not vested
Public Invest Research keeps Outperform on IGB Corp
May 12, 2014
KUALA LUMPUR: Public Invest Research is maintaining its Outperform call on IGB Corporation with a target price of RM4.10 with unchanged 30% discount to its realised net asset value estimate of RM5.85.
It said on Monday it still likes IGB for its quality earnings and believes that dividends and share-buyback will limit any downside risk.
Last Friday, IGB Corp announced its 50%-owned Verokey Sdn Bhd had bought 1.81 acres of land for RM628.4mil.
“We understand that IGB is planning to improve the current planning permission and hence, the gross development value (GDV) cannot be ascertained as yet.
“The deal will be funded by both off-shore bank borrowings and charge of its fixed deposit for an amount equivalent to GBP57mil by IGB, which could be easily met by its strong cash flow from existing businesses and cash hoard of RM750mil,” it said.
Public Invest Research said IGB’s latest venture was the second largest land acquisition by Malaysian companies after the Battersea project (GBP400mil).
It believed the mixed development’s GDV would be RM4bil GDV, which was a significant investment by IGB and would contribute RM300mil profits (assuming 15% profit after tax) once it is launched.
Source: The Star
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IGB Corp / Tan Chin Nam
IGB Corp / Tan Chin Nam
by winston » Thu Jul 10, 2014 6:17 pm
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Re: IGB Corp
by winston » Sun Jul 20, 2014 6:54 am
Goldis makes offer for IGB shares
PETALING JAYA: Goldis Bhd has launched a conditional takeover offer for IGB Corp Bhd at RM2.88 cash per share.
The offer represented a premium of four sen, or 1.41%, over the last traded price of IGB shares at RM2.84, and a discount of 41 sen, or 12.5%, over the company’s net tangible asset per share of RM3.29 as at March 31, 2014.
Trading in the shares of Goldis and IGB will resume on Monday, after a one-day suspension yesterday, pending this “very material announcement”.
Goldis shares were last traded at RM2.39, up five sen, while IGB shares ended three sen higher at a two-year high of RM2.84 on Thursday.
In its announcement to Bursa Malaysia yesterday, Goldis said that it directly owned a 30.66% stake in IGB, while persons acting in concert with it collectively had a 20.49% stake, thus raising the group’s shareholding in IGB to 51.15%.
Goldis explained that the rationale for the exercise was to increase its direct stake in IGB to more than 50%.
It said that upon completion of the proposed offer, Goldis would also be able to increase its consolidated net assets and net profit attributable to the company accordingly, as opposed to the current de facto control by virtue of being the single largest shareholder at 32.19% and its control over the board of IGB Corp.
“The proposed offer provides an opportunity for Goldis to obtain a significant block of IGB shares, by increasing its direct interests to over 50% at a reasonable cost,” Goldis said.
Goldis said the offer price was derived based on the market price of IGB shares prior to the date of the takeover notice and IGB’s audited consolidated net assets attributable to equity holders of RM4.42bil, or RM3.25 per IGB share at end-December 2013 or a price-to-book ratio of 0.89 times.
Other factors included IGB’s audited consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) of RM604.2mil for financial year ended Dec 31, 2013, which implied an enterprise value to EBITDA ratio of 7.30 times.
“The consideration for the proposed offer, to be satisfied entirely by Goldis in cash, shall be funded by internally generated funds amounting to about RM59mil and the balance entirely by borrowings,” it said.
Goldis said it intended to maintain the listed status of IGB – whose core activities are investment holding and property development – on the Main Market.
Source: The Star
PETALING JAYA: Goldis Bhd has launched a conditional takeover offer for IGB Corp Bhd at RM2.88 cash per share.
The offer represented a premium of four sen, or 1.41%, over the last traded price of IGB shares at RM2.84, and a discount of 41 sen, or 12.5%, over the company’s net tangible asset per share of RM3.29 as at March 31, 2014.
Trading in the shares of Goldis and IGB will resume on Monday, after a one-day suspension yesterday, pending this “very material announcement”.
Goldis shares were last traded at RM2.39, up five sen, while IGB shares ended three sen higher at a two-year high of RM2.84 on Thursday.
In its announcement to Bursa Malaysia yesterday, Goldis said that it directly owned a 30.66% stake in IGB, while persons acting in concert with it collectively had a 20.49% stake, thus raising the group’s shareholding in IGB to 51.15%.
