mil to RM80mil, the serviced apartments were expected to be completed within 24 months after construction starts in the fourth quarter.

“We plan to take about RM50mil in bank loans to fund the project, which would cover about 73% of the costs,” said Tiong.

“We are confident that the serviced apartments would give 6.5% to 7% returns to SEGi yearly.”

EcoFirst had last year invested about RM5mil to give the mall a facelift.

HLBANK

menangsama — Wed, 03 Feb 2010 11:16:16 +0800

HLBANK likely will change its target to AFFIN Bank after fail in bid of EON Bank. According to source closed to HLBANK, HLBANK may offer 1.2-1.4x NTA of AFFIN Bank (RM3.6 - RM4.2).

[addedon]February 3, 2010, 11:34 am[/addedon]AFFIN is the only bank stock trade below its NTA(NTA RM3.16). It is fit to Mr.QUEK style to buy asset at low price. The Bank of East Asia also keep buying AFFIN shares from open market. Look like more exciting thing will happen soon.

[addedon]February 3, 2010, 11:40 am[/addedon]AFFIN share price break new high also indicate something good will happen soon. From the bid/ask, we can see buy order come from big player. They sure know something we dun know, if no will no buy so aggressively.

SCGM(7247) doing same business like TOMYPAK !

menangsama — Tue, 26 Jan 2010 10:48:02 +0800

SCGM Bhd (SCGM) is a Malaysia-based investment holding company. The Company operates in two business segments: manufacturing of plastic products, which is engaged in manufacturing and trading of plastic products, and investments, which is engaged in investment holding. Lee Soon Seng Plastic Industries Sdn. Bhd. is SCGM’s wholly owned subsidiary, which is engaged in manufacturing and trading of plastic products.

Related companies
Name
Groupe Guillin SA
AEP Industries
SCGM Bhd
Daibochi Plastic & Packaging Ind. Bhd
Tomypak Holdings Berhad
Malaysia Packaging Industry Berhad
Thai Plaspac PCL
MICS CHEMICAL CO., LTD.
FPM Beograf a.d. Beograd
Berry Plastics Corporation
Transpaco Limited

ASUPREM(7070)

menangsama — Thu, 21 Jan 2010 13:54:26 +0800

this morning received a call from very reliable source, ask me to accumulate ASUPREM(7070). Target price 80sen-RM1.00.

[addedon]January 21, 2010, 2:10 pm[/addedon]ASUPREM(7070) is involved in electronics and electrical consumer and industrial products. It expect to turn around this year, making 2sen EPS lastest Q. Insider Info said same source goreng up PENTA and AEM !!!

MJPERAK(8141) Sell Land To VALE For RM100Million !

menangsama — Thu, 14 Jan 2010 08:08:02 +0800

MJPERAK(8141) selling land in Manjung, Perak to Vale International for around RM100Million. This is the 2nd company selling land in Perak to Vale after KYM(8362).

MJPERAK share price expect to sharp rise after annoucement.

MJPERAK share price going up slowly with substantial volume. Look like someone already accumulate shares ahead the annoucement. Will it be another Limit Up stock after annoucement ?? IT IS LIKELY !!!

HOHUP, MAGNA and MINETEC are same Gang !

menangsama — Wed, 06 Jan 2010 10:34:11 +0800

When City & Country caught up with Lim Ching Choy last week, it was at a hotel lounge as his office was under renovation. He obligingly posed for a few quick photographs before proceeding to bare his thoughts on a new chapter of his corporate journey.
Lim was a former CEO of Mah Sing Bhd before he moved on to builder-cum-property developer Magna Prima Bhd, once loss making but which has since returned to the black. Before that, he had chalked up two decades in the banking industry.

Two weeks ago, the 48-year-old Lim reported for work at financially troubled Ho Hup Construction Co Bhd, one of the country’s oldest construction firms. As group managing director, Lim’s priority, obviously, is to turn around the PN17 company that is listed on the Main Board.

Lim aims to get the PN17 status lifted by year’s end. To do this, he is beefing up the company’s property development division, which has been tasked with taking the lead in quickly generating profit and cash flow, the lifeline of a company.

Ho Hup, which has been around for 49 years, is not without its gems. It owns a 60-acre commercial tract within the freehold Bandar Bukit Jalil township in Kuala Lumpur which, according to Lim, has a potential gross development value (GDV) of some RM1.75 billion over the next 8 to 10 years.

Planned for this site is the Jalil City development featuring 176 units of lifestyle shopoffices, a hypermarket, a lifestyle central piazza with commercial lots, 1,800 serviced apartments, a Grade A office tower and a condo hotel.

