OSK Holdings / Ong Leong Huat

OSK Holdings / Ong Leong Huat

Postby behappyalways » Wed Jan 08, 2014 6:01 pm

not vested

As of May 2013......

1. 245m RHB Capital Berhad (RHBC)
2. 24 storey Plaza OSK (2012 Book Value RM157m)
3. 1.4 acre prime land(formerly housed Tai Thong Royal China Restaurant) next to office block in Jalan Ampang, Kuala Lumpur being developed into retail and commercial property with gross development value of RM 1billion. (2012 Book Value RM149m)

at RM8.41(May 2013), 245m RHBC shares are worth RM2.06bilion - larger than OSK's market cap of RM1.52b at closing price RM1.54 (May 2013)

As of 8 Jan 2014

1. 252m RHBC (due to scrip dividend) -9.91% stake

RHBC share price is RM7.97. OSK share price is RM1.63.
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Re: OSK Holdings

Postby winston » Sat Jan 09, 2016 4:50 am

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OSK to launch RM3.6bil mixed development project in Seremban

KUALA LUMPUR: OSK Holdings Bhd, through indirect unit Aspect Synergy Sdn Bhd, plans to undertake an integrated residential and commercial development in Seremban, Negri Sembilan, with-an estimated gross development value of RM3.6bil.

In a filing with Bursa Malaysia, the property investment/ development and capital financing group said the project would comprise mixed landed and high rise residential and mixed commercial components.

On Friday, Aspect Synergy had bought the land where the project was to be sited from AmBank (M) Bhd. OSK is buying the six parcels of land totalling 767.73 acres for RM145mil, or RM4.34 per sq ft.

OSK said the lands were strategically located in Seremban South bordering Bandar Sri Sendayan and within the proximity of Seremban 2.

“The proposed acquisition will enable OSK to increase its existing property development landbank and to strengthen its presence in the growing Seremban locale,” it said.

“Seremban has been announced to be one of the stops for the much anticipated Kuala Lumpur-Singapore High Speed Rail (HSR) project which connect Kuala Lumpur to Singapore. With improved infrastructures and connectivity to major cities such as Kuala Lumpur, Johor Baru and Singapore, demand for housing in Seremban is expected to grow.”

OSK has previously completed two projects in Seremban - Seremban 3 and Mon’t Jade, with a total gross development value of RM220mil, which were fully sold.

OSK Holdings shares closed unchanged at RM1.63 on Friday.

Source: The Star
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Re: OSK Holdings

Postby winston » Sat Feb 04, 2017 5:28 pm

TAN SRI ONG LEONG HUAT
Flagships: OSK Holdings Bhd, OSK Ventures International Bhd
Net worth: RM1.22bil

AT 71, Tan Sri Ong Leong Huat saw his estimated net wealth shrink by almost 20% to RM1.22bil from RM1.51bil in 2015.

Last year, the most notable corporate deal that Ong undertook was to launch a second attempt to take over PJ Development Holdings Bhd, after having failed in 2015.

The first attempt at taking over PJ Development fell short of the 90% requirement for a compulsory acquisition. OSK had offered RM1.56 per share and 60 sen per warrant at the time.

The second offer valued the shares and warrants lower at RM1.50 per share and 50 sen per warrant. This offer saw the deadline being extended twice after the original deadline of Oct 6 lapsed.

It was finally completed late last year, paving the way for the full merger between OSK Property and PJ Development.

The rationale behind the takeover of PJ Development was for OSK to have greater autonomy in re-organising the corporate structure, rationalising the business activities, and streamlining the operations of the enlarged group of companies in order to achieve greater economies of scale and create cost-synergetic benefits.

OSK said the delisting of PJ Development also helped to eliminate the administrative efforts and costs in maintaining the listing status of the company to divert more resources to its core business.

The privatisation of PJ Development and OSK Property by OSK has seen the latter’s revenue shooting up more than three times to RM929mil in the year-to-date nine-month period until Sept 30, compared with RM302.2mil in the preceding year.

