MUI / Khoo Kay Peng

Re: MUI / Khoo Kay Peng

Postby winston » Wed Sep 14, 2016 8:07 am

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Proposed disposal of MUI’s stake in PMH to Dr Yu terminated

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: Malayan United Industries Bhd (MUI) and Datuk Dr Yu Kuan Chong have terminated their agreement for the proposed disposal of the MUI group’s 69.19% equity interest in Pan Malaysia Holdings Bhd (PMH) to the YNH Property Bhd chairman and executive director.

In a filing with Bursa Malaysia on Tuesday, MUI said the proposed RM77.12mil sale was cancelled due to the non-fulfillment of a condition precedent for the deal by the cut-off date of Sept 12.

PMH is the operator of Corus Paradise Resort Port Dickson and is also involved in financial services through associate Pan Malaysia Capital Bhd (PM Capital).

The proposed disposal was originally expected to be completed within three months of the signing of the shares sale agreement on Dec 12, 2014. However, the cut-off date was subsequently extended several times.

In May last year, the Securities Commission (SC) had through its letter to PM Securities Sdn Bhd (PMS), a subsidiary of PM Capital, rejected PMS’s application for change of controlling shareholder.

In an announcement to Bursa Malaysia in March, MUI said PMS had again submitted an application to the SC for change of new controlling shareholder and was still awaiting the outcome of the application.

The original cost of investment in the sale shares totalled RM1.297bil, but MUI stood to gain an estimated RM40mil from the disposal.

The proposed disposal of the loss-making PMH group was in line with MUI’s business strategy of divesting non-core assets and it was also in line with the company’s continuing efforts to reduce its borrowings. Most of the expected proceeds -- RM60mil -- was to be used to repay MUI’s bank borrowings

Source: The Star

http://www.thestar.com.my/business/busi ... erminated/
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Re: MUI / Khoo Kay Peng

Postby winston » Fri Jan 27, 2017 3:17 am

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Laura Ashley tycoon, 78, and his former Miss Malaysia ex-wife, 70, finally end their marriage after a four year high court battle over his £440m fortune

Pauline Chai, 68, and Khoo Kay Peng, 76, split after 43 years of marriage in 2012
They owned a £30m British estate so Ms Chai demanded case heard in London
Laura Ashley boss Mr Peng, who lives in Malaysia, lost fight to have it in Asia
Former Miss Malaysia £85,000 a month including £130,000 a year for holidays
Her lawyer Ayesha Vardag confirms decree nisi granted in £6m legal case

While Ms Chai's payout will be agreed later this year, she had asked for £85,000 a month from her estranged husband, who lives in Malaysia.

A judge later said that was too much and set the bar at £50,000-a-month.


Their case, which has already cost about £6 million, is believed to have been one of the most expensive divorce cases ever to come before the British courts.


Miss Vardag previously claimed Peng is worth more than £440 million, he maintains his assets are worth only £66 million.


Source: DailyMail

http://www.dailymail.co.uk/news/article ... vorce.html
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Re: MUI / Khoo Kay Peng

Postby winston » Mon Jan 30, 2017 8:38 am

Chai: Proceedings in M’sia ‘redundant’

BY M. MAGESWARI

[quote]
Khoo’s lawyer Goh Siu Lin said the English court’s decision did not change the legal position that Malaysian courts have jurisdiction to hear Khoo’s divorce petition.

“The English decree absolute is not automatically recognised in Malaysia.

“The Malaysian courts still retain jurisdiction to hear the Malaysian divorce petition which is pending,” she said when contacted yesterday.

Source: The Star

http://www.thestar.com.my/news/nation/2 ... j50t0Cs.99
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Re: MUI / Khoo Kay Peng

Postby winston » Mon Feb 20, 2017 11:57 am

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Saturday, 8 November 2014

Pauline Chai Siew Phin step sister of Tan Sri Khoo Kay Peng

High profile divorce case between Tan Sri Khoo Kay Peng, who run Malayan United Industries and Laura Ashley and Miss Malaysia 1969 Pauline Chai Siew Phin, make headline recently. People also gossip about 1,000 pair of shoes Pauline Chai claim to have.

