Quick Excess To HongKong Stock Exchange

Kindly click the related url in order to check infos on listed China Call Warrants at Bursa Malaysia - (Parents company activities & infos at HongKong Stock Exchange)
http://www.hkex.com.hk/invest/index.asp?id=company/top_rise_page_e.asp?curHtml=s_gain

Retirement of KLSI, 2nd Board and MESDAQ Indices

From Monday 5th November 2007 onwards, there is no more chart for KLSI(Syariah), 2nd Board and Mesdaq Indices for market reference. 2nd Board index will be replaced by FBM2.

Attention To MBF Corp Shareholders (1228)

There is an opportunity to those MBF Corp shareholder who still having it (CAUGHT) but cannot trade it thru Bursa Malaysia (been DELISTED) and have an intention to dispose it. A group of minority shareholders/representatives is negotiating with interested buyers... They had advertise this in local newspaper such as ChinaPress and SinChew Daily on 18th October 2007 and The Star on 20th October 2007 respectively, with contents as following:-

MBF CORP SHAREHOLDERS

MBF Corp Berhad, Trading Code 1228, Delisted from Bursa since 6th August 2007.

We, are group of minority shareholders/representative, intend to sell our stakes of MBF CORP, we are negotiating with interested buyers, our initial conditional offer price is between the price range of RM0.15 - RM0.25 (Willing Buyer Willing Seller Basis).
We invite all interested shareholders to contact us and join us in obtaining our righteous benefits, Please contact :- Leslie Lim 012-3118048
Mason Lim 012-2348632
Mr Hoo 012-6718362....

Hap Seng Plantations Holding Bhd - New Listing

Hap Seng Plantations Holdings Bhd, en route to a main board listing, aims to increase its land bank by 50% in “the next couple of years”, said managing director Edward Lee.
“In line with this, the company is in talks with a few parties to purchase plantation land in Sabah and Sarawak,” Lee said at the company's prospectus launch yesterday.
The company's plantation land bank at present is predominantly in Sabah.
Hap Seng Plantations, via wholly-owned subsidiaries Jeroco Plantations Sdn Bhd and Hap Seng Plantations (River Estates) Sdn Bhd, has a total of 37,630ha plantation land in Sabah.
It would look towards a 100% increase in land band after achieving 50% growth, Lee said, adding that he did not rule out the possibility of buying land in Indonesia.
Hap Seng Plantations is the listing vehicle for the plantation assets of main board-listed Hap Seng Consolidated Bhd as part of a restructuring exercise.
Lee said the new company's core competency was its efficiency due to its plantation land, consisting of one contiguous block, “which enhances management, cost efficiency and operational effectiveness.”
Of its total land bank, 32,695ha are planted with oil palm.
“When it comes to managing our plantation assets, what matters to us most is efficiency,” Lee said.
For the financial year ended Jan 31, 2007 (FY07) Hap Seng Plantations' crude palm oil yield was 5.55 tonnes per ha compared with the Malaysian average of 3.93 tonnes per ha for calendar year 2006.
The company hoped to increase this yield to six tonnes per ha in two to three years to be comparable with the highest in the industry, Lee said.
In terms of fresh fruit bunches, Hap Seng Plantations was able to produce yield per mature area of 25.37 tonnes for FY07, which was one of the highest in the country, he added.
The initial public offering (IPO) consists of 300 million shares, comprising an offer for sale of up to 250 million shares by Hap Seng Consolidated and a public issue of 50 million new shares in Hap Seng Plantations.
The IPO price is RM2.65 per share.
The public issue is expected to raise gross proceeds of RM132.5mil, of which RM123.5mil would be used for part repayment of bank borrowings.
This is expected to reduce gearing ratio to 0.1 time from 0.19 time.
Hap Seng Plantations aims for a listing by mid-November

Do They????

US, Europe funds upbeat on M’sia

Fund managers in the US and Europe are more upbeat about Malaysia than a year ago but there was genuine surprise that earnings growth of KLCI stocks in 2007 has been so strong, said CIMB Research.
The research house said it was upbeat that 2008 was likely to be another strong year and this provided the most important fundamental support for the bullish undertone for 2008.
“We maintain our Overweight stance on Malaysia with Kuala Lumpur Composite Index (KLCI) targets of 1,440 for end-07 and 1,700 for end-08,” said CIMB Research, which had just completed a two-week roadshow in Europe and the US and meeting more than 40 fund management firms.
CIMB Research said although Malaysia’s recent underperformance drew some negative comments, investors in general were positive about the country’s prospects and were looking for good stock ideas with great fundamentals.
It said European and US investors remained keen to hear about Malaysia and were seeking good stocks to buy and companies with strong fundamentals, good management, attractive valuations and robust earnings growth.
On its meeting with 22 investors in Europe including those in London, Amsterdam and Edinburgh, it said they were roughly overweight, neutral and underweight in equal numbers.
However, they were significantly more bullish than last year but they were disappointed with Malaysia’s performance in the last six months after its sterling performance at end-2006 and early 2007.
CIMB Research said the fund managers’ biggest source of discontent was Tenaga Nasional Bhd’s poor share price performance and gas price worries.
Overall, investors did not appear overly concerned about the US subprime issue and none raised any questions whether Malaysian companies had any exposure.
CIMB Research said among the key stocks it recommended were Malaysian Resources Corporation Bhd (MRCB) due to election rally, Gamuda Bhd (Ninth Malaysia Plan and pump priming), SP Setia Bhd (property boom), Tenaga Nasional Bhd (government-linked companies revamp) and LCL Corp Bhd (small cap pick).
European investors appeared to be most enthusiastic about MRCB, Gamuda and LCL Corp, it said.
Although many European funds are buy-and-hold and longer-term investors, there are several hedge funds looking for trading ideas.
The research house said it had recommended MK Land Holdings Bhd (Trading Buy) since the proposed private placement has to be undertaken at no less than the RM1 par value and at that time, the stock was trading at only 80 sen to 85 sen. It also introduced Silver Bird Group Bhd (Trading Buy) as a possible takeover target.
“Several funds were looking for very long-term investments in physical assets or REITs (real estate investment trusts),” it said.
CIMB Research said during its roadshow in the US, fund managers familiar with Malaysia were mostly neutral to overweight on the market while newer funds and those less familiar with Malaysia had zero exposure but appeared keen to add positions.
However, some US investors were frustrated at Malaysia’s underperformance relative to the region. It said there was some unease over Malaysia’s underperformance in recent months and that it had yet to set new highs after the July-August global market rout.
“Several investors very familiar with Malaysia voiced their unhappiness with the country’s pace of political development and GLC revamp,” it said.
There were also hedge funds with very aggressive trading strategies looking for short-term trades and stocks which attracted interest were Gamuda, Hunza Properties Bhd and LCL Corp.
“Somewhat to our surprise, many US investors had visited Malaysia in the past year and those who were unfamiliar with the country were interested to visit, especially the Iskandar Development Region,” it said.
On Malaysia’s economic outlook, the research house said the fund managers were positive about the domestic economy.
CIMB Research had recently raised its 2007 GDP growth estimate from 5.6% to 5.8% and expected continued robust growth of 6.3% in 2008.
Growth catalysts would be strong domestic demand, higher government spending under the 9MP and a gradual recovery of exports in 2008.
However, there was concern among some fund managers over the impact of exports’ slowdown on GDP growth. CIMB Research said continued strong domestic demand, which made up 86.3% of total GDP, should mitigate the impact of lower exports on overall GDP growth.
“With private consumption accounting for 50.5% of GDP and total fixed capital formation making up another 23.2% of GDP, these two main components of total aggregate domestic demand should help to compensate for the slower growth in exports,” it said.
The research house said for every one percentage point decline in US GDP growth, it could cut Malaysia’s export growth by 0.8 percentage point, potentially shaving one percentage point off Malaysia’s GDP growth. Malaysia’s total exports make up 122% of total GDP.
“But the net impact is lower after adjusting for imports. Given our belief that domestic demand should remain strong and offset the slower external demand, the real impact on domestic growth should remain manageable,” it said.

source EdgeDaily

INSIDER ACTIVITIES LATELY

Notable filings

Among the more active counters on Bursa Malaysia for the week of Oct 1 to Oct 5 was LKT Industrial Bhd, whose mainstay is designing and assembling automation equipment. Singaporean juggernaut Temasek Holdings (Private) Ltd, via its unit Accuron Technologies Ltd, acquired some 3.9 million shares or some 5.7% equity in LKT Industrial on the open market, nudging its shareholding up to 39.5%.