Goldis explained that the rationale for the exercise was to increase its direct stake in IGB to more than 50%.
It said that upon completion of the proposed offer, Goldis would also be able to increase its consolidated net assets and net profit attributable to the company accordingly, as opposed to the current de facto control by virtue of being the single largest shareholder at 32.19% and its control over the board of IGB Corp.
“The proposed offer provides an opportunity for Goldis to obtain a significant block of IGB shares, by increasing its direct interests to over 50% at a reasonable cost,” Goldis said.
Goldis said the offer price was derived based on the market price of IGB shares prior to the date of the takeover notice and IGB’s audited consolidated net assets attributable to equity holders of RM4.42bil, or RM3.25 per IGB share at end-December 2013 or a price-to-book ratio of 0.89 times.
Other factors included IGB’s audited consolidated earnings before interest, taxation, depreciation and amortisation (EBITDA) of RM604.2mil for financial year ended Dec 31, 2013, which implied an enterprise value to EBITDA ratio of 7.30 times.
“The consideration for the proposed offer, to be satisfied entirely by Goldis in cash, shall be funded by internally generated funds amounting to about RM59mil and the balance entirely by borrowings,” it said.
Goldis said it intended to maintain the listed status of IGB – whose core activities are investment holding and property development – on the Main Market.
Source: The Star
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Re: IGB Corp
by winston » Mon Jul 21, 2014 5:32 pm
not vested
Goldis offer for IGB unattractive: Public Invest Research
KUALA LUMPUR: Goldis Bhd’s takeover offer for IGB Corp has been described as unattractive by Public Invest Research as it downgraded IGB from Outperform to Neutral.
The research house said the offer at RM2.88, which was just four sen above the pre-suspension price of RM2.44, was undervaluing IGB’s assets.
Public Invest Research acknowledged IGB’s stock performance had been disappointing. Even with the listing of IGB REIT, the value unlocked has not really translated into higher stock price.
IGB closed at RM2.83 on April 16, 2012 (the announcement date of IGB REIT) versus RM2.84 closing price last Thursday.
Public Invest Research also said the offer price of RM2.88, was valuing IGB’s equity value at RM3.84bil, only 48% the estimated RM8bil RNAV, which it believes is conservative.
It pointed out it had yet to impute value coming from future assets such as MidValley SouthKey (1.8msf net lettable area), Southpoint (900ksf NLA), IGB International School, and few hotels and development projects that have potential RM10bil in gross development value.
“The offer price which among other things, derived from the reported book value of RM4.42bil or RM3.25 is unfair and unreasonable in our view as most assets in IGB are still valued at book value.
“Its 51.4% stake in IGB REIT is already worth RM2.2bil and it has a net cash position of RM700mil at holding level.
“Our earlier target price of RM4.10, that is a 30% discount to our RNAV estimate of RM5.85 is not valid if the take-over, or rather take-under is to take place. That said, we do believe the offeror’s bid of RM2.88 is not attractive,” it said.
Last Friday, IGB Corporation announced it had received a conditional take-over offer from Goldis for RM2.88 a share. As at June 17, Goldis owns about 32% (excluding treasury shares), and hence will pay about RM2.64bil to buy out the remaining stake in IGB.
“The deal, which is pricing the equity value of IGB at RM3.84bil, is substantially undervaluing the assets of IGB which we estimate to be worth at least RM8.0bil or RM5.85 a share.
“The speculation to buy the 30.66% stake in Goldis, has now turned into buying IGB outright at an unattractive pricing by the controlling shareholders, is a negative surprise. We downgrade IGB from Outperform to Neutral, as the stock's upside will be capped pending the progress of the ‘take-under’ in our view,” it said.
Source: The Star
Goldis offer for IGB unattractive: Public Invest Research
KUALA LUMPUR: Goldis Bhd’s takeover offer for IGB Corp has been described as unattractive by Public Invest Research as it downgraded IGB from Outperform to Neutral.
The research house said the offer at RM2.88, which was just four sen above the pre-suspension price of RM2.44, was undervaluing IGB’s assets.
Public Invest Research acknowledged IGB’s stock performance had been disappointing. Even with the listing of IGB REIT, the value unlocked has not really translated into higher stock price.
IGB closed at RM2.83 on April 16, 2012 (the announcement date of IGB REIT) versus RM2.84 closing price last Thursday.
