Wednesday, April 01, 2015

of Keppel Corp owns 95.1% of Keppel Land at close of offer.

Is this, what, an annoying joke as part of the April Fools' Day? I read the Business Times headlines, "Keppel Corp fails to hit compulsory acquisition threshold for Keppel Land buyout". Meaning to say, with Keppel Corp now owns 95.1% of Keppel Land, they'd just have to stick to the offer price at a base price of S$4.38 per Keppel Land share, rather than the higher price of S$4.60 a piece if the threshold (of 95.5%) had been reached.

Seriously, who are on their right mind still determine to keep the shares & not accepting the offer to help gain that threshold?! Especially since the update of the level of acceptance is published openly & those who have not opted to accept the offer should know that they could have enjoyed better price if they're joining the rest who have accepted.

Refer to the last 10 days of such publicly announced level of acceptance:
- 30 Mar 2015, Keppel Corporation owns 93.9% of Keppel Land
- 27 Mar 2015, Keppel Corporation owns 93.4% of Keppel Land
- 26 Mar 2015, Keppel Corporation owns 93.2% of Keppel Land
- 25 Mar 2015, Keppel Corporation owns 90.9% of Keppel Land
- 24 Mar 2015, Keppel Corporation owns 89.4% of Keppel Land
- 20 Mar 2015, Keppel Corporation owns 87.5% of Keppel Land
- 19 Mar 2015, Keppel Corporation owns 87.2% of Keppel Land
- 18 Mar 2015, Keppel Corporation owns 86.7% of Keppel Land
- 17 Mar 2015, Keppel Corporation owns 86.2% of Keppel Land
- 16 Mar 2015, Keppel Corporation owns 85.9% of Keppel Land

I am not really sure whether the recent press release dated 31 Mar 2015, SGXNET: Disclosure Of Interest/ Changes In Interest Of Director/Chief Executive Officer – Ms Ng Hsueh Ling which states that the Keppel REIT Chief Executive Officer and Executive Director, Ms Ng Hsueh Ling after her acceptance of employee share options/share awards of 537,000 Units, she is now holding the total no. of rights/options/warrants held: 1,420,299. Hers is rights/options/warrants. Not shares. So I just wonder how if any this impact to the acceptance level of Keppel Corp's offer (after all it refers to 'shares', not 'rights/options/warrants'.

Oh well. Lessons learnt:
1. Should have disposed the shares in the open market as the price is more attractive than the base offer of $4.38.
2. Should have studied more what happens if one opts to decline the offer & thus when the counter is delisted, how one is holding the shares (especially if one is still not willing to exercise one's right to get Keppel Corp to acquire the shares at $4.38)?

Keppel Corp failed to hit the compulsory acquisition threshold needed to complete the buyout of Keppel Land by the end of the offer close.

Late on Tuesday evening, it released a report saying that it now owns 95.1 per cent of Keppel Land as at March 31, 5.30pm, just 0.4 percentage points short of the 95.5 per cent threshold.

This means that the offer price will remain at a base price of S$4.38 per Keppel Land share, rather than the higher price of S$4.60 a piece if the threshold had been reached.

Remaining shareholders who have not tendered have a right to require Keppel Corp to acquire their shares at S$4.38 in cash, joint financial advisers DBS and Credit Suisse said in the report.

This essentially allows the shareholders to exit rather than stay stuck with illiquid private shares.

Keppel Land lost one cent to end at S$4.45 on the stockmarket on Tuesday. Some 2.1 million shares changed hands.

The Singapore Exchange will suspend trading of the shares henceforth.

"Keppel Corporation Limited intends to take steps to delist Keppel Land Limited from the SGX-ST following the close of the offer," said the financial advisers.
From Business Times, "Keppel Corp fails to hit compulsory acquisition threshold for Keppel Land buyout".

Sunday, March 29, 2015

Remembering Mr Lee Kuan Yew - Nee Soon GRC Community Tribute Random Photos

Finally made my way yesterday afternoon to Nee Soon GRC Community Tribute site at the hard court at Blk 749 Yishun Street 72. The mood was somber. The loss of Mr Lew Kuan Yew is for sure felt not just by the family but also by the Nation.

Here are some random photos taken:

All 18 community tribute sites for Mr Lee Kuan Yew will now be open for 24 hours a day until the end of Lee Kuan Yew's State Funeral on Sunday (Mar 29).

In a media release issued on Saturday, the People's Association (PA) said that the opening of all sites is to allow residents who have not had the chance, but still wish to pay their last respects to Singapore's founding Prime Minister.