Mesdaq Market-listed REDtone International Bhd meanwhile saw its substantial shareholders collectively hive off 22.8 million shares. The sellers include the Kuok group, orginial shareholder Lee Eng Sia and current CEO Wei Chuan Beng. Warisan Jutamas Sdn Bhd emerged as a shareholder with some 25.2 million shares or almost 10% equity in the company. Warisan Jutamas, news reports state, is a vehicle of Mohamed Shah Kadir and Abdul Karim Kadir. REDtone has been having problems issuing its latest financial results due to difficulties in tabulating its accounts in Pakistan.

Construction outfit PECD Bhd's CEO Rosman Abdullah sold off some 10 million shares in the company on the open market, ceasing to be a substantial shareholder. Since late August this year, PECD's stock has shed some 25% of its value.

Silver Bird Group Bhd continued to hog the limelight in the week. For the week in review, Berjaya Group Bhd acquired 18. 7 million shares in the bread maker, pushing its stake up to 14.1%. Pilgrim fund Lembaga Tabung Haji bought an additional 2.1 million shares in Silver Bird, bringing its equity to 23.7%.

UK-based Utilico Emerging Markets Ltd emerged as a substantial shareholder in MY E.G. Services Bhd, buying 6.3 million shares or 5% equity in the company from Edisi Firma Sdn Bhd. Utilico also owns 7.22% of water treatment and supply concession company Puncak Niaga Holdings and 5.07% of Pos Malaysia & Services Holdings Bhd.

Phoenix Spectrum Sdn Bhd, a unit of gaming company Genting Bhd, increased its stake in Landmarks Bhd to 28% after acquiring close to five million shares on the open market. Phoenix Spectrum paid between RM2.77 and RM2.89 for the shares in Landmarks. The property and hotel operator's shares traded between RM2.90 and RM3 over the week.

US-based Mercury Real Estate Advisors LLC acquired some 5.2 million shares in property player Mulpha International Bhd, increasing its shareholding to 68.6 million shares or about 5.5%.

Evermaster Group Bhd also saw some changes in shareholding. Mohammad Hairul Ibiniameen emerged as a substantial shareholder in Evermaster after he acquired almost 3.6 million shares or about 5% in the company.

Over the week, Magnecomp Precision Technology Public Co Ltd emerged as a 10.5% stakeholder in Mesdaq-listed MQ Technology Bhd. The 24.2 million shares in MQ Technology came under Magnecomp Precision Technology's control via the disposal of assets to MQ Technology.
Notable movements

Green Packet Bhd's shares seem to be cooling off after a long spell as a favourite among market watchers and punters. Year to date, the company's shares have shed close to 30% of their value. Despite the current trends, Green Packet has been continuously looking at broadening its horizons, and launched an intelligent software platform, SONbuddy Connect, which enables online and offline peer-to-peer application, via its integrated communications and connectivity framework. For its six months ended June this year, Green Packet posted a net profit of RM23.3 million on the back of RM67 million in sales.

Since its requotation on Bursa Malaysia, Boustead Heavy Industries Corp Bhd (BHIC) has created quite a stir. On its maiden trading day, the company's stock surged to a high of RM3.04 from its reference price of RM1. Since then, interest has been gaining steadily and the share price recently breached the RM5 barrier. BHIC, formerly known as PSC Industries Bhd, underwent a restructuring, and emerged with a healthier balance sheet thanks to a rights issue, which provided RM70 million in working capital. The company has said it may pay out as much as half of its earnings as dividends. BHIC is 65% controlled by Boustead Holdings Bhd, which is the publicly traded arm of the armed forces fund, Lembaga Tabung Angkatan Tentera.

source edgedaily

KLCI set to stage breakout rally

BLUE chips on Bursa Malaysia surged for a third straight week, boosted by a bullish breakout in the US Dow Jones Industrial Average to a new high, which spilled over to lift Asian markets to record levels, and shored up the benchmark Kuala Lumpur Composite Index (KLCI) as well. For the week, the KLCI rose 36.09 points, or 2.7 per cent, to close at 1,372.39, with average daily trading volume ballooning to 1.55 billion shares from 1.1 billion shares in the previous week.
The index gain last week was driven mainly by Bumiputra-Commerce, Maybank, MAS, Tenaga, Astro, Genting and the three plantation heavyweights, Golden Hope Plantations, Guthrie and Sime Darby which are involved in the Synergy Drive deal.
The release of US employment data for September brought cheers to the US market last Friday as the S&P 500 index hit an all-time high. Employment accelerated to 110,000 in the month after an increase of 89,000 in August, which was revised upward from -4,000 previously. The slightly better than expected September payroll numbers eased worries of a recession in the US. The employment numbers strengthen my view two weeks ago that contrary to market expectations, the Fed will maintain its key hurdle rate at 4.75 per cent until December.
The KLCI is expected to react positively to the US markets' performance last Friday when it reopens today and it could even see new highs this week if the buying momentum is sustainable. The strong volume of 2.1 billion shares last week after a long gestation period of nine weeks indicates the return of interest in the market but the momentum could wane out as we approach the tail end of the week ahead of the Hari Raya holidays.
The higher US employment numbers may also have a positive impact on the local market as the subsequent growth in consumption spending could lead to better demand for our exports which grew at a paltry rate of 0.3 per cent in the month of August. The main culprit for the subdued performance was the lower demand for computers and parts, particularly from the US, and falling global prices of semiconductors, which led to a fall in the export earnings of electronic products by 4.8 per cent year-on-year.
Also expect the second and lower liners to catch up with the bigger boys this week due to the apparent widening in price-to-earnings gap. We witnessed the interest in blue chips in the last three weeks that was not mirrored on the broader market. The return of foreign interest, judging from the ringgit strengthening and the RM4.1 billion increase in end-September foreign reserves, and selective nibbling of local funds could have contributed to that.
Investors are advised to go long on the market and view any weakening in price as an opportunity to buy-on-dip for a year-end rally. Based on the KLCI's month-on-month gain in the last 30 years, three best months for the index were October, January and February, with the latter being the best period. There is still ample liquidity in the system to drive a rally in the next two quarters as the excess liquidity mopped up by Bank Negara Malaysia remains substantial at RM224.8 billion as of end-September.
Technical outlook
The KLCI began trading last week on a bullish note, rising from the opening low of 1,337.65 to close with a double-digit gain on Monday, shored up by renewed buying interest in blue chips. A gap-up registered the next day, fuelled by resurgent buying momentum due to spillover bullish sentiment from an overnight rally on the US Dow Jones average to a new all-time high. The blue-chip index surged to close more than 20 points up at just below the 1,370 immediate chart resistance on Tuesday.
A further rally mid-week was checked at the intra-week high of 1,380.29 in late morning trade on Wednesday, which was the highest level seen since July 26, before profit-taking dragged down the benchmark for a negative close. Follow-through profit-taking and selling softened the index to slightly cover the 1,353 to 1,359 gap-up on the next day, before buyers returned to lift it significantly off lows. The market then staged a profit-taking consolidation Friday as traders squared off most positions ahead of the weekend.
Lower liners rose in concert, with buying interest still focused on the construction, plantation, property and oil & gas sectors. The Second Board Index added 1.6 points, or 1.5 per cent, week-on-week to close at 107.39, while the Mesdaq Composite Index advanced 1.89 points, or 1.5 per cent to end at 124.81 last Friday.
On the technical indicators, the daily slow stochastics indicator for KLCI has eased lower from an extreme overbought reading, but the weekly indicator extended higher to sustain the bullish medium-term reading. The 14-day Relative Strength Index (RSI) is now in the overbought zone with a reading above 70 last Friday, while the 14-week RSI has a reading just above 60. The daily Moving Average Convergence Divergence (MACD) trend indicator continued its upward expansion, while the weekly MACD trigger line hooked up further, closing in for an impending buy signal on further strength.
Conclusion
As expected, the KLCI extended its rally towards the rising 38.2 per cent Fibonacci Fan Line (FFL) from the March 5 low, helped by breakout rallies on the US Dow Jones average and more Asian stock markets hitting record highs. The much stronger buying momentum, which peaked last Friday with trading volume crossing above the two billion shares mark, was the catalyst that sustained bullish momentum last week.
For this week, strong buying momentum should follow-through to re-challenge the revised higher immediate resistance of 1,380 (IR), which was last week's high, before meeting more formidable resistance from the 1,392 (R1) record high on July 24. The strong US jobs data last Friday should fuel further upside momentum on Asian markets and hence spill over to eventually trigger a breakout rally on the local market. On the flip side, immediate support is adjusted higher to 1,350 (IS), with stronger up-trend support coming from the 38.2 per cent FFL, which is rising towards 1,350 by month-end.

source : Business Times

KLCI futures likely to see mixed trading

THE October Kuala Lumpur Composite Index futures contract on Bursa Malaysia Derivatives closed at 1,372 last Friday with an open interest and average volume of 32,146 and 7,566 contracts respectively.
The October contract rallied to the high of 1,389 last Thursday after a stronger than expected performance. The cracking of the 1,350 resistance level opened the floodgates which unleashed a strong bullish momentum, pushing the spot closer to the 1,400 level. By the end of the week, with the recovery intact the momentum indicators such as the Relative Strength Index (RSI) and the Commodity Channel Index (CCI) have both penetrated the overbought territory signalling the strong uptrend last week.

