IGB Corp / Tan Chin Nam

Re: IGB Corp / Tan Chin Nam

Postby winston » Thu Nov 24, 2016 7:25 am

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IGB third-quarter pre-tax profit surges 149%

Cititel Express is one of the three hotels disposed by the IGB group this year.

KUALA LUMPUR: IGB Corporation Bhd's pre-tax profit surged 149% to RM252.64 million in the third quarter ended Sept 30, 2016, from RM101.36 million a year earlier.

In a filing with Bursa Malaysia on Wednesday, the group said the higher profit was mainly attributed to contributions from the property development, property investment-retail and hotel divisions.

In addition, it said the pre-tax profit for the quarter included a one-off gain of RM136.20 million from the disposal of property, plant and equipment by a subsidiary.

Revenue increased 18% to RM324.71 million compared with RM274.49 million in the corresponding period of 2015.

During the year the group disposed of three hotels.

Cititel Express Kuala Lumpur was disposed of in May 2016 for a cash consideration of RM37.0 million and in July 2016, the group's 65%-owned MiCasa Hotel, Yangon was disposed of for a cash consideration of US$46 million.

In August 2016, the group's wholly-owned subsidiary, Great Union Properties Sdn Bhd, entered into a conditional agreement for the disposal of Renaissance Kuala Lumpur Hotel for a cash consideration of RM765 million.

The agreement became unconditional on Oct 31, 2016, and the disposal is expected to be completed in the first half of 2017.

With the inclusion of the pre-tax gain of RM136.2 million arising from the disposal of MiCasa Yangon, the board is optimistic that there will be an improvement in the results of the group for financial year 2016 compared with FY2015, IGB said.

The company's shares resumed trading at RM2.48, up one sen, at 10am after halting for one hour. As at 10.30am they were up two sen to RM2.49 with 218,000 shares traded.

Source: Bernama
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Re: IGB Corp / Tan Chin Nam

Postby winston » Sun Feb 05, 2017 10:01 pm

Datuk Tan Chin Nam and Datuk Seri Robert Tan Chung Meng family
IGB Bhd and Tan & Tan Development Bhd
Net worth: RM1.784bil

THE family of Datuk Tan Chin Nam, 90 and his nephew Datuk Seri Robert Tan Chung Meng, 63 control IGB Corp Bhd and Tan & Tan Development Bhd.

The net worth of Chin Nam, Robert and family stood at RM1.784bil last year, down 11.2% placing them at 28th spot under Malaysia’s rich list 2016.

Both Chin Nam and his late brother Tan Kim Yeow were the co-founders of the IGB Group back in 1970s and later acquired Tan & Tan Development in 2002.

To date, IGB and Tan & Tan are one of Malaysia’s leading versatile property developers with a remarkable track record in condominiums, landed properties and gated communities, commercial and residential buildings, and hospital development.

It is synonymous with big projects namely the Mid Valley Megamall - one of the world’s largest shopping mall, Shangri-La Hotels in Malaysia , Desa Kudalari in KL - Malaysia’s first condominium, MiCasa - Malaysia’s first serviced apartments combined with hotel facilities, low-rise condominium Desa Angkasa and one of Ipoh’s earliest housing estate, Ipoh Garden.

Last year the group was quiet as far as corporate moves were concerned. The only significant development is IGB looking to raise a RM1bil medum term notes to finance the building of Johor’s biggest retail mall, the Southkey Mall in Johor Baru.

On the overseas front, billionaire and property magnate Chin Nam undertook the renovation of Queen Victoria Building and Capitol Theatre in Sydney Australia.

Source: The Star
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Re: IGB Corp / Tan Chin Nam

Postby winston » Fri Feb 24, 2017 8:39 am

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The Board of Directors of IGB ("Board") has today received a proposal ("Proposal Letter") from Goldis on the proposed acquisition by Goldis of the entire equity interest in IGB not already owned by Goldis, by way of a members' scheme of arrangement pursuant to Section 366 of the Companies Act, 2016, between IGB and all the shareholders of IGB, other than Goldis ("Proposed Scheme").

http://www.bursamalaysia.com/market/lis ... ts/5345677
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Re: IGB Corp / Tan Chin Nam

Postby winston » Fri Feb 24, 2017 8:45 am

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IGB CORPORATION BERHAD

Interim single-tier dividend of 5 sen per ordinary share for the financial year ended 31 December 2016.

Kindly be advised of the following :
1) The above Company's securities will be traded and quoted "Ex - Dividend” as from: 3 Mar 2017
2) The last date of lodgment : 7 Mar 2017
3) Date Payable : 17 Mar 2017
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Re: IGB Corp / Tan Chin Nam

Postby winston » Fri Feb 24, 2017 3:19 pm

IGB Corp up 15% on takeover offer

By Sangeetha Amarthalingam

KUALA LUMPUR (Feb 24): IGB Corp Bhd shares rose as much as 38 sen or 15% after controlling shareholder Goldis Bhd made a takeover offer for the remaining IGB shares at RM3 each.