The 18 sites are located at:

-Aljunied GRC: Kovan Hub
-Ang Mo Kio GRC: Ang Mo Kio Central Stage @ Ang Mo Kio Town Centre
-Bishan-Toa Payoh GRC: Toa Payoh Central Community Club
-Choa Chu Kang GRC: Hardcourt opposite Choa Chu Kang MRT Station
-East Coast GRC: Open space @ Bedok Town Centre
-Holland-Bukit Timah GRC: Senja-Cashew Community Club
-Jurong GRC: Canopy beside Jurong Regional Library
-Marine Parade GRC: Kampong Kembangan Community Club (Foyer)
-Moulmein-Kallang GRC: Hong Lim Park next to Telok Ayer Hong Lim Green Community Centre
-Nee Soon GRC: Hardcourt at Blk 749 Yishun Street 72
-Pasir Ris-Punggol GRC: Sengkang Community Hub (Hardcourt)
-Sembawang GRC: Woodlands Civic Centre (Open Space)
-Tampines GRC: Tampines Community Plaza
-Tanjong Pagar GRC: Tanjong Pagar Community Club
-West Coast GRC: Blk 442 and Blk 449 Clementi Ave 3
-People’s Association Headquarters
-Marina Barrage
-Singapore Botanic Gardens

The PA said that more than 12,000 grassroots leaders and volunteers have been on hand to take cars of those who needed assistance. Various local merchants and corporates have also provided food and drinks for the public; for example, local coffeeshops provided drinks, while Dairy Farm Group contributed 800 cartons of food and drinks for members of public.

The association also thanked members of the public who have volunteered their time and services. Those who wish to volunteer can go to their nearest community tribute site, the PA said.
From Channel NewsAsia, "All 18 PA community tribute sites will stay open overnight until end of State Funeral".

Monday, March 23, 2015

Of the passing of Mr Lee Kuan Yew (O quam cito transit gloria mundi!)

O quam cito transit gloria mundi, or in simple English, "How quickly the glory of the world passes away"--well, that may just be the right phrase to describe the passing of Mr Lee Kuan Yew early this morning (3:18am local time at Singapore General Hospital, where he had been admitted on Feb. 5 suffering from pneumonia).

Since then, a torrent of tributes have come (and rightly so) to the late Mr Lee.

Check out this CNA article, "World leaders pay tribute to Mr Lee Kuan Yew" which has United States President Barack Obama, UK Prime Minister David Cameron, Canadian Prime Minister Stephen Harper, Mexican President Enrique Pena Nieto, Afghanistan President Ashraf Ghani, Australian Prime Minister Tony Abbott, New Zealand Prime Minister John Key, who has the world leader shared their thought & respect for Mr Lee Kuan Yew.

Likewise, a similar flood of tributes from Asian Leaders (refer to CNA article, "Asian leaders pay tribute to Mr Lee Kuan Yew") such as Hong Kong Chief Executive C Y Leung, Taiwan President Ma Ying Jeou and Premier Mao Chih Kuo, South Korean President Park Geun-hye, Chinese President Xi Jinping, and India Prime Minister Narendra Modi.

In the separate article (also from CNA, "Indonesia pays tribute to Lee Kuan Yew, 'a great leader and statesman'") has Indonesia's Foreign Ministry on Monday (Mar 23) conveyed the government and people's "deepest condolences" on the passing of Singapore's first Prime Minister Mr Lee Kuan Yew. Straits Times also has the news that Indonesia President Joko Widodo to attend state funeral for Mr Lee Kuan Yew.

Also published one article (again from CNA) that Prime Minister of Thailand General Prayuth Chan-ocha expresses condolences on passing of Mr Lee Kuan Yew.

CNA, "Lee Kuan Yew one of the greatest leaders Asia has ever produced: Japan PM Abe" has Prime Minister Shinzo Abe offered the Japanese government and people's "deepest sympathy and heartfelt condolences" to the Republic's Prime Minister Lee Hsien Loong on the demise of "great leader" Lee Kuan Yew.

Also by CNA, "Sultan of Brunei pays tribute to 'charismatic, exemplary leader' Lee Kuan Yew". Stated in the opening line is the Sultan of Brunei Hassanal Bolkiah "would dearly miss Mr Lee Kuan Yew as a personal and close family friend".

Other tribute (not from any political leaders, though) is from Google by use of a simple black ribbon on its home page.