On a week-to-week basis, the KLCI futures spot contract closed at par to the underlying index, reflecting the absence of domineering "shortists" in the market.

What lies ahead for the futures contract now that it is trapped between its historical high and its support at 1,350?

Clearly a new set of resistance lines have to be established. Besides the psychological 1,400 resistance point, the October contract will likely find new challenges as its momentum indicators suggest that there is still potential for the uptrend to continue.

There is likely to be an absence of downside pressure on the local stock market as it is still driven by technical expectation that the index will retest the 1,400 psychological barrier.

On the technical front, the Moving Average Convergence Divergence (MACD) indicator on the futures is still showing favourable development since its positive crossover seven weeks ago. This is likely to sustain the positive primary and secondary trend on the market despite some toppish signs found on the technical oscillators.

As for this week, trading is likely to be a mix of corrections and rebounds as not all of the daily oscillators are coherent. Consolidation pressure is likely to persist as momentum is still improving albeit at a milder pace.

Tactically for this week, a weak positive extension is likely to take place. Judging from the fact that there are more affirmative indicators than negative ones, it would not be surprising for buying interest to emerge should the market weaken.


Technical reports

The MACD is positive with the faster above the signal line. Both lines remain at the positive region.

The daily RSI closed at the neutral territory.

The daily CCI finished at the neutral level.

Resistance levels are at 1,392, 1,413 and 1,459. Support levels are at 1,347, 1,322 and 1,277.

source : Bernard (Business Times)
The subject expressed above is based purely on technical analysis and opinions of the writer. It is not a solicitation to buy or sell.

Selamat Hari Aidil Fitri 1 Syawal 1428H

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To those who is celebrating Eid Mubarak, wish you all "SELAMAT HARI RAYA AIDIL FITRI & MAAF ZAHIR BATHIN"

Dedicated To 8575 Follower

KENANGA Investment Bank Research has revised its 12-month target price for SapuraCrest Petroleum Bhd to RM1.94, an increase of 169.4% from the previous target of 72 sen, on the back of a positive outlook on the oil and gas (O&G) industry.
Maintaining a “hold” on the stock at RM1.89, the research house said the new target price was based on the industry’s average 2008 price-earnings ratio (PER) of 14 times and the stock’s FY09 earnings per share (EPS) of 13.8 sen.
It said SapuraCrest was trading at a PER for financial year 2008 of 33 times, representing 59.2% and 135.2% premiums to the industry’s 2007 and 2008 PER of 20.7 times and 14 times respectively.
Kenanga Research said the current downside was limited due to a positive outlook of the industry, positive new flows following the buying-in stake from Seadrill Ltd, a Norwegian offshore drilling contractor, SapuraCrest’s capabilities in future deepwater and regional O&G development activities, and the group’s good track record with regional oil majors by securing large contracts and delivery.
It said the company’s net gearing as at July 31, 2007 stood at 69%, which comfortably gave it opportunity to gear up further for new contracts.
“Until SapuraCrest can deliver consistent profit margins with cost under control, its quarterly earnings will remain volatile with downside risk to disappoint,” said the research house.
SapuraCrest’s 1H08 profit before taxes (PBT) and net profit came in below its expectations due mainly to poor operating margin in the installation of pipelines and facilities (IPF) division despite a healthy turnover growth reported in 1H08, it added.
SapuraCrest’s turnover for the second quarter of financial year 2008 rose 54.5% year-on-year to RM570.5 million from RM369.2 million as activities in the IPF, offshore drilling and marine services divisions increased.
The group has secured a RM3 billion IPF extension contract on installation of subsea pipelines and facilities off Terengganu, Sabah and Sarawak for three years on July 27. Its order book stands at RM5.2 billion.
“Factoring in all known contracts and given the timing contribution of the IPF contracts will boost FY09 earnings forecast rather than FY08, we are raising our FY08 turnover by only 7.5% to RM2.1 billion from RM2 billion previously,” said Kenanga Research.
The research house would be incorporating a higher growth of 31.1% and 42.7% for financial year 2008 PBT and net profit to RM149.7 million and RM65.1 million respectively, assuming the operating margin for the IPF division is 4%.
It said favourable conditions that included weather downtime and fuel costs escalation being passed through to customer, and absorption of cost variations outside on agreed contract value by customers were incorporated in the new contract to ease margin squeeze.
“Nonetheless, our assumed operating margin of 4% for the IPF division is below the range of 10% to 15% indicated by the management,” said Kenanga Research.
“We believe the execution risk is a major swing factor for earnings, and remains our key concern. We are introducing our FY09 turnover, PBT and net profit of RM2.7 billion, RM274.6 million and RM156.7 million respectively,” it said.

source : EdgeDaily

PLANTATION SECTOR

Malaysia’s palm oil inventory level continued to climb to 1.45 million tonnes (+11% month-on-month; -13.9% year-on-year) in August 2007, from 1.31 million tonnes as at the end July 2007.
The rising inventory level was mainly due to a strong recovery in August production (+14.8% month-on-month; +1.4% year-on-year), while exports grew by 11.7% month-on-month albeit on a lower base.
On a year-on-year basis, exports shrank 5.5%. With the exception of China, which registered strong import figures (+36.7% month-on-month; +1.5% year-on-year), the other major importing countries from Malaysia like US, India and European Union suffered contractions.
Year-to-date (YTD) exports contracted by 8.2% y-o-y to 8.4 million tonnes as demand were affected by high palm oil prices.
Inventory expected to rise much faster as production is registering a spectacular recovery. Although YTD production is still down by 5.7% y-o-y, it has registered a significant pick up in the second half of this year (2H07), having narrowed from -8% as at June. After six months (since February 2007) of continuous decline in y-o-y palm oil monthly production, the trend finally reversed last month, having registered a 1.4% y-o-y growth.
Should this trend persist, we could potentially see Malaysia recording a record monthly production this month (Sept), breaking its previous record of 1.61 million tonnes set in September 2006.
But, it remains to be seen if production will peak in September this year as some planters had earlier highlighted the potential for production peaking next month.
From Sept 1 to 10, export data was mixed. Interlek Testing Services (ITS) and cargo surveyor Societe Generale de Surveillance (SGS) drew different export outlooks for the period.
The discrepancies are huge – ITS estimated a 9.3% growth m-o-m in exports to 413,299 tonnes while SGS reported a contraction of 10.7% m-o-m to 334,800 tonnes over the same period. The export trend is, therefore, inconclusive at this juncture.
While the fundamentals of palm oil appear subdued in the near term, we believe developments in the soy oil market in the US and rapeseed oil in the EU should be monitored more closely this month .
Recommendation: These are the key drivers impacting local palm oil prices, and could prompt us to upgrade our Neutral call on the sector post the peak production period. In the meantime, we maintain our Neutral call on the sector and continue to prefer exposure to small-and-mid cap stocks like Asiatic Development Bhd, TH Plantation Bhd, Hap Seng Consolidated Bhd, CB Industrial Product Holding Bhd and Tradewinds Plantation Bhd for their relatively cheaper valuations

source:Star Research

INTI UNIVERSAL HOLDINGS BERHAD ("Company")

Notification received from INTI Supreme Holdings Sdn Bhd ("ISHSB"), a major shareholder of the Company

The Board of Directors of the Company wishes to inform that the Company has on 18 September 2007 received a notification from ISHSB, a major shareholder of the Company that ISHSB had on 12 September 2007 received a letter and term sheet dated 12 September 2007 from Laureate Education, Inc. (“Laureate”) setting out a proposal to acquired controlling interest in the Company. This proposal entail, among others, the acquisition of ISHSB’s entire shareholding interests of 105,500,000 ordinary shares of RM0.50 each in the Company, representing 51.19% equity interest in the Company, for an aggregate purchase consideration of RM126,600,000 (translating into the price of RM1.20 per share) (“First Acquisition”). Should the First Acquisition be successfully completed, a mandatory general offer for the remaining shares of the Company not owned by ISHSB will be undertaken. Laureate is a leading international university network of accredited campus-based and online universities, which includes 24 accredited institutions in Asia, Europe, and the Americas. Together, these independently branded universities offer a broad range of undergraduate, graduate, and vocational-technical programs, including business, law, education, communications, social sciences, health sciences, engineering, information technology, hospitality management, humanities and architecture. The Board of Directors of ISHSB had on 18 September 2007 replied to Laureate informing Laureate that the Board of ISHSB has agreed in principle to the aforesaid proposal and would like to explore the aforesaid proposal further especially on the terms and structure of the First Acquisition. The Board of ISHSB had also agreed to negotiate with Laureate on an exclusive basis for three (3) months, with an option for either parties to extend the period for a further one (1) month from the expiry of the said three (3) months. Among others, the proposal will be subject to the approvals of relevant authorities, ISHSB shareholders and satisfactory due diligence.