“I am one who looks for challenges and it has certainly been exciting since I’ve started here (Ho Hup)... having a lot of meetings with bankers and the staff, basically getting into the thick of things,” says Lim of the task before him.

“I am ready to take on the challenges and there are a lot of opportunities for Ho Hup. Being an established company that is older than I am, the company has built a strong name in the construction sector with expertise in numerous fields like infrastructure and transport,” Lim tells City & Country.

He says prospective investors have shown interest in the Jalil City project, which the company plans to launch in the next six to nine months.

Ho Hup diversified into property development in 1999 — through subsidiary Bukit Jalil Development Sdn Bhd — with the 150-acre Bandar Bukit Jalil.

Recent times have been troubling for the company. Besides being slapped with PN17 status in July last year, there had been news reports of an alleged power struggle between former managing director Datuk Low Tuck Choy and Datuk Vincent Lye Ek Seang.

Low, who was appointed Ho Hup executive director in 1984, took over as managing director a decade later upon the demise of his father and Ho Hup founder Low Chee.

Lye, according to reports, emerged as a substantial Ho Hup shareholder in September 2007 with a 5.71% stake. However, a month later, he sold down his stake.

In May last year, it was reported that his wife Datin Viannie Damit @ Undikai has emerged as a substantial shareholder after acquiring 17.54 million shares in the company via Extreme System Sdn Bhd.

As at Aug 5, 2008, Extreme System’s stake had risen to 27.95% or 28.51 million shares. Lye also has interests in quarry operator Minetech Resources Bhd and property developer Magna Prima Bhd.
Ho Hup has been in the red since FY2006, posting a net loss of RM35.1 million. For FY2008, its net loss after tax widened to RM56.2 million from RM46.2 million in FY2007. In a bid to raise working capital, the company disposed of two parcels of land in Bukit Jalil in March — a 5.5-acre site to Santari Sdn Bhd for RM9.83 million and a 10.86-acre tract to Permata Juang Sdn Bhd, a subsidiary of Magna Prima, for RM19.41 million.

The turnaround plan
Apart from property development, the group has a varied spectrum of activities such as civil engineering works, foundation engineering, oil and gas works and quarry operations.

AmMerchant has been appointed to advise on Ho Hup’s corporate restructuring exercise, which will involve a cash call. Lim says the company is on target to be taken off the PN17 list by year’s end or by February 2010 at the latest. Details on the size of the rights issue and utilisation of the proceeds are being worked out.

Phase one of the turnaround plan will see a streamlining of the company’s resources into three business divisions — construction; property development; and trading and ready-mix concrete business.

“We will be bringing in a new team to manage each of our core business divisions. Ultimately, to turn around the company is a joint effort of the old and new staff members who must share a common goal. We are also reassembling the old team by identifying their strengths and weaknesses, as well as to instil a quality-driven culture to run it professionally,” Lim says.

He sees the property development division, now in its infancy, eventually becoming the core earner for the group. Lim aims to grow its contribution in the next three years to 60% or 70% (from 25% in FY2008). “Property development will give us the cash flow and we will concentrate on the Jalil City development first. Apart from its freehold tenure, Bukit Jalil has become an established area over the years and is viewed as a gold mine in the southern territory in Kuala Lumpur,” he explains.

Medium-cost apartments with condominium facilities in Bandar Bukit Jalil that were handed over to buyers in 2004
To date, the developer has sold some RM350 million worth of properties at its Bandar Bukit Jalil development and delivered 2,170 homes. Unbilled sales amount to RM43 million while about 85 homes are currently under construction.

As for its construction unit, Ho Hup has completed projects totalling RM2.85 billion, including the North Expressway Central Link and KLIA Expressway, Petronas Twin Towers and Sabah Gas Pipeline Development Project.

The group’s ongoing job on the Trans Eastern Kedah Interland Highway is worth RM230 million. According to its 2008 annual report, the construction division contributed just under 40% to group revenue.

In future, the construction division will focus more on government contracts, particularly infrastructure and building civil works.
Phase two of the turnaround plan, says Lim, will see a rebranding and repositioning of the group’s corporate image.

The final phase will see Ho Hup moving into the development of premium projects with high GDV in the Klang Valley.

Once the company is on a stronger footing financially and has established its name as a property developer, it will then source for landbank, says Lim.

He likes niche or pocket-sized developments for sustainable growth. “I’m quite resourceful in looking for landbank,” he declares. “Give me a few years to get cash flow and once our financials are right, everything else will fall in place,” he says, adding that the group is not averse to teaming up with third parties for joint-venture developments.

