The Vincent Tan Juggle

Vincent Tan is busy juggling his holdings.

Market sources indicate that his Berjaya Land (BLand) has placed out 40m of Berjaya Sports Toto’s (BST) shares for RM190m or RM4.75 per share. This would effectively dilute BLand’s stake in BST by 3.2% from 50.7% to 47.5%.

Concurrently, Vincent has also placed out 15.6m shares (including Berjaya Corp and his other private companies). All these would collectively dilute his stake by 4.4% from 57.4% (direct 5.58%, indirect 51.85%) to 53.0%.

The placement exercise follows the 80 sen bumper dividends declared by BST in 4QFY09, including a 1-for-14 treasury shares distribution valued at 35 sen.

According to DBS, the placement was done at a 4.6% discount to BST’s last closing price and values BST at 13.6x FY11 PE. The price is close to DBS's dividend discount model value of RM4.83.

Why the need to do the juggling now?

Apparently, the net proceeds from the placement would be used for partial redemption of BLand’s RM848m 8% secured exchangeable bonds due in 2011 which bondholders can exercise a put option for early redemption on 15 Aug 09 at 100% nominal value.

Collectively, BLand would have RM667m in hand (including the Treasury shares receivable which may be placed out later should the need arise) for the potential bond redemption (79%).

DBS maintains a hold on BST, based on its DDM of RM4.80.

BST goes ex this Monday,13 July. Hopefully it can maintain it's price above the RM4.80 level

Berjaya Sports Toto
BLand Places 40m BST Shares (Hold; RM4.98; BST MK; TP:RM4.80)Parent Berjaya Land (BLand) has placed out 40m of BST’s shares for RM190m or RM4.75/share. This would dilute
BLand’s stake by 3.2% from 50.7% to 47.5%.Concurrently, major shareholder Tan Sri Vincent Tan has placed out 15.6m shares (including Berjaya Corp and hisother private companies). All these would collectively dilute Tan Sri’s stake by 4.4% from 57.4% (direct 5.58%, indirect
51.85%) to 53.0%.The placement was done at a 4.6% discount to BST’s lastclosing price and values BST at 13.6x FY11 PE. The price is close to our dividend discount model value of RM4.83.
Net proceeds from the placement would be used for partialredemption of BLand’s RM848m 8% secured exchangeable bonds due in 2011 which bondholders can exercise a put option for early redemption on 15 Aug09 at 100% nominal value. The placement exercise follows the 80sen bumper dividends declared by BST in 4QFY09, including a 1-for-14treasury shares distribution valued at 35 sen. Collectively,BLand would have RM667m in hand (including the Treasury
shares receivable which may be placed out later should theneed arise) for the potential bond redemption (79%).

Maintain Hold on BST, and our DDM-TP of RM4.80

How it Hurts not to be Heard

It was to be expected.

Tun Dr Mahathir Mohamad expressed disappointment with the government’s decision to scrap his policy of teaching mathematics and science in English, saying it will affect future generations.

He expressed disappointment that his recommendations were not taken into consideration.

He told the press that “I was only briefed about it. After the briefing I gave my suggestions, I said even if it could not be implemented at primary level, at least at secondary level it should be maintained." This was also not considered.

“I am saddened because the future of our children will be affected. They will be the victims,” he said.

Dr Mahathir was exasperated to hear the reason for this policy turnaround was failure to get able teachers to teach the two subjects in English. To him, it should not be used as an excuse to scrap the policy.

“The government’s responsibility is to train the teachers, the problems cannot be solved overnight, because this is important for our future, we have to face the challenges, I am confident our teachers can learn English,” he added.

On the government’s plan to train more English teachers Dr Mahathir said the same should also be done to science and mathematics teachers.

“It is a good move, but if they can train English teachers, they should also be able to train science and mathematics teachers,” said a logical minded Dr Mahathir.

Earlier at a press conference to announce the scrapping of teaching mathematics and science in English policy, DPM Muhyiddin said he and officials from Education Ministry had informed Dr Mahathir of the decision and the former prime minister had accepted the government’s views.

Apparently, it was not so.

Miss Tiffany 2009

Wow! Look at these creatures!

All decked out and ready to go to a society ball.
Beautiful and lovely to behold!



But,sadly they are the products of cosmetic surgery and body shaping.


Formerly of the masculine sex, these lovely creatures are signing up for the Miss Tiffany 2009 contest to be held yearly at Pattaya, Thailand.


These pictures are samples of the contestants.

The Fortunes of Genting Resorts Sentosa 's Competitor

Reuters filed this report on 8 July 2009 on the status of operations of Las Vegas Sands , the world's largest casino firm.