This announcement is dated 19 September 2007

YTL Power Warrant - Got Power?

Based on technical analysis, YTL Power International Bhd's (YTLP) warrants look marginally expensive at their current levels. The warrants were trading at 99 sen each as at the time of writing, while the mother share was at RM2.42. YTLP's warrants have a strike price of RM1.39 and are due to expire on Jan 8, 2020. "Based on the Black-Scholes model and factoring in volatility of 20%, YTLP's mother share price, a risk free rate of 3.44%, the warrants' strike price and time to maturity, it gives me a fair value of 81 sen for the warrant with a gearing of 2.42 times," says OSK Research technical analyst Chan Ken Yew. He says his valuation takes into account YTLP's good dividend yield of 6.4%. It should be noted that the value of a warrant falls when the company offers good dividends. The reason for this is that while the mother share is adjusted for the dividend payout, the strike price remains the same. Chan also says the low volatility is typical of utility stocks. "Companies that posses regulated assets are normally steady in terms of earnings," he explains. Despite the slightly demanding valuations, Chan says there is room for upside if the mother share continues its upward trend. The good news is, analysts are bullish on YTLP, with the majority of research houses calling a "buy" or "outperform" on the stock. According to Bloomberg data, as at Sept 12, CIMB had set a target price of RM3.30 while ECM Libra Avenue Securities' target price is RM2.84. Given that YTLP's share price was RM2.42 as at the time of writing, this implies a potential upside of between 17.4% and 36.4% for the stock. Based on the highest target price, Chan calculates a fair value of RM1.56 for the warrant. "This is inclusive of YTLP's good dividend, and implies an upside of 57.6% from the current warrant price," he says. He adds that even if the stock were to reach ECM Libra's less bullish target price, the warrant would still see some upside. YTLP's mother share closed at a 52-week high of RM2.50 on Sept 6. Its warrants followed suit, closing at a 12-month high of RM1.06 on the same date. YTLP is the global utilities arm of YTL Corp Bhd, and has a strong presence overseas, including in Indonesia and the UK. The company started out as Malaysia's first independent power producer in 1993, and has the distinction of being the country's only "take-or-pay" IPP. Its earnings have shown steady growth (stripping out a series of one-off items), at a mid-single digit rate. "We are projecting modest annual earnings growth over the next three years, fuelled mainly by higher efficiency at its power plants in Indonesia and above-average price hikes for its water concessionaire Wessex Water," says an analyst. Analysts agree that any boost in growth for the company would have to come from merger-and-acquisition activities. This was what happened in 2002, when the group acquired Wessex Water and subsequently saw a substantial increase in earnings. According to Asia Analytica, the company's last acquisition was in 2004, when YTLP purchased a 35% stake in Indonesia-based Jawa Power. "Although the company has high gearing, most of the borrowings are matched to the concessionaire's long-term revenue stream. "The company has gross cash of over RM6 billion that could be used to make new acquisitions when the opportunity rises," states Asia Analytica, an independent research house. Even the recent market turmoil could work out to the company's advantage, according to an analyst with a bank-backed research house. "If there is a liquidity crunch, it could place YTLP in a better position to scoop up deals, given its strong cash position," says the analyst. There have been reports that YTLP is currently eyeing Singapore's Temasek Holdings Pte Ltd's power plants, which the latter is selling in a bid to increase competitiveness in the island state's power industry. "YTLP's experience in the foreign field and efficiently run operations should bode well for its chances in the Singapore market," says the analyst.

source:EdgeDaily

The Right Timing

KLSE COMPOSITE INDEX Technical readings Elliott Wave Daily chart: By using a short-term Elliott Wave count, the KLCI continues to unfold the various degrees of the impulsive A-B-C waves of its major corrective wave (B). The KLCI closed at 1,354.38 points last Friday. Weekly chart: The KLCI's weekly wave counts were in line with those of its daily wave counts. Monthly chart: A breach above 1,332 will change the bearish scenario. The KLCI is now shifting into its next bullish phase.
Elliott Oscillator The Elliott Trigger stayed below its zero region while its Elliott Oscillator continued to stay above its zero region.
Other Indicators The weekly and monthly stochastics stayed in their respective overbought levels. Its daily stochastics slipped into its oversold level.
Moving Average Convergence/Divergence (MACD) The monthly fast MACD stayed above its monthly slow MACD. Its daily and weekly fast MACDs stayed below their respective slow MACDs.
Expert Trend Index (ETI) The readings are "neutral" for the short term and "bullish" for the medium and long terms.
Profit Taking Index (PTI) Using the original Elliott wave count, PTI displays high readings of 99 and 80 on its daily and monthly charts respectively.
Displaced Moving Averages (DMA) The KLCI stayed above its monthly and weekly DMA levels of 988 and 1,277 respectively. It stayed below its daily DMA level of 1,364.
Divergence There were positive divergences on its daily MACD, Stochastics and Relative Strength Index to the KLCI's daily chart.
Make Or Break (MOB) The weekly MOB resistance is revised higher to its overhead resistance of 1,370-1,400.
Support The immediate downside support is revised to 1,330-1,360.
Resistance Its immediate overhead resistance is revised to 1,380-1,420.

How Transmile's books were cooked

The absence of banking slips to show that cash of about US$11 million (about RM38 million) had been paid by customers directly to Transmile's suppliers of aircraft parts resulted in the whole scam coming into the open. Auditors Deloitte & Touche led by partner Jimmy Lai became suspicious when all the relevant parties — the supplier of parts, marketing agents acting for customers and the company's accounts department — collaborated to say that the transaction took place but none could furnish documentary evidence. "Even the agents and suppliers came forward and saw the auditors. They verbally verified that their customers had paid directly to suppliers on behalf of Transmile Air Services Sdn Bhd (TAS). But nobody could provide the banking slips," says a source. In normal circumstances, such documents are filed for inspection and are readily available on request by auditors. Considering that no such documents were made available, it did not take long to suspect that suppliers and agents were also part of the whole scheme to cook Transmile's books. In a nutshell, it was a well-designed scheme running for years involving some customers and suppliers and the company's top management. The modus operandi involved the agents, which are mostly RM2 paid-up dormant companies, commissioning TAS to undertake certain "services". TAS issues fictitious invoices for so-called services rendered and these are endorsed. At the same time, TAS also makes purchases from suppliers, where purchase orders are given out. In many of the instances in 2005 and 2004, the transactions were all done in cash. "But the money is taken out after the auditing period. It's as though there is a revolving fund, which provides short-term funds for such purposes. It just goes on and on for years," says the source. But the scam was uncovered when the transactions became bigger and more complex, and showed higher revenues for Transmile. The bigger the transactions, the more difficult it became for the schemers to cover their tracks. In the last two months of 2006, numerous transactions were recorded, as dealings between the company and its suppliers, the company and its agents and between the agents and suppliers. The "so-called amount" that customers owed TAS was paid directly from agents to suppliers. In TAS' books, purchases from suppliers were recorded as part of their property, plant and equipment. As many such transactions were done in the last two months, the auditors got suspicious. "It would have fooled anybody. The only thing that gave it away was when the agent, supplier or company could not provide proof of a series of transactions totalling US$11 million," says a source. According to sources, the doubts began to gather momentum when Transmile's management could not provide a logical explanation as to why the marketing agents had paid TAS' suppliers on their behalf, especially since the amounts were big and lacked commercial rationale. The auditors were unconvinced about the reasonableness of the transactions based on the documentation furnished and explanations given. Deloitte asked Transmile to prepare and furnish a movement of accounts with the agents, which never came. It finally led to the audit firm standing by its decision not to sign off the accounts without qualification. This matter came up to the board, which ordered a special audit by Moores Rowland. Nevertheless, based on special audit findings by Moores Rowland, it appears that no money laundering was involved. Instead, it was revealed that Transmile revenues had been overstated by RM622 million over the past three financial years. What was the motive for such an elaborate scheme? If not money laundering, could the motive to falsify accounts have stemmed from the need to paint a rosy picture of Transmile's growth to please shareholders, particularly Kuok Brothers Sdn Bhd? Kuok Brothers bought a 28.9% stake in March 2004 from Transmile's then CEO Gan Boon Aun, reducing his stake to the current 2.8%. Gan recently voluntarily relinquished all executive posts in Transmile but he still remains a company director and has been attending board meetings. However, people familiar with the Transmile fiasco believe it was for the self-interest of certain shareholders of the company, who would benefit from the rising share price. From Dec 31, 2001, when its share was trading at RM1.71, Transmile had skyrocketed to RM14.20 on Dec 31, 2006. It even reached a high of RM15.20 on Jan 25. With investigations and the special audit still ongoing, however, it will be premature to point fingers at any party. To investigate further, Moores Rowland has proposed that a special audit be conducted on Transmile's 37.5% associate company, CEN Sdn Bhd, and its indirect associate company, CEN Worldwide Sdn Bhd. Moores Rowland says there is a possibility of underbilling or non-billing of genuine sales to other customers, including CEN Worldwide, which is Transmile's major client. Total sales to CEN Worldwide from 2004 to 2006 amounted to RM604 million. Searches at the Companies Commission of Malaysia show that CEN Worldwide posted a net loss of RM15.65 million for the financial year ended Dec 31, 2005. Its shareholders' funds were in deficit of RM22.5 million. The total amount owed by CEN Worldwide to Transmile stood at RM103 million. CEN Worldwide had been loss-making and has had negative shareholders' funds since Dec 31, 2004. CEN Worldwide, which is an express distribution and logistics management services provider, was incorporated in March 1997 as a RM2 paid-up company, with Datuk Mirzan Mahathir and Gan as its directors and shareholders. In September 1997, CEN Sdn Bhd emerged as the major shareholder of CEN Worldwide. The paid-up was subsequently increased to RM10 million. In 1999, Mirzan resigned from CEN Worldwide and Transmile. CEN Sdn Bhd is held by Pos Malaysia Services & Holdings Bhd (42.5%), Transmile (37.5%) and Konsortium Logistik Bhd (20%). What's appalling is that despite Pos Malaysia being the largest shareholder, it does not seem to know what's happening at CEN. The same goes for the major shareholders of Transmile. The books were cooked right under their noses but they did not even catch a whiff. It was, as those familiar with the matter describe it, a well-executed scheme involving everyone