OSK’s normalised pre-tax profit, which excludes the one-off gains of RM363.16mil in the nine months of 2015, rose by 48% to RM204.01mil for the period.

The enlarged group following the privatisation of PJ Development now houses five key business segments, namely, property, construction, industries, hospitality, and financial services and investment holding segments.

At RM1.41, OSK’s shares are now hovering at their three-year low, which explains why Ong’s estimated wealth dropped as well on a marked-to-market basis.

The banker and property tycoon is the dominant shareholder in listed OSK Holdings (58.2%) and OSK Ventures International (62.1%), which are his flagship companies.

After the share-swap deal with RHB Bank Bhd some years ago, Ong also owns a 10.1% stake in RHB Bank indirectly through OSK today.

Ong is also a non-independent, non-executive director at RHB Bank, a position which he has held since 2012.

He also has a 16.2% stake in public-listed computer solutions company Willowglen MSC Bhd.

Source: The Star
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Re: OSK Holdings / Ong Leong Huat

Postby winston » Wed Feb 22, 2017 10:30 am

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The Board of Directors of OSKH had resolved to recommend a single-tier final dividend of 5.0 sen per share for the financial year ended 31 December 2016, subject to the Shareholders' approval at the forthcoming Annual General Meeting of the Company.

The date of entitlement and date of payment in respect of the aforesaid proposed final dividend will be determined and announced in due course.
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Re: OSK Holdings / Ong Leong Huat

Postby winston » Wed Feb 22, 2017 10:39 am

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The Board of Directors of OSKH wishes to announce that the Company proposes to seek shareholders' approval for the Proposals at the forthcoming Twenty-Seventh Annual General Meeting to be convened at a date to be notified later.

OSK HOLDINGS BERHAD ("OSKH" OR "THE COMPANY")
(I) PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE AND NEW SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

(II) PROPOSED RENEWAL OF AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN SHARES
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Re: OSK Holdings / Ong Leong Huat

Postby winston » Sun Feb 26, 2017 7:31 pm

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Re: OSK Holdings / Ong Leong Huat

Postby winston » Fri Mar 17, 2017 8:44 am

vested

Feb 23, 2017

Malaysia's OSK gets OK for massive Melbourne project

by Nick Lenaghan

Malaysia's OSK Property has won approval for the first stage of a $2.8 billion mixed-use project in Melbourne's Southbank, one of the largest single development proposals ever put to the state's planning authorities.

To be known as Melbourne Square, the project will transform a city-fringe block into a vertical village with six towers linked by a network of elevated gardens.

Designed by Cox Architecture, almost a fifth of the huge site will be devoted to public realm with a park, a shopping centre, childcare facility, and specialty stores.

The overall proposal is to build the six towers, ranging in height from 30 levels to 65 levels with the tallest 226 metres, on a two-hectare car-park site at 93-119 Kavanagh Street.

It includes 60,000 square metres of office space, a hotel and serviced apartment tower with 687 rooms and four apartment towers with 2610 apartments, and a childcare centre.

The first stage now approved will comprise the park as well as two upmarket towers with more than 1000 apartments. Pre-sales for the apartments are due to get under way this year.

Key destination

"It is our hope that Melbourne Square will be an important destination within the world's most liveable city," said OSK's chairman, Tan Sri Ong Leong Huat, in a statement.

Cox Architecture worked with landscape architects Rush Wright Associates for the masterplan and Taylor Cullity Lethlean for the first stage.

"A deliberate decision was made to significantly exceed the open space area requirements," said Cox director Ian Sutter.

Then known as PJ Development, the Malaysian developer paid a record $145 million to acquire the city fringe site in June 2014 from interests associated with the Mario LoGiudice's Banco Group.

The company is controlled by one of Malaysia's richest men, Ong Leong Huat. In December 2015, PJ Development paid $27.8 million to Quintessential Equity for a suburban Sydney office building.

Melbourne is popular with Malaysian developers, such as SP Setia which has five Australian sites and last year lodged plans for a $640 million twin tower project in central Melbourne.