Goldis already owns 73.43% of IGB, which is involved in diversified businesses including construction, property development and education.

IGB shares rose to their highest so far today at RM2.90. At 11:55am, the stock pared gains at RM2.88 for a market capitalisation of RM3.86 billion.

The fifth-largest gainer on Bursa Malaysia saw some two million shares traded. IGB's latest-reported net assets per share stood at RM3.3731.

Public Investment Bank Bhd said in a note today Goldis' offer was "not attractive" as the RM3 offer price was below Public Investment's revalued net asset value (RNAV) estimate of RM6.88 for IGB.

"The new bid offers about 19% premium to the last closing price. Again, we still believe the company is grossly undervalued and reckon the offer price, which is at 56% discount of our RNAV estimate, is not attractive," Public Investment said.

Source: The Edge

http://www.theedgemarkets.com/my/articl ... over-offer
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Re: IGB Corp / Tan Chin Nam

Postby winston » Sat Apr 01, 2017 2:09 pm

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Untying the IGB knot

BY GURMEET KAUR andY VONNE TAN

Members of the Tan family, led by nonagenarian Datuk Tan Chin Nam, are the controlling shareholders of Goldis, which hold 73.43% in IGB.

Consequently, the Tans are not eligible to vote on the proposed takeover deal because they are a related party to it.

The ones who can vote at IGB hold a collective stake of 26.57%.

Among these shareholders are the Employees Provident Fund (EPF), which is the single largest shareholder with a 5.14% stake, Singapore’s GIC Ltd, Somerset Capital Management LLP, as well as Public Mutual Bhd.


IGB has until April 28 to evaluate the proposed scheme and decide if it wants to recommend it to its shareholders.


Like before, this new offer at RM3 per share comes at a steep discount to the revalued net asset value (RNAV) of IGB, which stands at RM8.04.


IGB has prized assets such as Mid Valley City, which comprises 2.7 million sq ft of retail mall space, 3.2 million sq ft of prime office space in Kuala Lumpur and over 5,500 hotel rooms across the globe, according to a note by AllianceDBS Research.

IGB also owns a 52.3% stake in IGB Reit, which, in turn, owns Mid Valley Megamall and The Gardens Mall.

IGB’s balance sheet has also gotten an additional boost with the sale of its Renaissance Kuala Lumpur Hotel for RM765mil completed earlier this year.

The gain of RM85mil from this exercise is expected to boost IGB’s overall net profit for its financial year ending Dec 31, 2017 by close to 40%, according to analyst estimates.


Source: The Star

http://www.thestar.com.my/business/busi ... -igb-knot/
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Re: IGB Corp / Tan Chin Nam

Postby winston » Thu Apr 27, 2017 8:53 am

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IGB board to let shareholders decide on privatisation proposal

KUALA LUMPUR: IGB Corp Bhd will present a proposal to take the company private to its shareholders.

In an announcement to Bursa Malaysia on Wednesday, IGB said the proposal by its biggest shareholder Goldis Bhd, which seeks to acquire the remaining shares in IGB not already owned by it, would be forwarded to its shareholders to decide.

Goldis currently holds 73.43% of IGB’s share capital, excluding treasury shares.

IGB said the board of directors, minus interested directors, had deliberated on the offer by Goldis and had decided to put forward the offer to the eligible shareholders for consideration based on the preliminary opinion of independent adviser Kenanga Investment Bank Bhd.

Goldis, which submitted a formal proposal on Feb 23, had asked IGB to revert by March 30 on its decision whether to put forward the proposal to its shareholders for consideration.

At the end of March, IGB’s board asked for more time - until April 28 - to evaluate the offer, which Goldis agreed to give.

IGB shareholders are offered RM3 for each IGB share held, but they can choose to be paid in one of three ways: 100% cash, a mixture of cash (30%) and Goldis shares (70%), or a combination of cash (20%) and new Goldis redeemable convertible preference shares (80%).

Goldis will be paying a total consideration of about RM1.06bil.

IGB has prized assets such as Mid Valley City, which comprises 2.7 million sq ft of retail mall space, 3.2 million sq ft of prime office space in Kuala Lumpur and over 5,500 hotel rooms across the globe, according to a note by AllianceDBS Research.

IGB also owns a 52.3% stake in IGB Real Estate Investment Trust, which in turn owns Mid Valley Megamall and The Gardens Mall.

On completion of the proposed scheme, Goldis intends to rename the group IGB Bhd, which stands for “Ipoh Goldis Bersatu”.