Bank Rakyat eyes stake in MBSB

Bank Rakyat is eyeing a stake of up to 30% in Malaysia Building Society Bhd (MBSB), sources say. In a deal which sources say was initiated by the Ministry of Finance, the stake is to be acquired from MBSB's largest shareholder, the Employees Provident Fund (EPF), which has 62% in the building society. It is believed that Bank Rakyat's board has approved the purchase of the stake. "It makes sense. It is a viable combination as it combines MBSB's strength in property financing with Bank Rakyat's retail and personal finance base. MBSB can also tap into Bank Rakyat's branch network," says a source. Bank Rakyat is a cooperative that generates most of its business by giving out personal loans, particularly to civil servants. It is also big in Islamic banking. The plan is for the merged entity to compete more effectively. Even at MBSB's current price of RM1.06, a 30% stake would cost Bank Rakyat RM107.56 million. But the deal is expected to be at a significantly higher price than the current market value. For the financial year ended Dec 31, 2006, Bank Rakyat's cash and short-term funds stood at RM1.5 billion, while its deposits and placements with financial institutions were at RM2.5 billion. Its revenue jumped 24% to RM1.96 billion, while its net profit increased 25% to RM368 million. MBSB's CEO Ahmad Farid Omar, when contacted on the development late last week, declined to comment on the matter. Apart from the EPF, the other major shareholder in MBSB is Permodalan Nasional Bhd, with a 11% stake. After incurring huge losses between 1998 and 2003, MBSB returned to the black in 2004 and has managed to improve its financial performance thus far. For its financial year ended Dec 31, 2006, revenue jumped 28% to RM293.1 million from RM229.5 million in 2005. Its net profit increased 3.6% to RM40.2 million from RM38.8 million in 2005. One reason for the improved results, according to Farid, is MBSB's decision to nurse its non-performing loans (NPLs) instead of selling its bad loans to a special-purpose vehicle (SPV). This strategy seems to have worked well — the group's NPLs have more than halved in the last five years. Farid says the company is already seeing results. "Our NPL ratio has dropped from 60% in 2002 to 25% today. It is a result of nursing," he tells The Edge in an interview that was done earlier in the week. The NPL ratio is the proportion of bad loans over total loans. On average, local banks have NPL ratios of about 5% currently. Initially, MBSB had planned to place its NPLs under a SPV, but decided to change tack. "If we sell to a SPV, it will normally involve a haircut which, I think, is not a good strategy. This is because MBSB's NPLs are all secured by property," says Farid. He adds that some of the building society's delinquent loans are backed by properties in good locations such as Ampang and Sungai Buloh. "The value of land has increased tremendously, especially in Penang, Ipoh, Johor and the Klang Valley," he says. Farid adds that recovering the loans is a matter of holding on to the property and selling it at the right time. "With property, the beauty is that there is always a premium," he explains. "When we manage to settle it [the sale], there is a write-back. It's very seldom that we make a loss on a sale." Settlement, however, takes time. Farid says some bad loans may take up to seven years to resolve. MBSB's NPL issue stems from its legacy loans that were approved in the 1990s. Back in 1994, MBSB diversified from its original core business of taking deposits and providing loans to house buyers. It ventured into property development as well as providing bridging and revolving loans for the sector. After the Asian financial crisis hit in 1997, MBSB found itself in dire straits: it was saddled with delinquent loans. In 2000, the group's net NPL stood at RM2 billion. After implementing its restructuring strategies, the company has managed to reduce this figure to RM850 million currently. Farid notes that none of MBSB's new loans given out since 2003 has turned delinquent. "We are very strict in our credit assessment; we have developed a risk management department to look into the projects' risks," he says. Not only have MBSB's NPL numbers come down, the company has also seen considerable loans growth in the last five years. In 2002, its housing loans stood at RM1.1 billion. This has since tripled to RM3.5 billion. Farid says 9% of MBSB's housing loans were non-performing because of the customer profile, largely buyers of medium to low-cost houses. He notes, however, that more than half of these bad loans are "moving NPLs", which means these borrowers still pay their instalments as and when they can. Depositors also have more faith in MBSB these days. Five years ago, the building society had to pay higher borrowing costs to fund its lending, after its customer deposits shrank considerably. Farid says loans are now largely funded by deposits from both individuals and corporations. "In 2002, our total net loan was RM3.3 billion, of which RM2.5 billion was being funded by bank borrowings. In 2006, our net loan was RM5.2 billion, of which our total borrowings made up only RM500 million while the remaining was funded by deposits," he says. "This indicates that the confidence level of depositors has improved," he points out. In 2002, MBSB had 48 million deposits and the number has jumped to one billion deposits today. Moving forward, Farid says MBSB will continue to focus on property financing as well as develop its retail business. It is also aggressively embarking on Islamic financing. In fact, over half of MBSB's customers apply for its Islamic house financing scheme

What to expect on July 3, 2007

1. Asia-Pacific Audit & Governance Summit at Nikko Hotel, KL at 9am.
2. Datuk Seri Rafidah Aziz attends the 1st Malaysia-Syria Joint Trade Committee Meeting at Level 16, Block 10, MITI, KL at 9.30am.
3. The signing of strategic alliance agreement between Credit Guarantee Corporation Malaysia Bhd and Dun & Bradstreet Malaysia Sdn Bhd at Ballroom 3, Nikko Hotel, KL at 10am. 4. YTL Land & Development Bhd launches Bird Island Green Homes at KL Performing Arts Centre (KLPac), Sentul Park, Jln Strachan, KL at 10am.
5. Sapuracrest Petroleum Bhd AGM and EGM at Ground Flr, Sapura@Mines, No.7 Jln Tasik, The Mines Resort City, Selangor at 10am.
6. Scomi's bus exhibition at Indoor Arena, Bukit Kiara Equestrian & Country Resort, KL at 10.30am.
7. Nakamichi Corporation Bhd EGM at Sheraton Imperial Hotel, KL at 2pm
8. PIKOM 20th anniversary coffee table book launch at Bijan @ 3 Jln Ceylon, KL at 3pm.
9. Naza Kia launches updated new and enhanced Kia Sportage at Naza Kia Puchong Showroom, No.48 Jln Rajawali 2, Puchong Jaya Industrial Park, Selangor at 5pm.
10 Affin holds reception for a special announcement with the presence of Second Finance Minister at Grand Ballroom, Mandarin Oriental Hotel, KL at 6.30pm.