Public Invest Research also said the offer price of RM2.88, was valuing IGB’s equity value at RM3.84bil, only 48% the estimated RM8bil RNAV, which it believes is conservative.
It pointed out it had yet to impute value coming from future assets such as MidValley SouthKey (1.8msf net lettable area), Southpoint (900ksf NLA), IGB International School, and few hotels and development projects that have potential RM10bil in gross development value.
“The offer price which among other things, derived from the reported book value of RM4.42bil or RM3.25 is unfair and unreasonable in our view as most assets in IGB are still valued at book value.
“Its 51.4% stake in IGB REIT is already worth RM2.2bil and it has a net cash position of RM700mil at holding level.
“Our earlier target price of RM4.10, that is a 30% discount to our RNAV estimate of RM5.85 is not valid if the take-over, or rather take-under is to take place. That said, we do believe the offeror’s bid of RM2.88 is not attractive,” it said.
Last Friday, IGB Corporation announced it had received a conditional take-over offer from Goldis for RM2.88 a share. As at June 17, Goldis owns about 32% (excluding treasury shares), and hence will pay about RM2.64bil to buy out the remaining stake in IGB.
“The deal, which is pricing the equity value of IGB at RM3.84bil, is substantially undervaluing the assets of IGB which we estimate to be worth at least RM8.0bil or RM5.85 a share.
“The speculation to buy the 30.66% stake in Goldis, has now turned into buying IGB outright at an unattractive pricing by the controlling shareholders, is a negative surprise. We downgrade IGB from Outperform to Neutral, as the stock's upside will be capped pending the progress of the ‘take-under’ in our view,” it said.
Source: The Star
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Re: IGB Corp
by winston » Mon Jul 21, 2014 5:38 pm
Public Invest Research keeps Outperform on IGB Corp
May 12, 2014
KUALA LUMPUR: Public Invest Research is maintaining its Outperform call on IGB Corporation with a target price of RM4.10 with unchanged 30% discount to its realised net asset value estimate of RM5.85.
It said on Monday it still likes IGB for its quality earnings and believes that dividends and share-buyback will limit any downside risk.
Last Friday, IGB Corp announced its 50%-owned Verokey Sdn Bhd had bought 1.81 acres of land for RM628.4mil.
“We understand that IGB is planning to improve the current planning permission and hence, the gross development value (GDV) cannot be ascertained as yet.
“The deal will be funded by both off-shore bank borrowings and charge of its fixed deposit for an amount equivalent to GBP57mil by IGB, which could be easily met by its strong cash flow from existing businesses and cash hoard of RM750mil,” it said.
Public Invest Research said IGB’s latest venture was the second largest land acquisition by Malaysian companies after the Battersea project (GBP400mil).
It believed the mixed development’s GDV would be RM4bil GDV, which was a significant investment by IGB and would contribute RM300mil profits (assuming 15% profit after tax) once it is launched.
Source: The Star
May 12, 2014
KUALA LUMPUR: Public Invest Research is maintaining its Outperform call on IGB Corporation with a target price of RM4.10 with unchanged 30% discount to its realised net asset value estimate of RM5.85.
It said on Monday it still likes IGB for its quality earnings and believes that dividends and share-buyback will limit any downside risk.
Last Friday, IGB Corp announced its 50%-owned Verokey Sdn Bhd had bought 1.81 acres of land for RM628.4mil.
“We understand that IGB is planning to improve the current planning permission and hence, the gross development value (GDV) cannot be ascertained as yet.
“The deal will be funded by both off-shore bank borrowings and charge of its fixed deposit for an amount equivalent to GBP57mil by IGB, which could be easily met by its strong cash flow from existing businesses and cash hoard of RM750mil,” it said.
Public Invest Research said IGB’s latest venture was the second largest land acquisition by Malaysian companies after the Battersea project (GBP400mil).
It believed the mixed development’s GDV would be RM4bil GDV, which was a significant investment by IGB and would contribute RM300mil profits (assuming 15% profit after tax) once it is launched.
Source: The Star
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winston - Billionaire Boss
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Re: IGB Corp
by winston » Tue Jul 22, 2014 4:38 pm
not vested
Goldis' proposed takeover price for IGB is seen as grossly unattractive by cecilia kok
PETALING JAYA: The Tan family’s attempt to tighten their grip on the crown jewel parked under IGB Corp Bhd will likely be met with resistance from minority shareholders, as the takeover offer made through Goldis Bhd has been deemed as unattractive by most market players.