Source: The Star

http://www.thestar.com.my/business/busi ... -proposal/
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Re: IGB Corp / Tan Chin Nam

Postby winston » Mon Jul 03, 2017 3:57 pm

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Goldis Bhd: Revising the options for its takeover offer for IGB Corp Bhd.

Originally, Goldis offered three options available to IGB shareholders — cash only or cash plus Goldis shares on a 30:70 ratio respectively, and the third option is cash plus new redeemable
convertible cumulative preference shares (RCCPS) on a 20:80 ratio respectively.

Meanwhile, shareholders owning fewer than 100 IGB shares would be offered cash only.

However, Goldis said it wants to allow all scheme shareholders to have the same election
rights, whereby those with fewer than 100 IGB shares can elect for the Cash Option, the Cash and Share Option or the Revised Cash and New RCCPs Option.

Secondly, the proportion of cash to new RCCPS to be offered under the Cash and New RCCPS Option has been revised from 20% in cash and 80% New RCCPS to 12% in cash and 88% new RCCPS.

Source: The Edge
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Re: IGB Corp / Tan Chin Nam

Postby winston » Sat Jun 08, 2019 9:32 pm

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April 10, 2018

IGB BHD
By PublicInvest Research

Neutral
Target Price: RM3.20

IGB Bhd, formerly Goldis Bhd, has completed its acquisition of the remaining stake in IGB Corp last month.

PublicInvest Research said that in terms of operation, the combined entity should not have much overlaps and hence, see business as usual, going forward. Datuk Seri Robert Tan was also just appointed as the group’s CEO.

As for pipeline assets, Southpoint Tower in Mid Valley City (offices) is on track to be completed by the first half of this year.

As reported earlier, PublicInvest said the pre-leasing indications suggested that demand is good and the building should have no problem filling up once it is completed.

The remaining one-third of Southpoint Tower, which was converted into residential units, was also soft-launched with selling prices ranging from RM1,600 to RM1,800 per sq ft.

As for Mid Valley Southkey in Iskandar Malaysia, the new mall is on track to be unveiled by second-half this year, with opening of the mall expected on Aug 8.

To recap, the project has a combined gross development value of RM6bil and will be developed in a few phases.

As for the first phase, IGB will build a mall which is said to be an improved version of the existing mall in Midvalley, Kuala Lumpur.

Other phases will encompass three hotels (870 rooms), four offices and one serviced apartment (290 units) with an estimated development period of 12 years.

It is understood that the pre-leasing has started, with the group confident to open the mall with most of the available rental space taken. Rental is also expected to be at least 80% of the current rental enjoyed by Mid Valley City.

Separately, PublicInvest said IGB’s mixed development project in London would again see its launch delayed due to slower-than-expected approvals and hence likely to result in no launchings this year.

Source: The Star

https://www.thestar.com.my/business/bus ... kymr2Cu.99
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Re: IGB Corp / Tan Chin Nam

Postby winston » Sat Jun 08, 2019 9:44 pm

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IGB 3Q net profit surges 91% on higher contribution from property development, investments

by Samantha Ho

November 14, 2018

KUALA LUMPUR (Nov 14): IGB Bhd's third quarter net profit surged 90.91% to RM68.29 million, from RM35.77 million a year ago, due to higher contribution from the group's property development and investments in both retail and commercial properties.

Earnings per share for the quarter ended Sept 30, 2018 rose 75.17% to 10.3 sen from 5.88 sen previously, IGB said in a stock exchange filing today.

Revenue for the period climbed 23.54% to RM353.22 million, from RM285.92 million a year earlier, on higher sales in the property development, retail property investment and investment divisions, it added.

The group's retail property investment division saw IGB REIT, the owner of Mid Valley Megamall and The Gardens mall, record higher gross revenue and net property income during the quarter.

Meanwhile, its commercial property investment building recorded over 80% in average rental rates, which is comparable to the previous year.

The group's property development division recorded significantly higher revenue due to a higher percentage of completion for its Stonor 3 development project, which is about 55% completed.

IGB said that for the nine months ended Sept 30, 2018, the group saw a 12.17% increase in revenue to RM940.91 million, from RM838.86 million a year ago.

Net profit, however, declined 7.49% to RM143.64 million from RM155.26 million over the same period as the previous year's results had included a one-off gain.

Going forward, IGB said the property development and property investment segments are expected to be more challenging in the near term due to the scheduled increase in supply of new retail space and slower demand for office space in Kuala Lumpur.

"However, with the prime location of the group's retail malls and office buildings, the board expects contribution from this segment to be satisfactory," it added.

IGB said the recent completion of the Mid Valley Southpoint offices is expected to contribute positively to the group.

Shares in IGB closed up one sen or 0.38% at RM2.61 today, leaving the group with a RM1.8 billion market capitalisation.

Source: The Edge

https://www.theedgemarkets.com/article/ ... nvestments
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