【问题公司记录专区】 有bad governance的Air Asia?

Mr.Business

此帖是为了记录一些上市公司的烂或可疑举动。。。

2楼: The Store

31楼：养金龙鱼的祥龙控股 (Xian Leng Holdings Bhd)

40楼： 钢铁大王钟廷森为爱妻圆梦，金狮集团投资76亿令吉在中国开发电影城。

58楼：JPK Holdings的老板的股票被银行force sell。

61楼： YLI, 怀疑又是一个借收购公司转移本身上市公司资产的例子！

[url=http://cforum1.cari.com.my/viewthread.php?tid=1113324&page=4#pid52449794]79楼:  JCORP, KFC, KULIM...[/url]

[ 本帖最后由 Mr.Business 于 9-12-2008 10:11 AM 编辑 ]

Mr.Business

公司名称：THE STORE CORPORATION BERHAD
股票名称：TSTORE

The Store向大股东/MD以RM174 million的价钱买下购物中心Alor Star Mall，据说是为了省下每年RM5.8 million的租金。

很明显是大股东在吃公司的钱，烂!!!

14-02-2008: The Store directors queried over mall buy
by Gan Yen Kuan

PETALING JAYA: The Store Corporation Bhd’s board of directors was grilled by the company’s minority shareholders at its EGM yesterday over its proposed acquisition of Jurus Kota Sdn Bhd, which owns the Alor Star Mall, before the resolution for the purchase was finally approved.

Minority Shareholder Watchdog Group (MSWG) head of client services Lee Leok Soon said minority shareholders had questioned the board on the necessity of such acquisition that cost the company RM174 million.

“As far as minority shareholders are concerned, they are not reasonably satisfied. They are concerned about why the company needs to buy the property. After all, the property is owned by the same major shareholders,” he told reporters after the EGM, which lasted some 90 minutes.

Lee said minority shareholders were concerned about the returns on such purchase considering the interest expenses and the level of rental income, and whether the said acquisition would affect this year’s dividend payout.

“They fear that the amount of money tied down in this purchase of property will affect the dividend,” he said, adding that the board had however assured the shareholders that this year’s dividend payout would not be affected.

Jurus Kota is wholly owned by YS Tang Holdings Sdn Bhd, which is in turn owned by Datuk Seri Tang Yeam Soon, who is the managing director and also the controlling shareholder of The Store.

The Store has agreed to pay RM130 million cash for Jurus Kota and assume the latter’s liabilities, including the inter-company loan of RM43.9 million owing by Jurus Kota to YS Tang Holdings.

The Store had said in its circular to shareholders that the acquisition would provide stable stream of rental income to the group, expected to be about RM4.7 million per annum.

In addition, its own supermarket chain, Pacific, occupies 72% of the net lettable area of the Alor Star Mall. Thus, by owning the property, it expects to save rental of about RM5.8 million per annum.

Lee said minority shareholders were concerned about the related-party transaction, and opined that any acquisition of such should be for investment purpose and not merely for “rental savings”.

Minority shareholders also claimed the acquisition price was high, Lee said, and that The Store needs not be “in a hurry” to buy the retail mall. The board however explained that the sale price was arrived at based on what the valuers had valued.

“Why the hurry? They can always choose the right price. After all, the company is showing sign of strong recovery; the company should maintain that growth path,” he said.

The Store’s directors declined to meet reporters after the EGM.

http://www.theedgedaily.com/cms/ ... a-19214b10-6b8532b2

[ 本帖最后由 Mr.Business 于 14-2-2008 05:20 PM 编辑 ]

scsiang82

对的，那我们在选公司投资时就可以避开这些公司。。。

Mr.Business

General Announcement

Reference No C&-080130-65060

Company Name	:	THE STORE CORPORATION BERHAD
Stock Name	:	TSTORE
Date Announced	:	30/01/2008

Type	:	Announcement
Subject	:	ARTICLE ENTITLED "A QUESTIONABLE DEAL" IN THE EDGE MALAYSIA WEEKLY NEWSPAPER, FOR THE WEEK OF 21-27 JANUARY 2007

Contents :

We refer to the article published on Page 5 of The Edge Malaysia Weekly newspaper, for the week of 21-27 January 2008, entitled“A questionable deal” (“Article”) which refers to the Company’s proposed acquisition of 3,000,000 ordinary shares of RM1.00 each in Jurus Kota Sdn Bhd (“JKSB”), representing the entire issued and paid-up share capital of JKSB from Y.S.Tang Holdings Sdn Bhd (“YST”) for a cash purchase consideration of RM130.0 million (“Proposed Acquisition”).

The Board of Directors of the Company wishes to clarify that certain statements made in the said Article in relation to the Proposed Acquisition are inaccurate and misleading, the details of which are as follows:-

(i)        Extract: “The Store has less than RM30 million in its coffers”

Based on the unaudited consolidated balance sheet as at 30 September 2007, the Company has approximately RM80.14 million incash, fixed and time deposits.