Goldis’ offer of RM2.88 cash per IGB share is said to substantially undervalue the assets of the property development and investment company.
At least one research house has described the offer as unfair and unreasonable, while an analyst opined that Goldis’ price was not a “serious offer”.
“The offer made by Goldis for IGB’s shares does not make sense at all,” an analyst with a local bank told StarBiz.
“Minority shareholders are unlikely to accept the offer, given the low premium. If they wanted to cash out, then they might as well dispose of their shares on the open market and get cash now, rather than wait for another few weeks when the offer closes to cash out,” he explained.
Goldis’ offer represented a premium of only four sen, or 1.41%, over the pre-suspension price of IGB shares of RM2.84.
IGB shares yesterday gained four sen to close at RM2.88 upon the resumption of trading.
Goldis shares, on the other hand, fell nine sen to close at RM2.30.
IGB, in an announcement yesterday, said the board would not seek an alternative offer and had appointed an investment bank as the independent adviser.
“The shareholders of IGB are advised not to take any action until receipt of the independent advice circular,” IGB said.
The statement also stated that the decision was made by disinterested directors of the board, meaning without the members of the Tan family participating in the deliberations.
Both counters were suspended last Friday, pending the announcement of Goldis’ takeover offer for IGB.
Prior to their suspension, IGB shares were last traded at RM2.84, and Goldis at RM2.39.
“We view Goldis’ proposal as not a serious offer, as we believe the Tan family is only interested in buying out some minority shareholders to consolidate their holdings in IGB, which happens to be their crown jewel,” a banker noted.
“We believe Goldis’ conditional takeover offer for IGB will naturally lapse, without much success,” he said.
In its announcement last Friday, Goldis said it directly owned a 30.66% stake in IGB as at July 17, while persons acting in concert with it in the takeover offer collectively had 20.49%, thus raising the offerors’ shareholding in IGB to 51.15%.
Goldis explained that the rationale for the proposed exercise was to increase its direct stake in IGB to more than 50%. It has said that it intends to keep IGB as a listed entity.
Both Goldis and IGB are controlled by the family of the group’s co-founders, namely Datuk Tan Chin Nam and his late brother Tan Kim Yeow. Chin Nam is the family’s patriach.
His daughter Tan Lei Cheng currently helms Goldis as the company’s executive chairman and chief executive officer, while Kim Yeow’s son Datuk Robert Tan Chung Meng leads IGB as its group managing director.
Lei Cheng, Chung Meng and their siblings are substantial shareholders in both Goldis and IGB. They own substantial stakes in both companies directly and through various private vehicles.
IGB owns a 51.4% stake in IGB Real Estate Investment Trust (Reit), which wholly owns the Mid Valley Megamall and The Gardens Mall.
Both the malls, which are the jewels of the group, are considered among the most successful in Malaysia, with an occupancy rate of 98% as at December 2013. The exercise was seen as bringing closer the two malls to Goldis where the family has the majority stake.
PublicInvest Research in its report yesterday had described Goldis’ takeover offer for IGB as unattractive, as the deal was substantially undervaluing the assets of IGB.
The research house had consequently downgraded its rating on IGB to “neutral”, with a target price of RM2.88, from its earlier assessment of “outperform”, with a target price of RM4.10.
PublicInvest Research said it had estimated IGB’s assets to be worth at least RM8bil, or RM5.85 per share, which it said was already a conservative valuation.
The broker pointed out that Goldis’ offer valued IGB’s equity at RM3.84bil, which was only 48% the estimated revalued net asset value of RM8bil of IGB.
PublicInvest Research pointed out that it had yet to impute value coming from future assets such as MidValley SouthKey (1.8 milllion sq ft net lettable area), Southpoint (900,000 sq ft of net lettable area), IGB International School, and a few hotels and development projects that have a potential RM10bil in gross development value.
“The offer price, which among other things, derived from the reported book value of RM4.42bil or RM3.25 is unfair and unreasonable in our view, as most assets in IGB are still valued at book value.
Its 51.4% stake in IGB Reit is already worth RM2.2bil and it has a net cash position of RM700mil at holding level,” PublicInvest said, adding that IGB shares’ upside would be capped, pending the progress of the takeover offer from Goldis.
According to PublicInvest Research, at RM2.88, Goldis would have to fork out around RM2.67bil to buy out IGB.