Few tycoon in Malaysia marriage a Miss Malaysia. People might be curious about their love story! How they started?

A Malaysia gossip weekly magazine, Special Weekly specifically feature their love story recently.

Malaysia familiar with story of Tan Sri Khoo Kay Peng, an ex-banker who used MUI group to acquired a cement plant ( now Lafarge) and a hotel chain (Now Corus Hotel) to form a conglomerate.

However, recent Special Weekly reported that actually Tan Sri Khoo Kay Peng has a rich father. He inherited MUI ( a toothpaste manufacturing plant then) from his late father.

His late father have a second wife, who has a daughter then. This mean Pauline Chai is step sister of Tan Sri Khoo Kay Peng and they grow up together since young age.

However, Pauline Chai is second wife of Tan Sri Khoo Kay Peng. Tan Sri Khoo have a first wife and he divorce his first wife to marriage his step sister, Pauline Chai.

Pauline Chai contest in Miss Malaysia pageant 1969 and won. During media interview, media ask what is her ideal husband criteria. She reply that, if I want to marriage, I hope to marriage a man like my brother.

When media reported the interview the next day. Tan Sri Khoo read it and realise her step sister actually admired him secretly. He was touched and decided to married his step sister.

Christian forbid divorce and second marriage. It is not sure whether the couple baptized before or after their marriage.

Source: Asean Trading Link

http://aseantradinglink.blogspot.my/201 ... er-of.html
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Re: MUI / Khoo Kay Peng

Postby winston » Mon Feb 20, 2017 12:02 pm

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MUI asset sale may have bearing on Khoo’s divorce case

By Doreen Leong

Friday, 16 Jan 2015

After a period of corporate inactivity by Tan Sri Khoo Kay Peng’s Malayan United Industries Bhd (MUI), the company made headlines last December when it announced the sale of its entire 69.12% stake in loss-making Pan Malaysia Holdings Bhd (PM Holdings) to Datuk Dr Yu Kuan Chon.

The recent active share price movements of Khoo’s other companies have also sparked speculation that he could be looking to divest his 47.7% stake in the asset-rich MUI.

The active hiving off of assets by Khoo, 77, has raised questions on the bearing on his ongoing high-profile divorce case with wife Pauline Chai, who is claiming part of his wealth.

“It is a matter of timing. After a long hiatus, why is Khoo selling his assets now? Any price below the company’s net asset value will not be good for the shareholders or Khoo’s wife who may get a higher price if the company is being liquidated,” notes an industry observer.

According to a lawyer, in general, Khoo is allowed to dispose of his assets before the divorce is finalised. “Everything his wife bought or acquired during the marriage is a marital asset and will be considered as part of the property settlement. If these assets are sold, their value is to be included in what has to be divided,” he explains.

For instance, MUI’s proposed sale of 642.7 million shares or 69.12% stake in PM Holdings to Yu was for RM77.12 mil or 12 sen per share. This is above the company’s net assets per share of 6.26 sen. However, the counter has been trending actively to reach a high of 53 sen some three weeks ago versus a year-low of six sen. It closed at 42.5 sen on Jan 15.


Source: Focus Malaysia

http://focusmalaysia.my/Mainstream/MUI% ... n88E0.dpuf
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Re: MUI / Khoo Kay Peng

Postby winston » Tue Feb 21, 2017 11:34 am

TAN SRI DATO’ DR. KHOO KAY PENG
May 17, 2011

by Raja Petra Kamarudin

Talk amongst the Chinese tycoon community is that Khoo Kay Peng’s MUI Bank lost RM500 million in a bad deal and in 1994 was sold to Hong Leong Credit Berhad and renamed Hong Leong Bank.


The shareholders of MUI are questioning why RM400 million of the shareholders’ money has been illegally transferred to the Hope Foundation, an arm of the Born Again Christian movement.



