UOA Development Berhad-An IPO Folly?

Well, what do you know!

 After all the hype and the IB analysts' medicine-men talk, we ran off to the ATM to apply for this share purportedly a great buy. Though we had a nagging concern over its 5 sen par tag,we believed it was relatively a technical matter and most IB said it was of little concern anyway.

After the book-building the share price was now adjusted to RM2.60 for the institutional buyers while retail buyers got it for RM2.52 with a cash return of RM380.

With baited breath, we awaited the opening price on opening day which the analysts said will be about RM3.20. Starting at RM2.62, it went hay-wire and slid. It was a really dog day for us minority shareholders!

It is now at a new low of RM2.45 even after the parent company in Australia upped its holding while the local counterpart also pitched in.

So, who is selling? Suckers..............?

Something is amiss! Is it an IPO folly?

Wanna Serve on the Film Censorship Board?

These days, the civil service is extra efficient.

Rakyat didahulukan! Prestasi diutamakan!

Sometime in the first brand new days of June, I received a phone call.

"Could you attend an interview for the post of Member of the Film Censorship Board on such and such a day?"

No formal letter. They want to save the jungle and prevent global warming!

Yes, I did remember downloading the forms from the Website of the Home Affairs Ministry to apply for this post.

" Boleh....." I replied.

" Lamakah interview ini?"

" Biasnya 2 jam". Hum, mighty long time for an interview....I thought.

So,  on the fateful day, I found myself in the ever majestic Putrajaya.

There were about half a dozen of us milling about the interview area.Mostly senior citizens; mostly with X generation values!

The Secretariat then invited us in. We were given specific chairs to sit on.

The Secretariat Chief then informed us that this was not going to be an ordinary interview but more of a discussion. We were there to share our views.

Everything was hunky dory until......

I was then told to do a translation of a short text from Bahasa Malaysia to Chinese.

I was definitely a non-starter!

So, I translated in English. Whatever they wanted to do with my translation, its theirs to decide. As far as I was concerned, I was never ever gonna be a Chinese based Censorship member. Just won't cut! Not at the Censorship Board.

Heard that of 5 Chinese candidates, four of them could not do the translation. For the two candidates whom they called for Indian Censorship membership, only one spoke Tamil,' like drinking water'. Sure, he gonna get the job!

So, there goes another bit of my life spent in the pursuit of humble irrelevance.

Anyway, you would never know. As a Christian, I do believe this.

"If God is for you, who can be against you?"

So, maybe once of those current serving members may just quit and they could just called me to take over pronto!

Life can be full of surprises, don't you agree?

EPF-Stabiliser or Destabiliser?

This is one interesting question as EPF is a juggernaut of a giant which can virtually move mountains as far as BSKL is concerned.

 I have been observing its actions lately. True, it made smart moves based on the dynamics of the market. Lately it has made small cute purchases as well as sold in large chunks.

Case in point-Ever since YTL Corp splitted its share into 5, EPF was in the market selling an enormous amount of it. To ensure that the price can be 'protected' so as not to lose its fair value, YTL Corp has also been in the market mopping up the shares thrown out by EPF. The share price has been gravitating because of EPF and bargain hunters had a field day almost all of May until the first week of June. It is only today that the Treasury buy-in by YTLCorp could stave off the mincing effect of the diabolical EPF.

 Interestingly, it has switched tacks. Now, it is starting to purchase small buy-ins into KLCCP  and KLK. Both are tightly held and I guess with little 'float'.

As I would expect their selling of  YTLCorp to taper off, providing some relief and respite from those buyers at YTLCorp, we could expect some upward action particularly in KLK and KLCCP.

EPF is no stabiliser. It is a destabiliser.

It is fortunate that we allow Treasury buy-ins on BSKL; otherwise EPF could really turn into some sort of 'rogue trader'!

So, watch these counters as EPF displays its devilish 'puppet master' stunts!

Maiden Interim Dividend for Berjaya Foods

For shareholders of Berjaya Foods Berhad (BFood), it has been one roller-coaster ride. Prices started at 50+ sen on opening day before going hyper to touche the highof the RM1.20s. Today it is languishing at the upper 80 levels. Poor show,Vincent.

Held 75% by Berjaya Corporation (BJCorp), BFood today consists of only Kenny Rogers Restaurants (KRR) within the boundaries of Malaysia. The franchise outside Malaysia especially China where BJCorp is thinking seriously of venturing into belongs wholly to BJCorp itself.

There are a few hurdles that BFoods have to overcome. First, it must buy back the3  franchised restaurants so that the  brand will be wholly managed by BFoods. This is important to maintain quality ad image. Secondly, they may have to venture outside the shopping complexes to seek the walk in customers just like KFC and Old Town outlets.

Bearing the lousy share price, the fact that BFoods will be paying its maiden interim dividend of a single-tiered 3% is good news. Though performance when compared to the previous year is not too good, I think KRR will see the company through for the year.l.

Voices from the Past

Yes, like an old melody that is so welcomed back...music to the ears.

On 1st June, I had a chanced meeting with Thomas Woon. I had not met him from the late 1960s and it was a wonder that he could remember me after all these years. Through him, I have also located another person from the past--guitar playing-crooning Bernard. So he is now a lawyer-good for him.

Then last Thursday, I met Joyce. The last time I saw her was when I was half a century old. It has been close to 10 years since.

With these voices from the past, I will now be able to rebuild a time tunnel so that relationship can again be renewed and strengthened as together, we moved into the twilight years.........

Capturing Time

They say that if only we can capture time in a bottle, we will always be youthful and have our wishes and dreams come true.

Look at these pictures and wonder-for time is captured forever therein.

Here Comes Resorts World Miami!

This is another corporate move of Genting Malaysia to move strongly in to good old USA. Not contented with just Aqueduct New York, Miami is one hot destination it is pursuing n its international footprint.

So, let us hear it from the boys!

Bayfront 2011 Property, LLC, a subsidiary of Genting Malaysia Bhd, has acquired 5.62 hectares in Miami, the United States for US$236 million (RM708 million) for mixed-use development.

The land includes a large waterfront property enclave that faces Biscayne Bay.

Genting Malaysia will work on a master plan for its next resort harnessing on Miami’s strength as a major tourist destination. Resorts World Miami will be developed as an integrated resort which will include a hotel, entertainment, convention centres, restaurants, retail, and residential facilities.

In a statement, Genting Malaysia chairman and chief executive Tan Sri Lim Kok Thay said that Resorts World Miami will be a landmark mixed-used development for Miami, Florida, and the US.

Resorts World Miami is slated to be Genting Malaysia’s second venture in the US after Resorts World New York. This new acquisition in Miami is an important move as part of Genting Malaysia’s international expansion efforts in the leisure, hospitality and entertainment industry.

So, looking for another casino licence here too, Kok Thay?