“This is perplexing as Goldis has only around RM100mil cash, and will need to raise around RM2bil, which is still a huge amount considering its current capitalisation of RM1.45bil,” the brokerage pointed out.
It, however, believes the deal is good for Goldis.
“The effective RM2bil is even lower than the market value of IGB’s 51.4% stake in IGB Reit that is worth around RM2.2bil.
In other words, Goldis is paying IGB for its IGB Reit stake at a discount and getting everything else for free,” PublicInvest Research explained.
Source: The Star
Goldis' proposed takeover price for IGB is seen as grossly unattractive by cecilia kok
PETALING JAYA: The Tan family’s attempt to tighten their grip on the crown jewel parked under IGB Corp Bhd will likely be met with resistance from minority shareholders, as the takeover offer made through Goldis Bhd has been deemed as unattractive by most market players.
Goldis’ offer of RM2.88 cash per IGB share is said to substantially undervalue the assets of the property development and investment company.
At least one research house has described the offer as unfair and unreasonable, while an analyst opined that Goldis’ price was not a “serious offer”.
“The offer made by Goldis for IGB’s shares does not make sense at all,” an analyst with a local bank told StarBiz.
“Minority shareholders are unlikely to accept the offer, given the low premium. If they wanted to cash out, then they might as well dispose of their shares on the open market and get cash now, rather than wait for another few weeks when the offer closes to cash out,” he explained.
Goldis’ offer represented a premium of only four sen, or 1.41%, over the pre-suspension price of IGB shares of RM2.84.
IGB shares yesterday gained four sen to close at RM2.88 upon the resumption of trading.
Goldis shares, on the other hand, fell nine sen to close at RM2.30.
IGB, in an announcement yesterday, said the board would not seek an alternative offer and had appointed an investment bank as the independent adviser.
“The shareholders of IGB are advised not to take any action until receipt of the independent advice circular,” IGB said.
The statement also stated that the decision was made by disinterested directors of the board, meaning without the members of the Tan family participating in the deliberations.
Both counters were suspended last Friday, pending the announcement of Goldis’ takeover offer for IGB.
Prior to their suspension, IGB shares were last traded at RM2.84, and Goldis at RM2.39.
“We view Goldis’ proposal as not a serious offer, as we believe the Tan family is only interested in buying out some minority shareholders to consolidate their holdings in IGB, which happens to be their crown jewel,” a banker noted.
“We believe Goldis’ conditional takeover offer for IGB will naturally lapse, without much success,” he said.
In its announcement last Friday, Goldis said it directly owned a 30.66% stake in IGB as at July 17, while persons acting in concert with it in the takeover offer collectively had 20.49%, thus raising the offerors’ shareholding in IGB to 51.15%.
Goldis explained that the rationale for the proposed exercise was to increase its direct stake in IGB to more than 50%. It has said that it intends to keep IGB as a listed entity.
Both Goldis and IGB are controlled by the family of the group’s co-founders, namely Datuk Tan Chin Nam and his late brother Tan Kim Yeow. Chin Nam is the family’s patriach.
His daughter Tan Lei Cheng currently helms Goldis as the company’s executive chairman and chief executive officer, while Kim Yeow’s son Datuk Robert Tan Chung Meng leads IGB as its group managing director.
Lei Cheng, Chung Meng and their siblings are substantial shareholders in both Goldis and IGB. They own substantial stakes in both companies directly and through various private vehicles.
IGB owns a 51.4% stake in IGB Real Estate Investment Trust (Reit), which wholly owns the Mid Valley Megamall and The Gardens Mall.
Both the malls, which are the jewels of the group, are considered among the most successful in Malaysia, with an occupancy rate of 98% as at December 2013. The exercise was seen as bringing closer the two malls to Goldis where the family has the majority stake.
PublicInvest Research in its report yesterday had described Goldis’ takeover offer for IGB as unattractive, as the deal was substantially undervaluing the assets of IGB.
The research house had consequently downgraded its rating on IGB to “neutral”, with a target price of RM2.88, from its earlier assessment of “outperform”, with a target price of RM4.10.
PublicInvest Research said it had estimated IGB’s assets to be worth at least RM8bil, or RM5.85 per share, which it said was already a conservative valuation.
The broker pointed out that Goldis’ offer valued IGB’s equity at RM3.84bil, which was only 48% the estimated revalued net asset value of RM8bil of IGB.
