There could be several material developments in Perak-based companies listed. Sources say that there could be changes as the helm of some of these companies and a shift in their strategic assets before the general election is called.
It is all linked to politics and the upcoming general election.
PKNP (The state’s development corporation) has almost 53% equity interest in PErak Corp, whose main asset is its wholly owned Taipan Merit Sdn Bhd. Taipan Merit has 50% plus one share in Lumut Maritim Terminal Sdn Bhd (LMT), while the remaining equity is held by port operator Interagx Bhd.
The state via PKNP, has an indirect 15.45% stake in Integrax via Taipan Merit and Perak Equity Sdn Bhd. Apart from LMT, Integrax also has an 8-% stake in deepwater port Lekir Bulk Lumut Sdn Bhd.
LMT operates Lekir Bulk Terminal. LMT and the Lekir Bulk Terminal collectively form Lumut Port.
Perak Corp is under appreciated by market, so a shifting of assets could be deemed as extracting value by taking some assets out. As as end Dec 2011, Perak Corp’s net assets per share stood at rm4.31.
It is worth nothing that the concession for LMT expires in 2015 and what will happen after this is anyone’s guess.
Many other assets held by Perak Corp have not been revalued since 1997. For instance, Perak Corp is sitting on a 189.62 acre of freehold tract of agricultural land, which was approved for mixed development and valued at rm23.24 million as at end 1997.
There is also 72.54 acre used as a yard, which is part of the Lumut Port with a book value of rm82.74 million as at April 1997.
In addition, Perak Corp has a 12.88 acre freehold parcel in Kinta district valued at rm14.17 million in 2010.
Apart from Perak Corp and Integrax, the Perak government has considerable equity is in MajuPerak Holdings Bhd.
PKNP has slightly more than 52% equity interest in MajuPerak. Other substantial shareholders include KUB with 10.99% stake.
Its book value of the land as at Dec 2011 was around rm1.78 million. A few of MajuPerak’s properties have not been revalued since the 1980s and 1990s.
Another Perak related company is Gunung Capital Bhd.
As at end Dec 2011, Gunung Capital had cash and bank balances amounting to rm15.51 million. Its short term borrowings stood at rm3.94 million and its long term debt stood at rm45.07 million.
Gunung Capital completed a private placement of 10 million shares at 40 sen per share in Feb 2012.
Among those sitting on the board of Gunung Capital is well connected Datuk Ahmad who is independent non executive director. He is the president of Malaysia Haulers, and the chairman of Mexter Technology Bhd.
Other political wings in Gunung Capital include chairman and executive director Datuk Syed Abu Hussin, the former deputy head of the Bukit Gantang UMNO division.
In Jan 2012, Low Bok Tek, who has been with Gunung Capital since 1996 stepped down. Low’s other investment is in Latexx. He still owns 16.55% stake in Gunung Capital.
While there has yet to be any real shifting of assets or key management positions, will the talk of changes become a reality?
It is all linked to politics and the upcoming general election.
PKNP (The state’s development corporation) has almost 53% equity interest in PErak Corp, whose main asset is its wholly owned Taipan Merit Sdn Bhd. Taipan Merit has 50% plus one share in Lumut Maritim Terminal Sdn Bhd (LMT), while the remaining equity is held by port operator Interagx Bhd.
The state via PKNP, has an indirect 15.45% stake in Integrax via Taipan Merit and Perak Equity Sdn Bhd. Apart from LMT, Integrax also has an 8-% stake in deepwater port Lekir Bulk Lumut Sdn Bhd.
LMT operates Lekir Bulk Terminal. LMT and the Lekir Bulk Terminal collectively form Lumut Port.
Perak Corp is under appreciated by market, so a shifting of assets could be deemed as extracting value by taking some assets out. As as end Dec 2011, Perak Corp’s net assets per share stood at rm4.31.
It is worth nothing that the concession for LMT expires in 2015 and what will happen after this is anyone’s guess.
Many other assets held by Perak Corp have not been revalued since 1997. For instance, Perak Corp is sitting on a 189.62 acre of freehold tract of agricultural land, which was approved for mixed development and valued at rm23.24 million as at end 1997.
There is also 72.54 acre used as a yard, which is part of the Lumut Port with a book value of rm82.74 million as at April 1997.
In addition, Perak Corp has a 12.88 acre freehold parcel in Kinta district valued at rm14.17 million in 2010.
Apart from Perak Corp and Integrax, the Perak government has considerable equity is in MajuPerak Holdings Bhd.
PKNP has slightly more than 52% equity interest in MajuPerak. Other substantial shareholders include KUB with 10.99% stake.
Its book value of the land as at Dec 2011 was around rm1.78 million. A few of MajuPerak’s properties have not been revalued since the 1980s and 1990s.
Another Perak related company is Gunung Capital Bhd.
As at end Dec 2011, Gunung Capital had cash and bank balances amounting to rm15.51 million. Its short term borrowings stood at rm3.94 million and its long term debt stood at rm45.07 million.
Gunung Capital completed a private placement of 10 million shares at 40 sen per share in Feb 2012.
Among those sitting on the board of Gunung Capital is well connected Datuk Ahmad who is independent non executive director. He is the president of Malaysia Haulers, and the chairman of Mexter Technology Bhd.
Other political wings in Gunung Capital include chairman and executive director Datuk Syed Abu Hussin, the former deputy head of the Bukit Gantang UMNO division.
In Jan 2012, Low Bok Tek, who has been with Gunung Capital since 1996 stepped down. Low’s other investment is in Latexx. He still owns 16.55% stake in Gunung Capital.
While there has yet to be any real shifting of assets or key management positions, will the talk of changes become a reality?
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