Right timing
Jalil City will debut with a pre-launch of its shopoffices in the next six to nine months. The run-up will see registration of interest from the public in the next two months. It’s akin to a market survey, says Lim. “From this exercise, we can gauge our prospective buyers’ acceptance of the shops’ concept and pricing,” he adds.

The 4 to 8-storey shopoffices, measuring 26ft by 80 ft, will come with lifts and are expected to be tagged from RM2.5 million. Lim is confident there is still strong demand for such commercial-type products, which he says could provide annual yields of 6% to 7%. “In fact, the capital appreciation for shopoffices is more lucrative, depending on their location. To enhance property values, the timing has got to be right and with Bandar Bukit Jalil established over the years with an existing surrounding population, we feel the timing is right,” he adds.

Ho Hup is now in talks with several hypermarket retailers to set up shop on a 9.2-acre site in Jalil City. However, the developer has not decided whether to sell the land or to enter into a build-and-lease arrangement.

The highlight of Jalil City will be the lifestyle central piazza, with food and beverage and entertainment components. As for the office tower, Lim says Ho Hup may sell or keep it for recurring rental income.

Earlier this year, Ho Hup has started a registration exercise for the upcoming launch and final phase of the gated and guarded Jalil Sutera, comprising 20 units of 2½-storey semi-detached houses with a total GDV of RM30 million. Some 200 people have shown their interest in the project located in Bandar Bukit Jalil.

Slated to be launched in September, with construction to begin in October, the units (land area: 4,000 sq ft, built-up: 3,800 sq ft) are priced from RM1.35 million to RM1.55 million, with monthly maintenance fees from RM150.

Ho Hup first went into property development in 1999 with the launch of medium-cost apartments in Bandar Bukit Jalil, with built-ups of 1,080 sq ft. These were sold at an average of RM168,500.

The Bandar Bukit Jalil township also features 2½-storey link homes in six phases, the final phase of which is expected to be handed over this month.

In August, 12 units of 2½-storey semi-detached homes in Bandar Bukit Jalil with a GDV of RM6.98 million would be handed over.

Success Transformers

menangsama — Tue, 05 Jan 2010 13:18:29 +0800

I used to cringe a lot whenever I come across the Cina-apek named companies, literally translated from Chinese into English. Things that sounded OK in Chinese does not translate well into English - remember Wonderful Wire & Cable... Now we have Success Transformers... how not to do well, Success and Transformers the movie... Success Transformers, through its subsidiaries, manufactures and markets electrical and industrial lighting products.The company's products include high-intensity discharge (HID) lighting luminaries, low voltage transformer, automatic voltage stabilizers, battery charger and tester.

It also offers energy saving lumens regulator, phase monitoring relay, reactor and running light controllers.The company primarily operates in Malaysia, where it is headquartered in Sungai Buloh.

The company's key products include the following:
High-intensity discharge (HID) lighting luminaries
Low voltage transformer
Automatic voltage stabilizers
Battery charger and tester
Energy saving lumens regulator
Phase monitoring relay
Reactor
Running light controller

Catalyst #1: Success Transformer Corp Bhd is proposing to list its wholly-owned subsidiary, Seremban Engineering Bhd, on the main market of Bursa Malaysia. In a filing on behalf of the company, RHB Investment Bank Bhd said Success Transformer’s board had approved the proposed flotation comprising several proposals to facilitate the listing exercise. Can reasonably expect some free shares since its a 100% company that is being listed.

Success Transformer Corporation Bhd’s (STC) subsidiary, Seremban Engineering Bhd (SEB), has entered into a cooperation agreement with Affcom Resources Sdn Bhd towards forming a joint venture (JV) company in the oil and gas (O&G) industry. STC said the objective was to incorporate a JV company to undertake the design and fabrication of equipment, refinery, lube oil plant and engineering and any other related activities.

Malaysia-incorporated Affcom is an affiliate to an independent integrated oil company and its activities cover trading, marketing, refining, and O&G fabrication in Malaysia and abroad.
SEB is mainly involved in the manufacturing and fabrication of process equipment such as unfired pressure vessels, heat exchangers, tanks, silos and other machinery or parts, including mechanical works, maintenance and shutdown works. STC said Affcom would provide the expertise in management, consultancy, market information, and any other contribution in the best interest of the mutual business cooperation.