PublicInvest Research pointed out that it had yet to impute value coming from future assets such as MidValley SouthKey (1.8 milllion sq ft net lettable area), Southpoint (900,000 sq ft of net lettable area), IGB International School, and a few hotels and development projects that have a potential RM10bil in gross development value.
“The offer price, which among other things, derived from the reported book value of RM4.42bil or RM3.25 is unfair and unreasonable in our view, as most assets in IGB are still valued at book value.
Its 51.4% stake in IGB Reit is already worth RM2.2bil and it has a net cash position of RM700mil at holding level,” PublicInvest said, adding that IGB shares’ upside would be capped, pending the progress of the takeover offer from Goldis.
According to PublicInvest Research, at RM2.88, Goldis would have to fork out around RM2.67bil to buy out IGB.
“This is perplexing as Goldis has only around RM100mil cash, and will need to raise around RM2bil, which is still a huge amount considering its current capitalisation of RM1.45bil,” the brokerage pointed out.
It, however, believes the deal is good for Goldis.
“The effective RM2bil is even lower than the market value of IGB’s 51.4% stake in IGB Reit that is worth around RM2.2bil.
In other words, Goldis is paying IGB for its IGB Reit stake at a discount and getting everything else for free,” PublicInvest Research explained.
Source: The Star
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Re: IGB Corp
by winston » Thu Aug 28, 2014 3:00 am
not vested
IGB Corp Q2 earnings up 9% to RM66.55mil
KUALA LUMPUR: IGB Corporation Bhd reported a firm set of earnings in the second quarter ended June 30, 2014, underpinned by contributions from all its operating divisions.
The property company announced on Wednesday its earnings rose 9% to RM66.55mil from RM61.03mil.
Its revenue increased by 16.4% to RM293.05mil from RM261.79mil. Earnings per share were 4.95 sen compared with 4.33 sen. Its net asset per share was RM3.32.
"Group pre-tax profit increased by 2% to RM113.03mil when compared to pre-tax profit of RM110.36mil achieved in the corresponding period in 2013 due to better performance from most of the operating divisions," it said.
Trade and other receivables had jumped to RM602.88mil as at June 30, 2014 from RM221.35mil on Dec 31, 2013.
In the first half, its earnings rose 14.5% to RM124.91mil from RM109.09mil in the previous corresponding period. Its revenue increased by 19.05% to RM589.13mil from RM494.84mil.
IGB said turnover from the property development division increased by more than 100% to RM97.3mil (2013: RM45.3mi), property investment division increased by 8% to RM287.9mil (2013: RM265.3mil), hotel division increased by 4% to RM180.6mil (2013:RM173.7mil) and investment division increased by more than 100% to RM20.3mil (2013: RM6.3mil).
"In the Property Development division, about 97% of the available 474 units of service apartments at G Residence have been sold with total sales value of about RM369mil," it said.
The group's new service apartment development, known as Three28 Tun Razak, which was launched in October 2013, has up till to-date achieved sales of over 85% with total sales value of RM145.0mil. At Sierramas, the group will soon be launching 41 units of strata bungalows called Park Manor.
IGB said as for the property investment division, total rental income received from the group's office buildings for the six months to June 30, 2014 was RM65.6mil compared to RM62.2mil in 2013, an increase of about 5%.
All five office towers in Mid Valley City are closed to 100% occupied whilst Menara Tan & Tan and Plaza Permata are 85% and 79% occupied respectively.
"The group's retail division, represented by IGB REIT, the owner of Mid Valley Megamall and The Gardens Mall reported total revenue and net property income of RM229.6mil (2013: RM208.4mil) and RM156.1mil (2013: RM139.7mil) respectively, an increase of about 10% and 12% respectively when compared to 2013," it said.
IGB said the hotel division recorded total turnover of RM180.6mil, up 4% from the RM173.7mil in 2012. All hotels in the group achieved higher average room rates when compared to 2013. In addition, with the exception of MiCasa Apartments Kuala Lumpur and Cititel Express Kuala Lumpur, all other local hotels recorded higher average occupancy rates when compared to 2013.
Source: The Star
IGB Corp Q2 earnings up 9% to RM66.55mil
KUALA LUMPUR: IGB Corporation Bhd reported a firm set of earnings in the second quarter ended June 30, 2014, underpinned by contributions from all its operating divisions.
The property company announced on Wednesday its earnings rose 9% to RM66.55mil from RM61.03mil.