(ii)        Extract: “The Alor Star Mall will bring in an annual income of about RM3 million (excluding what Pacific Outlet pays). So arguably, The Store is only getting a return of 1.76% from this investment.”

        TStore expects recurring rental income of approximately RM4.7 million per annum(net of rental income arising from the Pacific Outlets) from the Alor Star Mall. The Store Group also expects to enjoy rental savings of approximately RM5.8 million per annum, which would otherwise be incurred by the Pacific Outlets. The said rental income and rental savings have been disclosed in our Circular to Shareholders dated 28 January 2008. As a substantial portion of the total rental income of JKSB is expected to be derived from the Pacific Outlets, the computation of return on investment, from the Company’s perspective,should include rental savings by TStore Group, on a consolidated basis.As such, the return on this investment would be approximately 6.0%,significantly more than what was stated in the Article.

(iii)        Extract: “To top it all, the transaction is an RPT (related party transaction), which is never good.”

The Company is of the view that the statement is baseless and too sweeping, by not examining the merits of each particular related party transaction. Furthermore, in view that the Proposed Acquisition is deemed a related party transaction, the Company has acted in accordance with the requirements of Paragraph 10.08 of Chapter 10 of the Listing Requirements of Bursa Malaysia Securities Berhad by appointing an Independent Adviser to advise the minority shareholders of TStore in respect of the Proposed Acquisition.

The Independent Advice Letter dated 28 January 2008(“IAL”) has been despatched to the Shareholders of TStore together with the Circular relating to the Proposed Acquisition.

(iv)        Extract: “Based on the information provided, Tang’s (Dato’ Sri Tang Yeam Soon) investment cost for the mall was only RM3.1 million”        

The Company wishes to clarify that the original cost of investment by YST in JKSB is RM3.0 million, through the subscription of shares in JKSB.       
As disclosed in the IAL, the historical investment cost by JKSB in Alor Star Mall was approximately RM50.18 million. Messrs. Raine & Horne International Zaki & Partners Sdn Bhd, a firm of independent valuers, had on 3 December 2007 appraised the value of Alor Star Mall to be RM176.0 million, using the comparison method of valuation, which translates to approximately RM594 per square feet of net lettable area.This is comparable to the price range of other similar industrial properties transacted within the state of Kedah, as analysed by the valuers. Further details can be found in section 3.2 of the IAL.

This announcement is dated 30 January 2008.

http://announcements.bursamalaysia.com/EDMS%5Cedmsweb.nsf/LsvAllByID/48256E5D00102DF3482573E00039B6BC?OpenDocument

[ 本帖最后由 Mr.Business 于 14-2-2008 05:25 PM 编辑 ]

股友

小股东不能抗议么？比如开记者会闹大它或绝食之类的。sorry 以前我没理这些的。

sakindo

" 很明显是大股东在吃公司的钱，烂!!! "

Mr.Business 版主不好讲烂公司，小心中SUE, 换个标题吧！

chon

如果你是它的小股东，如果你又有时间，你会酱做吗？

khokhokho

原帖由 chon 于 14-2-2008 05:34 PM 发表
如果你是它的小股东，如果你又有时间，你会酱做吗？

如果收購一家公司，而這家公司更本就是不值錢的話，應該可以反擊。

小股東的利益。

股友

原帖由 sakindo 于 14-2-2008 05:34 PM 发表
" 很明显是大股东在吃公司的钱，烂!!! "

Mr.Business 版主不好讲烂公司，小心中SUE, 换个标题吧！

建议＂卵葩公司记录专区＂

股友

如果我像陈老凯稀那么大年纪，老人病发作要找人吵架，有一辆巴士的lawyer等我用，我就跟他死过。可惜小的现在为三斤米折腰，做不来。

kitkatlow

很好赚。
以174 mil 卖出 每年才租到 5.8 mil 的商场。

以产业投资回筹来算，该商场只值 72.5 mil。

股友

还有个愚问，为什么不需经过valuer 估价的？rm１７４mil如何来？market value是跟latest transaction price 和 rental return yield 来估

kitkatlow

原帖由 股友 于 14-2-2008 06:13 PM 发表
还有个愚问，为什么不需经过valuer 估价的？rm１７４mil如何来？market value是跟latest transaction price 和 rental return yield 来估

请阅读上文。

khokhokho

原帖由 股友 于 14-2-2008 06:13 PM 发表
还有个愚问，为什么不需经过valuer 估价的？rm１７４mil如何来？market value是跟latest transaction price 和 rental return yield 来估