Catalyst #2: Success Transformer Corp Bhd (STC) says its engineering unit currently has some RM30mil worth of projects in hand and is bidding for new jobs worth about RM40mil. Palm oil and waste management industries remain Seremban Engineering Sdn Bhd’s (SESB) main contributors. SESB has started construction work on its seventh factory by end-September. The new factory will focus on the fabrication of process equipment for the food and pharmaceutical industries. SESB’s factory expansions are on track with the 5th factory being operational and the 6th expected to be operational on 2H FY09. On top of that, Seremban Engineering is in the process of setting up another factory to specifically serve the food industry.Seremban’s current workflow consists of pressure vessels for palm oil refineries.

Key customer, a Singapore based design house is farming substantial business to SESB given the latter’s strong execution capabilities. Visibility is seemingly positive with the key customer guiding for constant workflow till the end of the year. With Plant 5 now fully onstream, capacity is further enhanced by 20%.

Catalyst #3: Earnings visibility and sustainability. The company recorded revenues of RM185 million in the fiscal year ended December 2008. Its net profit was RM23.6 million in fiscal 2008. 1H09 revenue was RM97.4m, while RM12.9m was its net profit. Annualise that, the company is making at least 22 sen a share.

Catalyst #4: Operating margins 18%. For a company that has been making EPS in the 15-28 sen region for the past 3 years (on an uptrend), expanding its facility, and operating at that margins, to trade at low single digit PERs is unbelievable. Obviously many investors have not wised up to this company. Taking the free IPO shares in Seremban Engineering, this should be worth RM1.70-1.90 easy.

LINEAR & LFECORP Both Control By Same Boss !

menangsama — Thu, 31 Dec 2009 08:15:32 +0800

LINEAR & LFECORP both control by same person - Alan Rajendram A/L Jeya Rajendram.

[addedon]December 31, 2009, 8:32 am[/addedon]LINEAR likely will award some contracts to LFECORP !!!

MQTech Link to JCY !

menangsama — Mon, 07 Dec 2009 10:54:09 +0800

JCY International, a manufacturer of computer hard disk drives based in Malaysia, is rumoured to be attempting an IPO for the third time. The listing in Bursa might be held in Feb'10 or Mar'10. ABN AMRO, CIMB and UBS were mandated previously. The issuer had looked at listing in Hong Kong and Singapore, but is now thought to have decided on Malaysia since rules on Bumiputera allocations were relaxed this year.

Insider that this IPO will be the 2nd large share size compare to Maxis. With this IPO, JCY International market value will be more then 4 billion.

[addedon]December 7, 2009, 11:02 am[/addedon]Will goreng up to 50sen ahead JCY IPO !!!

Symphny-WA Target 10Sen!

menangsama — Mon, 25 Aug 2008 13:10:57 +0800

Symphny will be 2nd company propose "Warrant Right Issue" after Sunway. Under the proposal, One(1) "New Symphny Warrant" for every 2 Symphny-WA at issue price of RM0.03 per new warrant. It will be a good news to current Symphny-WA holder, since they can roll over their current warrant to new warrant which have longer maturity and lower exercise price. Buy SYMPHNY-WA !!!

The tenure of the new warrants will be five years and the exercise price will be 30Sen

Penny Stocks Come - GPERAK !

menangsama — Mon, 04 Aug 2008 17:52:29 +0800

Penny stock come to play le ... PJI both volume and price up alots today. Next penny stock is GPERAK, sure will break 10sen resistance by this week. GPERAK major shareholder is AMMB, NTA is 48sen.

KOSSAN eyeing 20% stakes Englotc(7166)

menangsama — Mon, 28 Jul 2008 14:04:43 +0800

Kossan is said eyeing 20% stakes ENGLOTC(7166).

CIHLDG-WA Maturity Date Will Extend Another 2 Year

menangsama — Tue, 22 Jul 2008 13:19:24 +0800

Hi. Start to accumulate CIHLDG-WA now. This warrant will goreng up to 1000% to 30sen or even higher. ANOTHER "KIMBLE-WA" IS BORN!

LATEST NEWS: "CIHLDG-WA MATURITY DATE WILL EXTEND ANOTHER 2 YEARS FROM 2009 TO 2011".

HOHUP

menangsama — Wed, 11 Jun 2008 12:40:03 +0800

HOHUP another strong up wave is coming le. This time target 80sen. New major shareholder EXTREME SYSTEM SDN BHD is said link to Datuk Soh Chee Wen.

BIMB - Strong Buy!

menangsama — Wed, 11 Jun 2008 08:27:23 +0800

Yesterday TAKAFUL share price break new record high at RM1.87. BIMB is TAKAFUL the biggest shareholder which hold 67% stakes. BIMB share price still no reflect the strong performance of TAKAFUL, i think BIMB share price will play catch up soon.