According to the report, Las Vegas Sands wants to raise $3-$4 billion and is considering several options including an IPO of its Macau assets in Hong Kong, Chairman and CEO Sheldon Adelson said on Wednesday.

"We are looking at a Hong Kong Stock Exchange listing, among 5 or 6 options," Adelson told Reuters Insider TV in an interview in Singapore, adding that the firm hopes to get a total of $3-4 billion through various fund raising initiatives.

Sands may also raise cash by selling stakes to private equity firms or getting construction companies involved in its projects to assemble their own financing, he added. He denied reports that the firm was considering a bond issue in the United States.

The global casino industry has been hit by a drop in leisure spending and Sands has cut staff in the United States and postponed construction projects in Macau to conserve cash. Analysts estimate the firm needs to raise about $1.5 to $2 billion to complete its developments in Macau.

In May,Sands had hired Goldman Sachs to look at a potential Hong Kong listing for its Macau operations and the firm and is planning to cut around 4,000 jobs or 20 percent of its workforce in the Chinese territory.

Adelson, however, said the global economy appears to have bottomed and that the firm's Las Vegas casinos had exceeded budget projections for May and June. The Macau properties have also performed better than the industry average in terms of visitations and revenues.

"We are at the trough of the recession... From this point on, I think we are going to see an improvement," he said.

Adelson said Sands has put on hold plans to sell the retail component of its Venetian casino in Macau because of the weak financial markets, and it hoped to resume construction in Macau at the end of 2009.

Sands owns and operates the Venetian and Palazzo casinos and Sands Expo in Las Vegas as well as the Sands Casino Resort Bethelem in eastern Pennsylvania.

In Macau, it owns the Venetian Macau and Sands Macau, and is involved in the development of several casino-resorts on a piece of reclaimed land known as the Cotai Strip.

DELAY IN SINGAPORE

Turning to Singapore, where Sands is currently building a waterfront casino on the edge of the central business district, Adelson said the Marina Bay Sands is now expected to open in either January or February next year instead of at end-2009 as earlier announced.

The Singapore casino will cost $5.25 to $5.5 billion against an original forecast of $3.2 billion when the project was conceived, and will go into operation at a time when tourism is shrinking.

Vsitor arrivals in Singapore has fallen for the 12th consecutive month in May, dropping 13 percent from a year ago as the global recession and outbreak of H1N1 flu discouraged travel.

Singapore legalised casino gaming in 2005 as part of an ambitious plan to make the city state more exciting and to double annual visitor arrivals to 17 million by 2015.

Genting Resorts Sentosa meanwhile is scheduled to open in the first quarter of 2010.

It's Official-Death Knell for English

The powers to be have spoken.

From 2012, both Science and Maths will revert to using Bahasa Malaysia in national schools and to the vernacular tongues in Tamil and Chinese schools.

The government today relented and buckled to political pressures to put an end to the polemics surrounding the issue of English as the medium of instruction for the teaching of Science and Mathematics.

Effectively, this Cabinet decision put paid to the fears of English being used as a passing criteria for SPM.

Only Form Six and matriculation will be allowed to use English in teaching these two subjects from now on and God knows whether they would have to re-learn Maths and Science in Bahasa Malaysia when they progress to national universities.

Sadly the ultra nationalists and vernacular language patriots have worn the battle,striking at the heart of Mahathir's arguments for using English in both the teaching of Science and Mathematics. This is one sad day for the ex-premier, I am sure.

Introduced in 2003, the policy has been heavily criticised by Chinese educationists and Malay language activists, but a recent survey by the independent Merdeka Center showed that 58 per cent of 1,060 voters interviewed supported the policy.

Expect an exodus of students to international schools as well as students leaving for foreign shores to further their education.

The clock is set back by easily another generation and the brain drain will continue as Malaysia becomes globally incapacitated by the lack of English skills.

Axiata on the Buy Again?

Reuters reported that Axiata has expressed interest to buy the Sri Lankan and Cambodian assets of Luxembourg-based telecom operator Millicom worth at least US$500 million (RM1.75 billion).

Axiata, Malaysia's second-biggest mobile phone operator, is among a number of bidders that have expressed interest to buy the Asian assets of Millicom

According to sources, JPMorgan is advising Axiata on the Sri Lankan assets and Bank of America-Merrill Lynch on the Cambodian assets. Both the assets could be worth at least US$500 million, the sources said.

Axiata has declined comment on this. A spokeswoman for Axiata said the company would make an announcement if "any corporate action is made."

Millicom said last week it had appointed Goldman Sachs to advise it on a strategic review of its Asian business and several potential investors were eyeing the assets.

We will put our ears keenly on this ground for further development.