Giant Malaysian sovereign developer UEM Sunrise has a substantial pipeline as well, including the $770 million, 92-storey Aurora Melbourne Central residential tower.

Source: Financial Review

http://www.afr.com/real-estate/malaysia ... z4bXScgrIM
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Re: OSK Holdings / Ong Leong Huat

Postby winston » Sat Mar 18, 2017 8:35 am

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Dec 02, 2016

OSK Holdings Bhd will be deleted from the FTSE Bursa Malaysia Mid 70 Index.

All constituent changes will take effect at the start of business on Monday, Dec 19, 2016 and the next review will take place in June 2017.

FTSE Russell calculates thousands of indices that measure and benchmark markets and asset classes in more than 70 countries, covering 98%t of the investable market globally.

Source: Bernama

http://www.thestar.com.my/business/busi ... -fbm-klci/
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Re: OSK Holdings / Ong Leong Huat

Postby winston » Mon Mar 20, 2017 9:01 pm

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Talk of AMMB-RHB merger surfaces again

By Adeline Paul Raj

(March 20): Talk of potential merger between mid-sized lenders AMMB Holdings and RHB Bank seems to have resurfaced in the banking industry, with a source telling The Edge that an adviser — a big accounting firm — has been working on certain aspects of the perspective union.

"The firm was brought on board to help study this. It's been kept very hush-hush given the sensitivity [of the matter]. It's a very small group that is aware of this," the source says.

A merger of the two would create the country’s fourth largest banking group by assets, behind Malayan Banking , CIMB Group Holdings and Public Bank — based on their asset size as at end-2016.

The combined RHB-AMMB entity’s assets, at RM365.88 billion ($115.42 billion), would be only slightly behind that of Public Bank’s RM380.05 billion.

According to the source, there have been preliminary discussions on the matter among some of the key shareholders of both banks over the last few months.

“Some of the parties have been meeting outside the country to have discussions. But it’s all still at an early stage ... it has not come to a point where the banks are asking the regulator [Bank Negara Malaysia] for permission to have offi cial talks with each other yet,” the source says.

Whether all this activity will eventually lead to offi cial talks being held, remains to be seen. To be sure, this is not the fi rst time such discussions for an RHB-AMMB merger have been held.

The last time was in mid-2015. The Edge had in August that year reported that discussions among some of the key shareholders of RHB (then known as RHB Capital) and AMMB about a potential merger had to be put on hold following political headwinds at the time.

The idea then had been to merge the two groups in a share swap valued at about US$10 billion, under which RHB was the acquirer, The Edge report said, citing sources familiar with the matter.

CIMB Investment Bank had been advising on the merger. However, the plan was shelved shortly after AMMB got embroiled in a controversy surrounding 1Malaysia Development Bhd.

AMMB and RHB have a common shareholder in the Employees Provident Fund (EPF).

The pension fund is the largest shareholder in RHB with a 40.7% stake, and a 11.68% stake in AMMB.

“We are not aware of any such [merger] activity. As a shareholder, we will always wait for an official announcement before considering the merits of any corporate proposal,” an EPF spokesperson tells The Edge.

While it remains to be seen if the talks will take off , what is certain is that any merger between RHB — currently the fourth largest lender — and AMMB, the sixth, will be difficult.

For one, pricing will be a major issue, especially for the two foreign shareholders — Australia and New Zealand Banking Group (ANZ) and Aabar Investments PJS — that hold major stakes in AMMB and RHB, respectively.

Aabar, which has a 17.69% stake in RHB, proved to be a stumbling block to a proposed mega merger of CIMB Group, RHB and Malaysia Building Society two years ago because it had what was deemd unreasonably high exit price expectations.

For another, analysts say while AMMB and RHB could make a good fit, there would be duplications in some of their businesses, which would make layoff s inevitable.

Banks that embark on mergers these days look to derive cost synergies more than anything else, they point out.

“Any merger of this scale which involves layoffs, given it’s all about cost synergies, will not happen this year for sure. This is seen to be an election year ... no one would dare do this deal and reduce headcount because of a merger at such a sensitive time,” observes a banker.