Source: Malaysia Today

http://www.malaysia-today.net/tan-sri-d ... -kay-peng/
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Re: MUI / Khoo Kay Peng

Postby winston » Fri Apr 07, 2017 3:53 pm

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Laura Ashley boss to pay ex-wife divorce settlement of £64m

Khoo Kay Peng and Pauline Chai were involved in long-running divorce row following split after 42 years of marriage

Pauline Chai, who was crowned Miss Malaysia in 1969, was seeking £100m from Khoo Kay Peng following their split after 42 years of marriage. She claimed their assets were worth at least £205m.


Khoo, who is non-executive chair of Laura Ashley Holdings, argued that his former wife should only receive £9m.

On Thursday, Mr Justice Bodey ruled Chai should receive a £64m settlement made up of cash and property.


Bodey’s detailed ruling on exactly who gets what in the financial settlement of assets is expected to be published in the near future.

The case was heard in private, but journalists were granted the right to name Khoo and Chai and report some information.

The judge has barred reporting of revealing confidential financial material.


Source: The Guardian

https://www.theguardian.com/business/20 ... ent-of-64m
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Re: MUI / Khoo Kay Peng

Postby winston » Fri Apr 07, 2017 3:58 pm

'Homemaker' ex-wife of Laura Ashley boss wins a third of his £200m fortune after bitter divorce battle

Dr Khoo, 78, the non-executive chairman of Laura Ashley Holdings, had wanted to give her just £9 million following their split on Valentine’s Day 2013.


Ms Chai, lives in a £30 million mansion in Berkhamsted,


Source: Telegraph

http://www.telegraph.co.uk/news/2017/04 ... me-payout/
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Re: MUI / Khoo Kay Peng

Postby winston » Tue Apr 11, 2017 11:20 am

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April 10, 2017

Laura Ashley boss will fight £64m divorce ruling

Pauline Chai won a record divorce settlement against Khoo Kay Peng but he is expected to challenge the High Court judgment

by STEFAN ROUSSEAU/PA

A Laura Ashley boss could mount a challenge in the Court of Appeal after being ordered to give his former wife £64 million.

Pauline Chai, 70, had wanted about £100 million from Khoo Kay Peng, 78, after the breakdown of their 42-year marriage.

Dr Khoo, non-executive chairman of Laura Ashley Holdings, said that she should receive about £9 million.

Ms Chai, who lives in Berkhamsted, Hertfordshire, was awarded the cash and property package last Thursday after a trial in the family division of the High Court in London.

Lawyers representing Dr Khoo say that they want to challenge some of the findings of the judge, Mr Justice Bodey.

Ms Chai and Dr Khoo, both from Malaysia, have spent more than £6 million on lawyers since separating.

Dr Khoo, who is based in Malaysia, said that the marital home was there and a judge in that country should make decisions about the division of money.

Source: The Times

https://www.thetimes.co.uk/article/laur ... -5mqb59s9p
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Re: MUI / Khoo Kay Peng

Postby winston » Tue Apr 11, 2017 1:49 pm

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Stock on the Move: MUI

BY YVONNE TAN

Tan Sri Khoo Kay Peng's flagship company MUI saw its share price jump over 18% at noon on Tuesday

KUALA LUMPUR: Malayan United Industries Bhd (MUI) was among the most traded stocks at midday on Tuesday on speculation the company, which is the flagship of Tan Sri Khoo Kay Peng might see some monetisation of its assets.

At 12.30pm, MUI was up 3.5 sen or 18.4% to 22.5 sen. More than 102 million shares had changed hands so far, making it the second most traded counter today after Priceworth International Bhd.

MUI has global businesses in retail, hotels, food and confectionery, financial services and properties.

The 78-year-old Khoo, who, controls among others, the UK’s Laura Ashley group and a string of Corus hotels here and abroad was recently ordered by a British court to pay £64mil (RM352.56mil) to his ex- wife as settlement for their divorce which was a long drawn-out process.

The divorce settlement should be “in the form of both cash and property”, it has been reported.

Traders said speculators may be buying in on expectations there might be some liquidation of the group’s assets under the settlement.

Also, the rumour mill has it there is a possible change of guards at the business empire.

“Nothing is substantiated but all these are driving the movement of the stock at the moment,” says a trader.

Source: The Star

http://www.thestar.com.my/business/busi ... -move-mui/
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