Welli Multi asked to hold off release of accounts

PETALING JAYA: The Securities Commission (SC) has told Welli Multi Corp Bhd to withhold issuing its financial accounts amid doubts over the authenticity of its large receivables.
In a statement to Bursa Malaysia, Welli Multi said the SC had received information on the “authenticity” and “recoverability” of RM113mil of the company's total trade receivables of RM135mil at Dec 31, 2005.
It said the SC was of the opinion the information would have an impact on the price of the Welli Multi securities, leading to the commission's directive.
New chief executive officer Dr Abdul Rashid Tang Abdullah, however, told StarBiz the firm was confident of recovering the receivables by March. “We will take legal action, if necessary, to recover the receivables owed to us,” he said.
According to Abdul Rashid, the receivables had accumulated since 2004.
The release of Welli Multi's quarterly accounts for periods ending Dec 31, 2006 and March 31 is way overdue. Abdul Rashid said an office fire last year had destroyed many documents, causing the delay.
The food maker has only issued its financial results for the quarter ended Sept 30, 2006.
For the nine months to Sept 30, 2006, Welli Multi posted a lower net profit of RM2.34mil against RM3.07mil a year earlier despite a 13% rise in revenue to RM473mil.
In a separate filing, the company said Tan Kim Oh, Yoon Kok Chuan and Ke-Zan Nominees (Tempatan) Sdn Bhd, having a combined 10.17% stake in Welli Multi, had asked for the removal of Messrs Deloitte KassimChan as auditors. The firm is to be replaced by Messrs Moore Stephens for the period ended March 31, 2007.
Welli Multi shares jumped to RM3.32 late last month from a low of 84 sen on April 19. The stock was down nine sen at RM1.48 yesterday.
In the past few months, Welli Multi has seen massive changes to its board (including the CEO), audit committee and company secretary. Former CEO Tan Chin Han resigned on May 24.

Tolong tengok-tengok kan

Kepada sesiapa yang menjumpai adik perempuan ini, sila sila lah bagitau ayah dia. kesian ayah dia. adik, mak tunggu adik kat rumah, dia rindu kat adik.
Nama: Nur Adibah Bt. Mohd Fozi I/C:921213-02-5452
Umur: 14 Thn
Description:Orang nya berkulit cerah, mempunyai cutting rambut panjang,lurus lepas bahu. kemungkinan besar tidak memakai tudung.
Address: No 16, Jln BSE 4/23, Bandar Seri Ehsan, 42700 Banting
Tel:019-6428897(FAUZI) 019-2177300(SHUKRI)
Plz forward mail ni pada kawan2 semua. Moga dia dan keluarganya dapat bertemu semula.amin

2 in 1

Nowdays everything is in a easy choice...nescafe 3 in 1, tongkat ali 5 in 1 and etc. So why not having such vehicle like this one...2 in 1 by just painting your car like this...

Mobile phone signalling power

When you try to call someone through mobile phone, don't put your mobile closer to your ears until the recipient answers because directly after dialing, the mobile phone would use it's maximum signaling power, which is: 2watts = 33dbi. (4 - 6 dbi is Harmless )Please use left ear while using mobile, because if you use the right one it will affect brain directly. This is a true fact from the Apollo medical team.Please be careful and forward to people whom you really care about

Freak storm lashes Penang

Unusually strong winds wreaked havoc in Penang and parts of Kedah yesterday, toppling trees, blowing off roofs, capsizing boats and forcing four flights to be diverted from the international airport in Bayan Lepas.At Pantai Bersih in Butterworth, fishermen said 3m-high waves caused more destruction than the 2004 tsunami, with 14 boats damaged compared to one during the tsunami.

Lagu ni kena bagi bantuan lagi ni....

Owwhhhhh..... what a slow day today....thinking of having a nap...

Thank You Father

The things you taught me I will always know.
How could I not? The roots have sunk so deep:
All lessons of the heart that I will keep
No matter who I am or where I go.
Kids learn from what their parents are, and so
You are my book of life, the thoughts I reap;
Only in your arms I quiet sleep;
Under my words your voice sings soft and slow.
From you I learned the rules of right and wrong
Against which I at times had to rebel,
Though with regret I carry with me still.
How lucky I am to have been loved so well,
Even as I pushed against your will,
Relying on a father fair and strong.

Happy Father's Day - 17th June 2007

CALL WARRANTS PROFILE - Structured Warrants

Dear Readers,

You can check call warrants expiry date,conversion price, issuers and etc from the sub directory of Call Warrants Profile under Investment Directory.Hopes this is a very helpful information and guidance for all of you.Thank you.

