IGB Corp / Tan Chin Nam

Re: IGB Corp / Tan Chin Nam

Postby winston » Thu Oct 03, 2019 10:11 am

vested

Share Buybacks

1. Sept 23-27: 610,000 @ RM 2.79 to 2.80; RM 11.8m
2. Oct 2: 288,000 @ RM 2.78 to RM 2.79; RM 0.8m; Subtotal: RM 12.6m
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: IGB Corp / Tan Chin Nam

Postby winston » Fri Nov 22, 2019 9:31 am

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IGB BERHAD ("IGB") PROPOSED ESTABLISHMENT AND LISTING OF A COMMERCIAL REAL ESTATE INVESTMENT TRUST ("IGB COMMERCIAL REIT") ON THE MAIN MARKET OF BURSA MALAYSIA SECURITIES BERHAD ("BURSA SECURITIES") ("PROPOSED REIT ESTABLISHMENT AND LISTING")

The initial investment portfolio of IGB Commercial REIT shall comprise the following commercial properties (“Subject Properties”) located in Kuala Lumpur, which are currently owned by the subsidiaries of IGB:
Menara IGB, Mid Valley City;
Centrepoint South, Mid Valley City;
Centrepoint North, Mid Valley City;
The Gardens South Tower, Mid Valley City;
The Gardens North Tower, Mid Valley City;
Menara Southpoint (excluding the residential units), Mid Valley City;
Boulevard Offices (Blocks 25 and 27), Mid Valley City;
Menara Tan & Tan, Jalan Tun Razak; and
GTower, Jalan Tun Razak.

http://www.bursamalaysia.com/market/lis ... ts/6346021
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Re: IGB Corp / Tan Chin Nam

Postby winston » Sat Nov 23, 2019 11:25 am

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IGB jumps 18% on listing of IGB Commercial REIT

KUALA LUMPUR: Shares in IGB Bhd jumped over 18% in early trade Friday on the establishment and listing of its IGB Commercial REIT on the Main Market of Bursa Malaysia Securities.

The property investment company, the top gainer on Bursa Malaysia, jumped 18.89%, or 51 sen to RM3.21 with 320,600 shares done.

IGB is planning to establish and list IGB Commercial REIT on the Main Market of Bursa Malaysia Securities.

This would be the second REIT under IGB in addition to IGB REIT which has Mid Valley Megamall and The Gardens Mall in its portfolio.

The initial investment portfolio of IGB Commercial REIT will comprise Menara IGB, Centrepoint South, Centrepoint North, The Gardens South Tower, The Gardens North Tower, Menara Southpoint (excluding the residential units), Boulevard Offices (Blocks 25 and 27). All of them are located within Mid Valley City in Kuala Lumpur.

Menara Tan & Tan and G Tower on Jalan Tun Razak, Kuala Lumpur, are also part of the portfolio.

Meanwhile, IGB’s third quarter net profit down 2.69% on lower contribution from hotel and commercial property division.

IGB’s net profit fell 2.69% to RM66.46 million for the third quarter ended Sept 30,2019, from RM68.29mil a year ago, due to lower contribution from the property investment for commercial property division and hotel division.

Revenue for the period climbed 3.15% to RM364.36mil from RM353.22mil a year earlier.

For the first nine months of the year, IGB’s net profit rose 3.6% to RM148.76mil from RM143.64mil, with revenue expanding 7.9% to RM1.02bil from RM940.91mil.

Source: The Star

https://www.thestar.com.my/business/bus ... t3ujmqU.99
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Re: IGB Corp / Tan Chin Nam

Postby winston » Mon Nov 25, 2019 10:42 am

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IGB’s new commercial REIT plan stirs excitement

by Syahirah Syed Jaafar

KUALA LUMPUR: IGB Bhd’s announcement that it is going to spin-off its commercial properties into a real estate investment trust (REIT) is a pleasant surprise and marks a step closer to realise the group’s fair value, analysts say.

Following last Thursday’s announcement, whereby IGB said the assets will comprise of nine office buildings spread over Mid Valley City and those along Jalan Tun Razak, IGB shares jumped 39 sen or 14.4% to close at a high of RM3.09, its highest since mid-February last year.

Kok Chiew Sia, a senior analyst from Singapore-based Pangolin Investment Management, whose fund Pangolin Asia Fund owns 3.03% in IGB Bhd since 2017, said they were pleasantly surprised by the news as a shareholder.

Kok noted that despite the stock’s closing price last Friday, IGB is still trading at a 75% discount to its fair value.

Public Investment Bank estimates that the commercial assets could be worth in excess of RM3 billion. “Assuming IGB is keeping a 51% stake, the listing could monetise at least RM1.5 billion for shareholders,” it said in a note last Friday. IGB currently has a 52.92% stake in IGB REIT.

Public Investment Bank also upgraded IGB to “outperform” from “neutral”, with a revised target price of RM4.70.

Kok, similarly, thinks the new REIT’s portfolio could be worth around the same amount.