That AMMB is an M&A candidate is no surprise — ANZ has been keen to sell its stake for some time now as part of a larger plan to exit from minority banking stakes in the region, while the second largest shareholder, founder and chairman Tan Sri Azman Hashim, who holds 12.97%, may be more open to selling as he is retiring from almost all his positions within the banking group over the next two years.

Apart from EPF, Azman — who is 78 this year and holds his stake through AmCorp Group — will be a point man in any deal. He has a big say in who takes up the ANZ stake as he has the first right of refusal on it.

ANZ CEO Shayne Elliott told reporters last November that it would be looking to sell its minority stakes in AMMB and three other Asian banks over the next 12 to 18 months. Private equity firms and some Chinese banks had shown interest in the stake previously, but nothing came out of it.

Over at RHB, the OSK Group’s Tan Sri Ong Leong Huat — the third largest shareholder (7.77%) after the EPF and Aabar — may be keen on a merger as he is understood to want to exit banking to focus on his property businesses, sources say.

Source: The Edge Malaysia

http://www.theedgemarkets.com.sg/articl ... aces-again
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Re: OSK Holdings / Ong Leong Huat

Postby winston » Thu Apr 06, 2017 6:20 am

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EPF, OSK partner to develop Melbourne project with GDV of RM9.4bil

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: The Employees Provident Fund (EPF) is set to expand its property investment portfolio in Australia by entering into an agreement to subscribe to a 49% interest in Yarra Park City Pty Ltd (YPC) for A$154mil (RM516.8mil).

OSK Holdings Bhd said in a statement that that YPC, in which OSK’s subsidiary PJ Development Holdings owns the remaining interest, held the development rights for the upcoming five-acre mixed-use development project Melbourne Square.

The well-diversified group said the Melbourne Square development would transform a former carpark bounded by the Westgate Freeway and Kavanagh, Balston and Power Streets in Southbank into a dynamic mixed-use community and retail centre, with an expected gross development value (GDV) of A$2.8bil (RM9.4bil).

This is EPF’s second development venture overseas after Battersea in London.

Speaking at the signing ceremony on Wednesday, EPF chief executive officer Datuk Shahril Ridza Ridzuan said the Melbourne property development fit into EPF’s long-term objectives and would be a good addition to its overseas portfolio.

“The increasing demand for residential in Melbourne, Australia, will enable EPF to generate returns for its members,” he said.

Melbourne Square will mark OSK’s maiden foray into Melbourne. The land was acquired by PJ Development for RM439.3mil in an off-market deal in 2014.

OSK said Melbourne Square would be an important destination within the world’s most liveable city as it also represented one of the last pieces of sizeable prime land available for an iconic development in Melbourne city.

“This is an important project for Southbank’s future and it provides the delivery of critical community infrastructure that the city requires,” said OSK Holdings chief executive officer and group managing director Tan Sri Ong Leong Huat.

“We are delighted to partner EPF on this exciting project, and we hope to deliver a project which all Malaysians can be proud of.”

Melbourne Square will comprise four towers of residential apartments, an office tower, a hotel/serviced apartments tower and multiple street-level retail lots across the various components.

OSK said the project would be developed in five stages over eight to 10 years.

Stage One of the development, which recently received the planning endorsement by the Victorian Government’s Department of Environment, Water and Planning, will feature “the dynamic public realm alongside two shimmering elliptical residential towers.”

Slated for residential use, the towers will have a capacity of over 1,000 apartments, with a GDV of over A$900mil (RM3bil).

Stage One will provide a showcase of green spaces and essential amenities including a beautiful urban park, a child care centre, a supermarket, restaurants and cafés, and a comprehensive set of residential amenities.

YPC has appointed a list of top tier consultants for the project, including Cox Architects to design the master plan and Stage One of the project, Carr Design for interior design services, Sinclair Brook for project management and CBRE as the sales agent for Stage One, which has just been launched this month.

Source: The Star

http://www.thestar.com.my/business/busi ... rm9pt4bil/
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