Tanah anda selamat?
Oleh C Ramasamyrama@hmetro.com.my

BAGAI magik, di Malaysia, pemilik tanah boleh kehilangan hak milik mereka begitu saja.
Ini kisah yang berlaku 19 tahun lalu, tetapi kesannya masih menghantui jutaan pemilik tanah di seluruh negara sehingga ke saat ini.Boonsom Boonyanit adalah seorang wanita warga Thailand. Beliau memiliki dua bidang tanah, Lot 3606 dan 3607 di Mukim 18, Tanjung Bungah, Pulau Pinang dan justeru, sering berulang alik ke Pulau Mutiara.Pada 11 Jun 1989, anak lelaki Boonyanit terbaca satu iklan di sebuah akhbar Thai yang meminta waris Boonyanit berhubung dengan sebuah firma guaman di Pulau Pinang. Dia, yang menghidu sesuatu yang tidak kena, menghubungi pejabat peguam ibunya di Pulau Pinang dan meminta siasatan dibuat terhadap iklan itu.Siasatan berkenaan mendedahkan sesuatu yang cukup mengejutkan Boonyanit sekeluarga. Ini apa yang sebenarnya berlaku: seorang yang menyamar dan mendakwa dirinya sebagai ‘Sun Yok Eng @ Boonsom Boonyanit’ membuat satu akuan berkanun bertarikh 18 Jun 1988 mengatakan dia kehilangan geran asal kedua-dua bidang tanah berkenaan.Dengan menggunakan akuan itu, penyamar berkenaan mendapatkan satu salinan geran tanah yang disahkan pejabat tanah.Pada 6 April 1989, penyamar itu membuat akuan berkanun kedua. Kali ini, dia mengikrarkan nama Boonsoom Boonyanit dan ‘Sun Yok Eng @ Boonsom Boonyanit’ pada geran berkenaan adalah nama sama dan milik orang yang sama. Melalui perisytiharan itu, penyamar terbabit, yang memalsukan tandatangan, berjaya menjual tanah berkenaan dengan memindahkan hak milik kepada sebuah syarikat bernama Adorna Properties Sdn Bhd.Sebaik mengetahui penipuan itu, keluarga Boonyanit mengemukakan saman untuk mendapatkan semula tanah berkenaan yang dianggarkan bernilai jutaan ringgit.Jika pemalsuan licik itu mengejutkan, apa yang lebih mengejutkan adalah keputusan mahkamah dalam kes berkenaan.Saman Boonyanit itu didengar Mahkamah Tinggi Pulau Pinang. Hakimnya, Vincent Ng Kim Khoay dalam keputusan bertarikh 25 April 1995 memenangkan Adorna. Boonyanit yang tidak berpuas hati kemudian merayu ke Mahkamah Rayuan. Pada 17 Mac 1997, mahkamah itu yang disidangi Datuk Gopal Sri Ram, Tan Sri Siti Norma Yaakob dan Tun Ahmad Fairuz Sheikh Abdul Halim memberikan keputusan memihak kepada Boonyanit.Adorna kemudian memanjangkan rayuan ke Mahkamah Persekutuan. Tiga hakim Mahkamah Persekutuan, Tun Mohd Eusoff Chin, Datuk Wan Adnan Ismail dan Datuk Abu Mansor Ali dalam penghakiman bertarikh 13 Disember 2000 memberikan keputusan yang kembali memihak kepada Adorna.Bagaimanapun, tujuh bulan sebelum itu, Boonyanit meninggal dunia. Jadi, mendiang tidak hidup untuk mendengar bagaimana forum perundangan tertinggi dan terakhir negara itu mengesahkan penipuan dua bidang tanah miliknya sebagai sah di sisi undang-undang. Kesudahannya, Boonyanit kehilangan hak miliknya buat selama-lamanya.Atas asas apakah Mahkamah Persekutuan membuat keputusan itu? Menurut pengamal undang-undang, kes Boonyanit pada intipatinya membabitkan tafsiran Seksyen 340 Kanun Tanah Negara 1965.Dalam penghakimannya, Mahkamah Persekutuan berpendapat Adorna memperoleh hak milik (ke atas tanah Boonyanit) yang tak boleh disangkal kerana syarikat itu adalah pembeli bona fide (berniat suci) meskipun urusan itu melibatkan pemalsuan.Justeru, mahkamah berkenaan memutuskan Adorna mendapat perlindungan mengikut syarat yang terkandung dalam Seksyen 340(3) Kanun Tanah Negara.Tujuh tahun sudah beransur, namun sehingga hari ini, sebagaimana apabila ia diumumkan, penghakiman kontroversi Mahkamah Persekutuan itu terus dikritik pengamal undang-undang dan cerdik pandai perundangan.Mereka berpendapat penghakiman itu silap kerana syarat yang terkandung dalam Seksyen 340(3) bertujuan melindungi pembeli terkemudian dan bukannya pembeli serta-merta selepas berlaku pemalsuan. Ahli Parlimen Kota Bharu, Datuk Zaid Ibrahim, yang juga seorang peguam, membangkitkan penghakiman itu dalam sidang Dewan Rakyat pada 23 November 2005 dan menyifatkan apa yang berlaku bukan keadilan, tetapi tafsiran mekanikal undang-undang.Beliau berkata, mahkamah hanya mengutamakan nama yang tercatat pada geran tanah dan mengesahkannya sebagai pemilik sah meskipun proses itu dilakukan melalui pemalsuan.“Tuan tanah sendiri tidak tahu tanahnya bertukar pemilik. Soalannya, apakah kerajaan pentingkan tafsiran mekanikal undang-undang ataupun keadilan,” soal beliau.Menjawab Zaid, Timbalan Menteri Sumber Asli dan Alam Sekitar, Datuk S Sothinathan memberitahu kajian mendapati peruntukan sedia ada dalam Kanun Tanah Negara memadai untuk melindungi hak pemilik tanah dan tiada pindaan diperlukan.Beliau berkata kesilapan yang berlaku berpunca daripada manusia semata-mata dan bukannya undang-undang.“Selepas mendengar keputusan Mahkamah Persekutuan (berhubung kes Boonyanit), maka interpretasi Seksyen 340 dikembalikan kepada interpretasi asal,” katanya.Meskipun Sothinathan memberikan jaminan sedemikian, namun kebajikan pemilik tanah terus menjadi tanda tanya apabila, baru-baru ini, Ketua Pengarah Jabatan Tanah dan Galian, Datuk Zoal Azha Yusof berkata Kanun Tanah Negara perlu dipinda bagi melindungi hak pemilik tanah dan mengekang pemalsuan.“Adalah tidak adil hak pemilik tanah diragut. Saya akan membawa perkara ini kepada perhatian Peguam Negara. Tafsiran Seksyen 340 memerlukan penelitian semula,” katanya yang mengakui penipuan itu berkemungkinan turut melibatkan kakitangan jabatan berkenaan.Majlis Peguam Malaysia pula kini dalam proses mengkaji kelemahan peruntukan yang terdapat dalam Kanun Tanah Negara sebelum mengemukakan memorandum syor pindaan kepada kerajaan.Pindaan dicadangkan itu, antara lain, akan mengambil kira kepentingan pemilik asal tanah dan pembeli bona fide yang terpedaya dengan pemalsuan dengan menjadikan mekanisma pembayaran pampasan kepada mangsa melalui dana diasaskan kerajaan yang diguna pakai di Kanada dan Australia sebagai panduan. Sedang mahkamah, pakar undang-undang dan kerajaan berdebat mengenai Kanun Tanah Negara dan tafsiran Seksyen 340, penyangak tanah, yang menyedari ketirisan yang wujud dalam sistem, terus bermaharajalela.Malah, ramai menganggap keputusan yang diberikan Mahkamah Persekutuan dalam kes Boonyanit secara tidak langsung memberi lampu hijau dan memperligatkan aktiviti penipuan tanah di Malaysia.Sehingga kini, dilaporkan, di Kuala Lumpur dan Selangor saja berlaku sekurang-kurangnya 85 kes penipuan.Jabatan Pengaduan MCA, secara berasingan, mencatatkan 16 kes membabitkan tanah dianggarkan bernilai RM20 juta secara keseluruhannya termasuk sebuah rumah teres dua tingkat di Puchong.Lebih banyak kes dipercayai berlaku khususnya di Melaka, Pulau Pinang dan Johor.Di manakah pemilik tanah terbabit akan mencari keadilan sedangkan Perkara 13 Perlembagaan Persekutuan menjamin hak rakyat untuk memiliki harta benda? Adakah mereka akan menerima nasib yang sama seperti Boonyanit? Perkembangan mutakhir membayangkan harapan meyakinkan untuk pemilik tanah yang menjadi mangsa. Satu penghakiman yang diberikan Mahkamah Rayuan pada 23 Mac lalu memberikan keyakinan mahkamah tidak lagi mengamalkan tafsiran mekanikal undang-undang, sebaliknya menjunjung keadilan. Dalam keputusan itu, dua daripada tiga panel hakim - Datuk Gopal Sri Ram dan Datuk Mohd Raus Shariff - mengembalikan hak milik tanah kepada sepasang suami isteri yang kehilangannya akibat pemalsuan dokumen tujuh tahun lalu.Bagaimanapun, si suami, Ismail Mohamad tidak dapat mendengar perkhabaran gembira itu kerana sudah meninggalkan dunia manakala isterinya, Saadiah Abdullah pula dilaporkan sakit. Rasional nya adalah anda digalakkan melawat Pejabat Tanah Daerah setiap tahun untuk memastikan anda tidak kehilangan harta anda dan yang pasti Jangan Lupa Bayar Hasil Cukai Tanah....

U know Y?

Aliran Ihsan price surge leads to talk of takeover (AIRB-8516)
By C.S. TAN
PETALING JAYA: Shares in Aliran Ihsan Resources Bhd (AIRB) rose 36 sen to RM1.09 while its loan stock, AIRB-LA, climbed 10.5 sen to 99.5 sen in active trading yesterday.
That led to market talk the company could be taken private by its major shareholders, which are reportedly linked to Tan Sri Syed Mokhtar Al-Bukhary.
AIRB is an attractive asset to take private as it generates operating cashflow of about RM50mil a year, holds cash of over RM68mil and has virtually no borrowings. In spite of such favourable features, AIRB is usually thinly traded as a penny stock.
The company owns water-supply concessions in Johor through 49%-owned Equiventures Sdn Bhd and wholly-owned Southern Water Corp Sdn Bhd.
Equiventures operates two water treatment plants that supply the Johor Baru area, while Southern Water operates 14 water-treatment plants that supply the districts of Muar, Batu Pahat, Segamat and Kluang.
As a group, AIRB water-treatment plants produce about 70% of the treated water in the state.
The other concessionaire of water supply in the state is SAJ Holdings, a subsidiary of Ranhill Utilities Bhd.
There were discussions between AIRB and the state government over the latter’s proposal to purchase the water-supply concessions, according to reports. There was no conclusion to those negotiations so far.
A full takeover of AIRB should not be very difficult, as its three substantial shareholders – all companies – owned 71.4% of its issued capital base of 209.4 million shares.
In addition, however, AIRB has fairly substantial loan stocks outstanding.
The largest holders of its 55.8 million loan stocks are Public Enhanced Bond Fund (holding 18.7% of the loan stocks), PB Fixed Income Fund (17.9%) and Public Bond Fund (17.9%).
The loan stocks are convertible into AIRB shares at a ratio of one-for-one and will not expire until 2011.
In addition, the loan stocks are redeemable at RM1 each and are entitled to a net dividend of 5 sen a unit until their expiry.
In a general offer, these loan stocks can be converted into shares and tendered as acceptances for the offer.
The possibilities for the price action yesterday range from an impending offer from existing major shareholders to buy all the shares, to an offer to buy all of AIRB’s assets and liabilities by SAJ or Johor state government.

4 your info ........