As part of Singapore Memory Project, any of us can also share our messages and condolences in memory of the late Mr Lee on the official Facebook Page and can also view the messages from others on the Read the Tributes page. (Refer to this page,

PS. The Telegraph has also just published, "Lee Kuan Yew: his most memorable quotes". For me, I'd say the following is the most memorable quote by him among the rest:

"Without her, I would be a different man, with a different life... I should find solace in her 89 years of a life well lived. But at this moment of the final parting, my heart is heavy with sorrow and grief."

That is referring to the passing of his wife, Mdm Kwa Geok Choo.

Rest in peace, Mr Lee.

Sunday, March 08, 2015

of Game Theory: Toad's DEADLY Secret (Super Mario Bros.)

Check this clip out, "Game Theory: Toad's DEADLY Secret (Super Mario Bros.)". Impressive clip at 1,916,029 views since it's uploaded a few days ago on 03/03. Intriguing theory too...and sigh, I do miss those good old days of playing Super Mario Bros. Heh.

Tuesday, December 30, 2014

of Missing AirAsia plane no MH370 mystery: Australia PM

What nonsense, Tony! A tragedy is a tragedy and it should not be belittled by a comparison of the other mystery such as the vanished MH370.

The plight of a missing AirAsia jet lost over the Java Sea cannot be equated with Malaysia Airlines Flight MH370 which vanished without a trace in March, Australian Prime Minister Tony Abbott said Monday.

Australia is leading the search for MH370 which was on a routine flight from Kuala Lumpur to Beijing when it disappeared off radars on March 8 with 239 people onboard.

"I think it would be a big mistake to equate what has happened here with MH370," Abbott told Sydney radio station 2GB after budget airline AirAsia said a flight carrying 162 people was missing.

"MH370, as things stand, is one of the great mysteries of our time. It doesn't appear that there's any particular mystery here.

"It's an aircraft that was flying a regular route on a regular schedule, it struck what appears to have been horrific weather, and it's down. But this is not a mystery like the MH370 disappearance and it's not an atrocity like the MH17 shooting down."

MH17, also a Malaysia Airlines flight, was shot down on July 17 over rebel-held territory in eastern Ukraine, killing all 298 people onboard - among them 38 Australian residents.

MH370 is believed to have crashed in the Indian Ocean far off Australia's west coast after diverting off course for an unknown reason and flying for several more hours over the remote waters.

An intense air and sea search failed to find any wreckage from the aircraft, while an underwater search has been underway for weeks in the area considered the plane's most likely resting place with no result.

The disappearance of MH370 provoked a string of theories, including that it had been hijacked. But aviation expert Neil Hansford said that such a scenario was unlikely for AirAsia flight QZ8501, an Airbus A320-200.

"These are very different circumstances to MH370," Hansford told Sydney's Daily Telegraph.

"This plane does not have the range to go very far for a major detour."

Abbott said he was sure that aviation experts would convene to come up with more effective ways to track planes following the events of 2014, to ensure "that we don't just lose planes".

He said Australia would make itself "as available as we can be" to assist Indonesian authorities in the search for the AirAsia plane which was heading to Singapore from Surabaya in Indonesia's east Java when it disappeared in bad weather on Sunday.

An Australian air force AP-3C Orion joined the search early Monday.
From Asiaone, "Missing AirAsia plane no MH370 mystery: Australia PM".

Friday, October 31, 2014

of F&N loses arbitration, may be forced to sell stake in Myanmar Brewery

A blessing in disguise? Singapore firm's 55 per cent stake could be sold to Myanmar Economic Holdings, with the valuation to be decided by a valuer appointed by both parties. Yes. This is finally the outcome of the last year news, "F&N faces claim over stake in Myanmar brewery".

Myanmar Economic Holdings (MEHL) said on Friday (Oct 31) that arbitrators have affirmed its rights to buy over Singapore food giant Fraser and Neave's 55 per cent stake in Myanmar Brewery at fair value as at a date close to Apr 24, 2013.

The valuation of F&N's stake in Myanmar Brewery - the brewer of Myanmar Beer, the country's best-selling beer - will be decided by a valuer to be appointed by both parties, MEHL said in a statement.

MEHL said it agreed with F&N to hold the arbitration in Singapore as it was "very important" that foreign investors had confidence in the way Myanmar did business.

MEHL entered into a joint venture with Heineken through its Asian arm, Asia Pacific Breweries Limited (APB), in 1995 to set up Myanmar Brewery.

Under that agreement, MEHL held 45 per cent of MBL's shareholding and APB, the remaining 55 per cent. APB transferred its shareholding to F&N in 1997.