Its revenue increased by 16.4% to RM293.05mil from RM261.79mil. Earnings per share were 4.95 sen compared with 4.33 sen. Its net asset per share was RM3.32.
"Group pre-tax profit increased by 2% to RM113.03mil when compared to pre-tax profit of RM110.36mil achieved in the corresponding period in 2013 due to better performance from most of the operating divisions," it said.
Trade and other receivables had jumped to RM602.88mil as at June 30, 2014 from RM221.35mil on Dec 31, 2013.
In the first half, its earnings rose 14.5% to RM124.91mil from RM109.09mil in the previous corresponding period. Its revenue increased by 19.05% to RM589.13mil from RM494.84mil.
IGB said turnover from the property development division increased by more than 100% to RM97.3mil (2013: RM45.3mi), property investment division increased by 8% to RM287.9mil (2013: RM265.3mil), hotel division increased by 4% to RM180.6mil (2013:RM173.7mil) and investment division increased by more than 100% to RM20.3mil (2013: RM6.3mil).
"In the Property Development division, about 97% of the available 474 units of service apartments at G Residence have been sold with total sales value of about RM369mil," it said.
The group's new service apartment development, known as Three28 Tun Razak, which was launched in October 2013, has up till to-date achieved sales of over 85% with total sales value of RM145.0mil. At Sierramas, the group will soon be launching 41 units of strata bungalows called Park Manor.
IGB said as for the property investment division, total rental income received from the group's office buildings for the six months to June 30, 2014 was RM65.6mil compared to RM62.2mil in 2013, an increase of about 5%.
All five office towers in Mid Valley City are closed to 100% occupied whilst Menara Tan & Tan and Plaza Permata are 85% and 79% occupied respectively.
"The group's retail division, represented by IGB REIT, the owner of Mid Valley Megamall and The Gardens Mall reported total revenue and net property income of RM229.6mil (2013: RM208.4mil) and RM156.1mil (2013: RM139.7mil) respectively, an increase of about 10% and 12% respectively when compared to 2013," it said.
IGB said the hotel division recorded total turnover of RM180.6mil, up 4% from the RM173.7mil in 2012. All hotels in the group achieved higher average room rates when compared to 2013. In addition, with the exception of MiCasa Apartments Kuala Lumpur and Cititel Express Kuala Lumpur, all other local hotels recorded higher average occupancy rates when compared to 2013.
Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: IGB Corp
by winston » Sun Oct 05, 2014 2:50 am
Takeover offer for IGB ends Oct 9, says Goldis
KUALA LUMPUR: Goldis Bhd, which launched a takeover bid for IGB Corp Bhd in July with a RM2.88 per share, has sent its offer documents offer to the latter’s board of directors and shareholders.
The offer is open until 5pm on October 29, Goldis said in a filing to Bursa Malaysia yesterday.
The independent advice circular on the buyout, meanwhile, will be sent to IGB’s shareholders and directors within 10 days, it added.
Goldis is offering a premium of four sen, or 1.41 per cent, over IGB’s pre-suspension price of RM2.84.
The company had said at the time it directly owned a 31.11 per cent stake in IGB, while the persons acting in concert with it collectively held 20.49 per cent.
Analysts had then said the RM2.88 offer price substantially undervalued the assets of the property development and investment company.
The consensus view was that minority shareholders were unlikely to accept the offer, given the low premium.
PublicInvest Research previously estimated IGB’s assets to be worth at least RM8 billion, or RM5.85 per share, which it said was already a conservative valuation.
Meanwhile, Goldis issued an independent advice circular to its non-interested shareholders yesterday.
Kenanga Investment Bank Bhd, hired by Goldis as the independent adviser, has recommended Goldis’ minority shareholders to vote in favour of the offer at its upcoming extraordinary general meeting.
Kenanga IB has tagged the offer “fair and reasonable” despite acknowledging that the offer price is a steep discount to IGB’s realised net asset value of RM5.33 per share.
Both Goldis and IGB are controlled by the family of the group’s co-founders, Datuk Tan Chin Nam and his late brother Tan Kim Yeow.
Source: NST
KUALA LUMPUR: Goldis Bhd, which launched a takeover bid for IGB Corp Bhd in July with a RM2.88 per share, has sent its offer documents offer to the latter’s board of directors and shareholders.
The offer is open until 5pm on October 29, Goldis said in a filing to Bursa Malaysia yesterday.