What to expect on June 14, 2007
1. Shangri-La Hotels & Resorts and Tourism Malaysia to share the initiatives and support undertaken by the Shangri-La Hotels and Resorts in conjunction with Visit Malaysia 2007 at Lobby Lounge, Shangri-La Hotel, KL at 9.30am.
2. UEM World Bhd AGM at Grand Ballroom, 1st Flr, Sime Darby Convention Centre, KL at 10am.
3. PBA Holdings Bhd AGM at Traders Hotel, Penang at 10am
4. Kurnia Setia Bhd AGM at Meranti 1, Hyatt Regency Hotel, Pahang at 10am
5. UMW Holdings Bhd AGM at UMW Auditorium, UMW Holdings Bhd, No.3 Jln Utas 15/7, Batu Tiga Industrial Estate, Shah Alam, Selangor at 10am.
6. Energy City Qatar Corporation signs MoU with Paradigm Consortium Malaysia to develop $2.6 billion energy city Qatar at Lower Penthouse, Level 30, Crowne Plaza Mutiara Hotel, KL at 10.15am.
7. Reception for commencement of the project supply of remote meter reading system low voltage large power consumer between Impianas Sdn Bhd and Tenaga Nasional Bhd and software licensing agreement between Tenaga Nasional Bhd and Itron Inc. at The Sultan Ballroom 1, Level 6, Le Meridien Hotel, KL at 11am.
8. Malaysia Building Society Bhd AGM at Banquet Hall, 1st Flr, KL Golf & Country Club, KL at 12noon.
9. Malaysia Airports associated with Muhammad Muqharabbin Mohktaruddin on a one-year cycling around the world on his Running and Cycling Around the World for Peace Expedition at Level 5, Main Terminal Building, KLIA at 1.45pm
10. BCT Technology Bhd AGM at West VIP Lounge, Bukit Kiara, KL at 2pm.
11. Mesiniaga Bhd AGM at Auditorium Ismail Sulaiman, Menara Mesiniaga, 1A Jln SS 16/1, Subang Jaya, Selangor at 2.30pm.
12. Patrik Runald, Senior Security Specialist from F-Secure Security Labs presents Hi-Tech Financial Crimes & Fraud at Parkroyal Hotel, KL at 2.45pm.
13. Signing ceremony between Voyage Frontier (M) Sdn Bhd and KUB Malaysia Bhd on the acquisition of Tele Dynamics (M) Sdn Bhd at Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara, KL at 3.30pm.
14. Opening ceremony of the Friven & Co Concept Store at 67 Jln Maarof, Jln Bangsar, KL at 7.30pm.
15. KLBC's an evening with the Prime Minister: "50 Years: The Beat of Business" at Shangri-La Hotel, KL at 7.45pm.
16. Datuk Peter Chin officiates the Rubber Industry Awards at Prince Hotel, KL at 8pm.

Access to sites cut in crackdown on Internet scams
KUALA LUMPUR: The authorities have started a crackdown on cyber scams, blocking access to six illegal investment websites and raiding the offices of an Internet firm in the Klang Valley.
In a press statement released yesterday, the Securities Commission said the six websites were www.abbfund.com or www.abfund.us, www.cfdventure.com, www.swedenfund.com, www.uebond.com, www.esuissefund.com or www.efmf.com.pa and www.ecashfinance.com.
“SC will continue to work with Bank Negara, the Malaysian Communications Multimedia Commission (MCMC) and CyberSecurity Malaysia to track, identify and block access to websites promoting investment scams.
“It will take all measures to fight illegal investment activities, including taking enforcement action against operators and agents of illegal investment websites,” the statement said.
In the next few months, more scam websites will be blocked. The SC has identified some 60 websites that are involved in illegal cyber investments.
Bank Negara and the SC have begun joint operations with the police in tracking down such illegal e-investment activities.
On Monday, a raid was conducted on several AB Fund offices in the Klang Valley for suspected illegal deposit-taking and investment activities.
It was learnt that documents, equipment and servers were among the items confiscated from the premises, while statements were also taken from its employees.
An illegal deposit-taking operator can be jailed up to 10 years or fined RM10mil, or both, the statement said.
Recently, thousands of Malaysians were believed to have lost several million ringgit in an “investment” scheme known as buy-e-barrel, which closed down abruptly.
The scheme offered daily interest of between 2% and 3% for an investment of between US$100 (RM345) and US$2,000 (RM6,900).
Last year, two Datuks and six others were placed under remand to aid in investigations into a get-rich-quick scheme that allegedly promised “huge returns for a minimum investment”.
The alleged scam, known as SwissCash or Swiss Mutual Fund, claimed that investors’ funds were channelled to business activities ranging from oil exploration to shipping and agriculture in the Caribbean.
Investors were required to pay a registration fee of US$30 (RM103.50) to join the scheme, which allegedly offered huge returns for a minimum investment of US$100 .
The public are advised to refer to the SC’s Frequently Asked Questions: “Do Not Invest in Illegal Internet Investment Schemes” available at www.sc.com.my.
Investors who are still participating in such illegal investment schemes via the Internet have been reminded to withdraw their investments and terminate their accounts immediately as they would not be able to access their accounts once the websites are blocked.

It is not easy to become Quick Rich

Skim Internet diserbu -- Tiga agensi bergabung banteras laman web pelaburan haram
KUALA LUMPUR 12 Jun – Dalam satu gerakan besar-besaran untuk menghapuskan skim cepat kaya melalui laman web Internet, Bank Negara Malaysia (BNM) dan polis mula menyerbu pejabat pengendali skim-skim itu yang disyaki menjalankan pengambilan deposit tanpa lesen dan membuat pelaburan haram.
Dengan kerjasama Suruhanjaya Sekuriti (SC), BNM dan polis semalam menggeledah pejabat AB Fund yang beroperasi di ibu negara, iaitu salah sebuah skim cepat kaya melalui Internet yang popular di kalangan pelakon dan penyanyi terkenal di negara ini.
Selain artis, skim yang beroperasi dengan alamat web www.abfund.us atau www.abfundtrader.biz itu juga disertai oleh sesetengah tokoh korporat dan ahli perniagaan yang majoritinya orang Melayu.
Laman web itu ialah salah satu daripada 45 skim cepat kaya melalui Internet kendalian orang tempatan dan luar negara yang beroperasi menipu pelabur.
Kini sebahagian besar daripada laman web itu telah menutup sendiri operasi masing-masing manakala akses sebahagian lagi laman web dihalang oleh pihak berkuasa.
Laporan sebelum ini menyebut seramai 500,000 orang rakyat Malaysia terlibat dalam pelaburan itu membabitkan pelaburan terkumpul berbilion ringgit.
Menurut satu kenyataan yang dikeluarkan oleh BNM di sini hari ini, laman web skim AB Fund yang diserbu itu tidak dilesenkan oleh Suruhanjaya Sekuriti. Ia kini disiasat oleh BNM mengikut Sub Seksyen 23 (1) Akta Bank dan Institusi-institusi Kewangan 1989 dan Sub Seksyen 4 (1) Akta Pencegahan Pengubahan Wang Haram dan Pencegahan Pembiayaan Keganasan 2001.
Kenyataan itu turut menegaskan bahawa BNM dan SC akan terus mengorak langkah membanteras kegiatan haram tersebut secara habis-habisan dan membawa dalang yang melakukan penipuan itu ke muka keadilan.
Sementara itu, SC dengan kerjasama Suruhanjaya Komunikasi dan Multimedia Malaysia (MCMC) serta CyberSecurity Malaysia hari ini mula menyekat pengaksesan pengguna Internet kepada enam laman web termasuk www.abfund.us yang menawarkan skim pelaburan haram menggunakan konsep skim cepat kaya.
Menteri Sains, Teknologi dan Inovasi, Datuk Seri Dr. Jamaludin Jarjis memberitahu Utusan Malaysia, langkah untuk menyekat pengaksesan ke laman web pelaburan secara haram itu akan dilaksana secara berperingkat-peringkat dan ia merupakan satu proses berterusan.
‘‘MOSTI akan membantu usaha-usaha kerajaan membanteras gejala ini, malah satu mesyuarat khas CyberSecurity Malaysia berhubung isu ini akan diadakan esok,’’ katanya ketika dihubungi.
Menurut Jamaludin, mesyuarat itu juga akan membincangkan langkah-langkah khusus untuk menyekat semua pengaksesan pelaburan Internet dalam masa terdekat, selain penubuhan pasukan khas.
Skim-skim pelaburan Internet yang difatwakan sebagai haram oleh Majlis Fatwa Kebangsaan pada 12 April lalu sebenarnya bukan berpangkalan di luar negara sebagaimana yang digembar-gemburkan dalam laman web masing-masing, sebaliknya ia diuruskan oleh rakyat Malaysia sendiri.
Siasatan Utusan Malaysia yang dibantu pakar-pakar teknologi maklumat dan komunikasi (ICT) mendapati skim tersebut yang diuar-uarkan mendapat pengiktirafan di peringkat global sebenarnya beroperasi dari beberapa lokasi di negara ini.
Maklumat dalam laman-laman web tersebut yang menyatakan kononnya pelaburan skim itu berasaskan perdagangan mata wang, pasaran hadapan komoditi, pelaburan luar pesisiran dan saham-saham lain sebenarnya satu rekaan semata-mata.
Daripada siasatan menerusi laman web rujukan www.domanintools.com, kebanyakan laman web pelaburan skim cepat kaya itu didapati didaftarkan dengan pengelola web di Amerika Syarikat (AS) oleh para pemilik yang beralamat di Malaysia seperti di Kuala Lumpur, Petaling Jaya dan Seri Kembangan.
Bagaimanapun, terdapat beberapa laman web pelaburan yang popular di kalangan rakyat Malaysia didapati didaftarkan di bawah nama pemilik proksi beralamat di AS.
Dalam kes skim cepat kaya AB Fund, laman webnya didaftarkan di Texas, AS tetapi lebih 325,000 pengunjungnya dalam tempoh tujuh hari lalu merupakan pengguna Internet dari Malaysia.