She said during the privatisation of IGB Corp in 2017 by IGB Bhd (previously Goldis Bhd), the independent adviser at the time, Kenanga Investment, had appraised some of the major properties in IGB Group.

And five out of nine properties to be spun-off into the commercial REIT were valued at RM2.7 billion at the time. These are: The Gardens South Tower, The Gardens North Tower, Menara Southpoint, Menara Tan & Tan and G Tower.

“If the value still holds and by adding the other four properties into the same basket, we reckon the REIT portfolio could be worth about RM3 billion or more,” said Kok.

“However, we noticed that there are three commercial assets being excluded in this proposal, perhaps these are reserved for later injection,” she said. The three properties not included in the list, she said, are Hampshire Place, Plaza Permata and The Ampwalk.

According to Kok, IGB never revalued its assets, with the last revaluation date going back as far back as 1999 (based on its 2018 annual report).

“We think IGB shares are worth as much as RM12 per share if we are to revalue its properties. This is equivalent to a market capitalisation of US$2 billion,” she said.

Source: The Edge

https://www.theedgemarkets.com/article/ ... excitement
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Re: IGB Corp / Tan Chin Nam

Postby winston » Wed Dec 04, 2019 10:23 am

IGB and partner plan to sell UK-based JV firm for RM1.27b

by Arjuna Chandran Shankar

KUALA LUMPUR: IGB Bhd, whose shares hit an all-time high yesterday, together with its partner Tower Ray Ltd, plans to sell their 50-50-owned UK-based Black Pearl Ltd, which owns a plot of freehold London land, for £235 million or RM1.27 billion.

IGB said in a bourse filing yesterday that its 50% stake in Black Pearl is held under wholly owned Verokey Sdn Bhd. “Verokey and Tower Ray, each hold a 50% stake in Black Pearl Ltd, which owns the freehold title to the land known as 18 Blackfriars Road, SE1, London,” the group said.

Verokey and Tower Ray inked a non-binding heads of terms (HoT) agreement yesterday with Hero Inc Ltd, Staycity Ltd and BSW Land and Property Ltd, who want to buy their stakes in Black Pearl.

The proposed purchase consideration is equal to Black Pearl’s net asset value, calculated on the basis of a valuation of the property, IGB said. The group, however, did not specify how the proposed consideration would be satisfied.

“The head of terms set out the understanding and intention of the Vendors and Purchasers (collectively, the parties) in respect of the proposed transaction. The head of terms are subject to inter-alia, satisfactory outcome of due diligence on the property and the proposed transaction. The head of terms provide for exclusivity for the purchasers until Feb 7, 2020,” IGB said.

“Full announcement of the proposed transaction will be made in the event the parties execute a sale and purchase agreement, which shall constitute the definitive documentation providing the details in respect of the matters broadly set out in the heads of terms,” the group added.

In Black Pearl’s planning application to the Greater London Authority that was submitted in April last year, it wants to build six buildings ranging from five to 53-storey each, on the 18 Blackfriars Road site that measures 0.80ha in total.

This redevelopment will include an office space, a 548-room hotel, 288 residential units, a flexible retail component, a restaurant, a music venue, and car parks, among others. The architect for the redevelopment was listed as Wilkinson Eyre.

Source: The Edge

https://www.theedgemarkets.com/article/ ... irm-rm127b
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Re: IGB Corp / Tan Chin Nam

Postby winston » Thu Dec 05, 2019 10:11 am

Asset sale pushes IGB’s share price to all-time high

by Arjuna Chandran Shankar

KUALA LUMPUR: IGB Bhd’s share price soared 15.3% to an all-time high of RM3.92 yesterday. The leap on a single trading day is the biggest in recent years.

The expectation of IGB receiving sale proceeds of some RM635 million after the land sale in the UK continued fan buying interest in the usual hardly traded property stock.

The counter, which rose 15.29% or 52 sen to RM3.92 yesterday, was the top gainer on Bursa Malaysia. This is the largest jump in IGB’s share price in recent years.

PublicInvest Research has an “outperform” call on IGB with a target price of RM4.70, which is 50% discount on its estimation of the group’s revised net asset value of RM9.40.

“Hot on the heels on the group’s plan to list its commercial assets via a REIT, it announced that it is disposing of its 50% stake in Black Pearl Ltd, a company which owns land known as 18 Blackfriars Road in London for £235 million (around RM1.27 billion),” PublicInvest wrote in a research note.

According to its financial year 2018 annual report, IGB’s list of assets included 31.5 acres of leasehold land expiring in 2100 in southern Johor which is earmarked for Southkey project, Mid Valley South Point at Mid Valley City that carries net book value (NBV) of RM728.63 million, The Gardens Mall that has an NBV of RM481.34 million.

On top of that, it owns a list of hotels for example, Boulevard Hotel, Mid Valley, Cititel Hotel, Mid Valley, MiCasa Hotel Apartments plus office buildings, such as Menara Tan & Tan, Menara IGB, The Garden — North Office and The Garden — South Office.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ltime-high
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