佣金都可以讓你過一世了 小股東只能看不能吃

老散一名

原帖由 kitkatlow 于 14-2-2008 06:07 PM 发表
很好赚。
以174 mil 卖出 每年才租到 5.8 mil 的商场。

以产业投资回筹来算，该商场只值 72.5 mil。

嘩！醬就多一億入袋囉。
真好（現在流口水個樣）

湖俊

这个贴好，让那些问题见光。

prestigio

请问一下，那个ＭＤ，持有ＴＳＯＲＥ多少股权？他还持有其它上市公司吗？股友们应该避免投资在那些公司。。。

湖俊

原帖由 prestigio 于 14-2-2008 21:46 发表
请问一下，那个ＭＤ，持有ＴＳＯＲＥ多少股权？他还持有其它上市公司吗？股友们应该避免投资在那些公司。。。

Board of Directors (Latest Annual Report)
Last Report Date : 30-09-2006   DIRECTOR   POSITION   DATUK MD KAMAL B BILAL   INEC   DATO TANG YEAM SOON   MD   KAM TEH CHUNG   ED   CHONG YEN HUEL   ED   DATIN KHOR GUIK LEE   ED   DATO DR HJ KARDIN B HJ SHUKOR   INED   DATO HJ MOHD YUSOFF B HJ AMIN   INED   YEOH CHONG KANG   INED   LIM GIN CHUAN   INED

MAYBAN NOM SB PLED SEC ACC - TANG YEAM SOON

2,024,000

2.99

Largest 30 Shareholders

#	SHAREHOLDER	SHARES HELD	%
1	HSBC NOM SB HSBC FS-ARSAIG ASEAN FUND LTD	5,966,200	8.83
2	KAF NOM SB PLED SEC ACC - EQUATORIAL CENTURY SB	4,389,000	6.49
3	SOUTHERN NOM SB PLED SEC ACC - EQUATORIAL CENTURY SB	4,300,000	6.36
4	EB NOM SB PLED SEC ACC - EQUATORIAL CENTURY SB	4,200,000	6.21
5	SURPLUS ED CAPITAL SB	3,411,400	5.05
6	HDM NOM SB PLED SEC ACC - AMLIED HOLDS SB	3,190,000	4.72
7	BERJAYA GENERAL INSURANCE BHD	2,962,100	4.38
8	MAYBAN NOM SB PLED SEC ACC - BBC CAPITAL SB	2,304,910	3.41
9	MAYBAN NOM SB PLED SEC ACC - TANG YEAM SOON	2,024,000	2.99
10	EB NOM SB PLED SEC ACC - ADVANCE UTIMATE SB	2,000,000	2.96
11	ABB NOM SB PLED SEC ACC - VINCENT TAN CHEE YIAUN	1,898,600	2.81
12	HDM NOM SB PLED SEC ACC - PERSPEKTIF BAKTI SB	1,761,590	2.61
13	HDM NOM SB PLED SEC ACC - PRASPERITY HOLDS SB	1,651,400	2.44
14	SCOTIA NOM SB PLED SEC ACC BERJAYA VTCY SB	1,434,700	2.12
15	MSIA NOM SB GREAT EASTERN LIFE ASSURANCE BHD	1,400,000	2.07
16	MAYBAN NOM SB PLED SEC ACC - NUSRAYA HOLDS SB	1,372,800	2.03
17	MAYBAN NOM SB PLED SEC ACC - KHOR GUET LIN	1,367,300	2.02
18	MAYBAN NOM SB PLED SEC ACC - KHOR GUIK LEE	1,329,900	1.97
19	MAYBAN NOM SB PLED SEC ACC - AZAM SPEKTRUM SB	1,282,500	1.90
20	MAYBAN NOM SB PLED SEC ACC - PANCARAN KUMIA SB	1,233,000	1.82
21	EQUATORIAL CENTURY SB	1,049,130	1.56
22	SOUTHERN NOM SB PLED SEC ACC - EQUATORIAL CENTURY SB	964,700	1.43
23	SOUTHERN NOM SB PLED SEC ACC - TANG YEAM SOON	795,300	1.18
24	MSIA NOM SB GREAT EASTERN LIFE ASSURANCE BHD	677,700	1.00
25	ADVANCE ULTIMATE SB	640,000	0.95
26	YAP YAN CHAUN	626,030	0.93
27	PAN PROSPERITY HOLDS SB	582,050	0.86
28	MSIA NOM SB GREAT EASTERN LIFE ASSURANCE BHD	575,700	0.85
29	PUBLIC NOM SB PLED SEC ACC - SURINDER SINGH A/L WASSAN SINGH	567,000	0.84
30	WONG YEE CHOO	486,200	0.72

做么这30个shareholder没有MD名字？其实应该怎样查哪些公司的股东还有谁有多少股份？

[ 本帖最后由 湖俊 于 14-2-2008 11:51 PM 编辑 ]

prestigio

TSORE的MD应该是 DATO TANG YEAM SOON。。。

湖俊

MAYBAN NOM SB PLED SEC ACC - TANG YEAM SOON          2,024,000          2.99

2.99%。。erm。。