The independent advice circular on the buyout, meanwhile, will be sent to IGB’s shareholders and directors within 10 days, it added.
Goldis is offering a premium of four sen, or 1.41 per cent, over IGB’s pre-suspension price of RM2.84.
The company had said at the time it directly owned a 31.11 per cent stake in IGB, while the persons acting in concert with it collectively held 20.49 per cent.
Analysts had then said the RM2.88 offer price substantially undervalued the assets of the property development and investment company.
The consensus view was that minority shareholders were unlikely to accept the offer, given the low premium.
PublicInvest Research previously estimated IGB’s assets to be worth at least RM8 billion, or RM5.85 per share, which it said was already a conservative valuation.
Meanwhile, Goldis issued an independent advice circular to its non-interested shareholders yesterday.
Kenanga Investment Bank Bhd, hired by Goldis as the independent adviser, has recommended Goldis’ minority shareholders to vote in favour of the offer at its upcoming extraordinary general meeting.
Kenanga IB has tagged the offer “fair and reasonable” despite acknowledging that the offer price is a steep discount to IGB’s realised net asset value of RM5.33 per share.
Both Goldis and IGB are controlled by the family of the group’s co-founders, Datuk Tan Chin Nam and his late brother Tan Kim Yeow.
Source: NST
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: IGB Corp
by winston » Wed Oct 15, 2014 6:05 am
RHB says Goldis offer for IGB ‘not fair’, shareholders should reject bid
Source: The Star
http://www.thestar.com.my/Business/Busi ... ?style=biz
Source: The Star
http://www.thestar.com.my/Business/Busi ... ?style=biz
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: IGB Corp
by winston » Tue Oct 21, 2014 5:25 am
not vested
Goldis gets 51% of IGB, offer becomes unconditional
Monday, 20 October 2014
KUALA LUMPUR: Goldis Bhd’s takeover of IGB Corp at RM2.88 a share has become unconditional after it held more than 50% stake.
In a filing to Bursa Malaysia on Monday, Goldis said it had received valid acceptances of more than 50% of the total voting shares of IGB Corp.
It said the closing date and the time for acceptance of the offer have been extended from 5pm on Oct 29, 2015 to 5pm on Nov 6, 2014.
Goldis directly own 31.11% or 415.24 million shares in IGB while the persons acting in concert with it collectively held 20.15%, or 269.02 million shares as of Oct 17.
Goldis’ stake currently is 51.26% or 684.27 million shares.
When Goldis proposed the exercise on July 17, it said the rationale was to increase its direct stake in IGB to more than 50%.
Source: The Star
Goldis gets 51% of IGB, offer becomes unconditional
Monday, 20 October 2014
KUALA LUMPUR: Goldis Bhd’s takeover of IGB Corp at RM2.88 a share has become unconditional after it held more than 50% stake.
In a filing to Bursa Malaysia on Monday, Goldis said it had received valid acceptances of more than 50% of the total voting shares of IGB Corp.
It said the closing date and the time for acceptance of the offer have been extended from 5pm on Oct 29, 2015 to 5pm on Nov 6, 2014.
Goldis directly own 31.11% or 415.24 million shares in IGB while the persons acting in concert with it collectively held 20.15%, or 269.02 million shares as of Oct 17.
Goldis’ stake currently is 51.26% or 684.27 million shares.
When Goldis proposed the exercise on July 17, it said the rationale was to increase its direct stake in IGB to more than 50%.
Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: IGB Corp
by winston » Fri Nov 07, 2014 8:31 am
not vested
Goldis’ offer expires
PETALING JAYA: Goldis Bhd told Bursa Malaysia that its conditional takeover offer to acquire all the remaining shares in IGB Corp Bhd it does not already own has closed at 5pm yesterday.
On the final closing date, Goldis, which is the offeror, holds 978.79 million IGB Corp shares, representing about 73.32% of the issued and paid-up capital of IGB Corp (excluding treasury shares).
Source: The Star
Goldis’ offer expires
PETALING JAYA: Goldis Bhd told Bursa Malaysia that its conditional takeover offer to acquire all the remaining shares in IGB Corp Bhd it does not already own has closed at 5pm yesterday.
On the final closing date, Goldis, which is the offeror, holds 978.79 million IGB Corp shares, representing about 73.32% of the issued and paid-up capital of IGB Corp (excluding treasury shares).
Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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