On Apr 24, 2013, MEHL exercised its rights under the JV agreement to serve notice on F&N to sell its stake to MEHL or its nominee. It served notice of arbitration on Sep 9, 2013.

F&N, whose shares were suspended from trading earlier today, has not issued a statement.
From Channel NewsAsia, "F&N loses arbitration, may be forced to sell stake in Myanmar Brewery".

A military-linked Myanmar conglomerate said it has won an arbitration case against Singapore's Fraser and Neave Ltd that will give it the right to buy the latter's stake in Myanmar's biggest brewery.

Myanma Economic Holdings Limited (MEHL) said in a statement on Friday that a panel of two unnamed Singapore arbitrators heard the case in the city state from late June to early July. MEHL said the panel released a ruling earlier on Friday which says MEHL is entitled to buy F&N's shares in Myanmar Brewery.

F&N and its parent company, Thai Beverage PCL, on Friday submitted a request to the Singapore Exchange for a halt in trading of their shares. Officials at F&N didn't immediately respond to calls seeking comment.
From Reuters, "Myanmar conglomerate says it has won beer spat with Singapore's F&N".

Myanma Economic Holdings Limited has won a dispute over the ownership of Myanmar Brewery Limited, the military-owned conglomerate has announced, and will now accelerate plans to buy out its joint venture partner.

MEHL has been locked in a legal battle with Singapore-based Fraser and Neave Limited (F&N), which owns 55pc of Myanmar Brewery since August 2013, when it announced it would submit the dispute to an arbitration tribunal in Singapore.

Arbitrators on October 31 upheld MEHL’s right to buy F&N’s shares in the brewery, enabling it to increase its stake from 45pc.

“We are very pleased with the ruling. It vindicates our legal position that the [joint venture agreement] clearly provides for us to buy F&N’s shares after they failed to meet their contractual obligations,” U Myint Aung, MEHL’s deputy managing director, said in a statement.

F&N was a partner with Heineken in Asia Pacific Breweries Limited (APB) until 2012, and also had a longstanding partnership with UMEHL in Myanmar. In 2012, control of Fraser and Neave was bought for US$2.2 billion by ThaiBev, owned by billionaire Charoen Sirivadhanabhakdi.

F&N sold its other beer investments to Heineken but the Dutch firm did not take on the Myanmar stake, making it F&N’s sole beer holding. The brewery produces popular domestic brands Myanmar Beer and Andaman Gold, and brews Tiger Beer under licence.

MEHL argued that ThaiBev’s buyout of F&N constituted a change in ownership and therefore violated the joint venture terms, which gave the partners first right of first refusal to purchase each others’ shares before they are offered to a third party.

In November 2013, MEHL said in a rare public statement that it had started arbitration proceedings after negotiations between the two companies broke down.

Following the October 31 ruling, MEHL will now be able to purchase F&N’s shares at a price set by a valuer agreed upon by both companies. Originally MEHL quoted F&N a price that was set by the Controller of Military Accounts (CMA), which, though authorised to audit in Myanmar, is not a certified public accountant, according to a lawyer familiar with the case.

The case was touted as a test for Myanmar’s legal framework and foreign investment environment. U Myint Aung said that the ruling should bolster confidence in the way the country handles such disputes.

“It is very important for Myanmar that foreign investors have confidence in the way we do business. The conduct of this arbitration shows our commitment to the rule of law and that we will always adhere to due process,” U Myint Aung said.

F&N issued a request for a trading halt on the Singapore stock exchange early on the morning of October 31. An announcement from the group on the ruling was expected later that evening.

The beer market in Myanmar is forecast to see considerable growth. State- and military-owned enterprises have had a virtual monopoly in the sector for decades but the government decided to open it up to foreign brewers, including Heineken’s APB, last year.

Figures from Euromonitor International show that the legal beer market hit 172 million litres in 2013, with annual growth of 5.5pc since 2009. In dollar terms, beer sales amounted to US$265 million in 2013, and have posted 14pc annual growth between 2009 and 2013. Annual growth of 21pc is expected between 2014 and 2018, when the market is forecast to reach $675 million.

Despite the growth, beer consumption in Myanmar remains low compared to other countries in the region. Myanmar drinkers consumed just 3.2 litres per person in 2013, far behind neighbouring Vietnam, where per-capita consumption was 36 litres, and the Asia Pacific region average of 18 litres.

Danish brewer Carlsberg will officially open its production facility the first week of December. Dutch rival Heineken is constructing its own brewery.
From Myanmar Times, "Military firm wins arbitration battle with Fraser & Neave".