Monday, June 11, 2012
Thursday, June 7, 2012
THE SIGN OF BE-END OF BN???? MIND YOUR STEP SINGAPORE PAP SMEAR GOVERNMENT
FinanceAsia: Berjaya Sports Toto plans to transfer its wholly-owned Sports Toto Malaysia (STM) unit to a business trust with the intention of listing it in Singapore, according to a stock exchange filing made late on Monday. STM mainly operates so-called Toto pool betting, or lucky-numbers games.
The business trust will have an indicative valuation of between M$5.9 billion and M$6.5 billion ($1.84 billion to $2 billion) based on discounted cashflow, it said. Deloitte has been hired to make an independent valuation of STM, which will be published in a circular to Berjaya Sports’ shareholders at a later date.
The spin-off and listing is expected to unlock shareholder value and to allow STM to gain access to a larger pool of investors in non-shar’iah compliant stocks. It will also see STM adopt a corporate structure that facilitates capital management, Berjaya Sports said. The mandate of the business trust, which will be named Sports Toto Malaysia Trust (STM Trust), will be to invest only in gaming-type businesses and it will distribute 100% of its surplus operating cashflow to unitholders as dividends.
The plan further underlines that Malaysia looks set to become one of the most active and interesting markets with regard to new listings this year, even if this particular company has chosen to list in Singapore. While IPOs in other markets are being withdrawn or are being done virtually as club deals, offerings out of Malaysia continue to attract a lot of attention. At the moment palm oil, rubber and sugar plantation company Felda Global Ventures is on the road with an IPO of up to $3.2 billion and hospital operator Integrated Healthcare Holdings (IHH) is expected to follow shortly behind. IHH, which is majority-owned by Khazanah, may raise more than $1 billion from a dual-listing in Kuala Lumpur and Singapore and sources say there is already a lot of interest among international investors in the stock.
Berjaya Sports’ share price gained 3.3% yesterday morning on the news of the spin-off but after reaching a high of M$4.39 it spent the rest of the session edging gradually lower. It finished 0.9% higher at M$4.29.
According to the filing, all of STM’s 12.5525 million outstanding shares, or 100% of the equity interest in the company, will be transferred to a business trust at a transfer cost of M$6 billion, or S$2.43 billion ($1.89 billion). As payment for these shares, Berjaya Sports will receive 4.43 billion new units in STM Trust at an issue price of S$0.50 per unit as well as a promissory note to cover the balance S$213.4 million. However, Berjaya Sports will use the note to cancel its outstanding debts to STM, including the estimated interest due before the end of October, which is when the share transfer is expected to be completed.
Berjaya Sports bought STM in 1992 and has invested a total of M$603.95 million in the company.
The transfer cost is equal to 17.4 times STM’s net profit for the fiscal year to April 30, which is estimated at M$345.3 million, and also values the company at an enterprise value to Ebitda multiple of 12 times. Both pitches STM slightly above the average of other listed lottery operators and companies involved in internet betting, although valuations vary widely, the company noted in the filing. Multi-Purpose Holdings, which is listed in Malaysia, is quoted at an historical P/E ratio of 9.4 times and at an EV/Ebitda multiple of 6.5 times, while Hong Kong-listed Rexlot Holdings is quoted at a P/E ratio of 7.3 times and at an EV/Ebitda multiple of 6.3 times.
The plan is to list up to 4.89 billion STM Trust units on the Singapore Exchange and to sell a total of 1 billion units, or 20.4%, to other investors thorough an initial public offering. The proposed offering will include up to 540 million existing units sold by Berjaya Sports and up to 460 million new units to be issued by the trust.
Based on an assumed offer price of S$0.50 per unit, the IPO would total S$500 million and Berjaya Sports would raise S$270 million, which it said it intends to distribute to its shareholders in the form of a special dividend within three months. It may also consider distributing “a substantial portion or all” of its remaining 3.89 billion units in STM Trust to its shareholders at an appropriate time, it said.
The spin-off is subject to approvals from Berjaya Sports’ shareholders at an extraordinary general meeting, as well as various regulatory bodies in Malaysia and Singapore. It also needs the go-head from the holders of M$550 million of medium-term notes issued by STM.
Maybank Investment Bank is a principal adviser to Berjaya Sports with regard to these proposals, and Maybank Kim Eng Corporate Finance has been appointed financial adviser, issue manager, global coordinator, bookrunner and underwriter for the proposed listing.
Wednesday, June 6, 2012
I BLAME MYSELF............DON'T BLAME YOUNGSTERS everyone is work for monies, want get rich fast....the material life is the target............
优雅社会路遥远
二零一二年三月十四日 上午十一时五十一分
文：郑文辉
昨天近午时分，我乘东北地铁线列车准备到牛车水去吃午饭。登上地铁车厢刚巧有一个座位，我就毫无选择坐下，地铁迅速开到另一站，车门一开又一群搭客涌入车厢，其中有一位孕妇东张西望，盼望能找到一个空位坐，可是全是满满坐了人；有人在打手机、有人发简讯、有人在玩iPad、有人假寐、打盹，那个写着：“保留座位”：画了4个图，即孕妇、老人、残疾者及带小孩者的座位却是给穿着时尚的少女霸坐着。看来没有人让位给这位孕妇坐，连那个霸着孕妇座位少女也无动于衷，孕妇有点失望。“当仁不让”——我这个全车厢看来最老的人，只好站起来让位给这位孕妇，她带着感激的眼神望了我一下终于有得坐。
我这位70古稀老叟让位给比我更年轻的需要者，已经不是第一次了！但是一般搭客视若无睹，最令人发指的是“年轻力壮”的青少年竟几乎天天都“霸”住那个“保留座位”。
地铁公司不断宣传“让位”，最近连美术研究团体也参与宣传，他们用书法写在海报并在地铁站内张挂：“一次让座换一份感激”。然而，今日的新加坡人，睬你是傻的！
——我们的人民，社会生病了吗？
的确生病，而且病得不轻；——现在我们再看一则报章的报导：“用包包霸地铁保留位，被要求让位，嚣张女掴阿婆”
——这就是我们现在的社会，你说病情严重吗？然而，更遗憾的是：看不到有人站出来“仗义执言”；都麻木不仁了！？
——我们距离优雅社会是多么的遥远呀！
我们再看另一则报导：“南大讲堂内讲师台上教课，学生台下跷脚”。据报导详述：大学讲堂内，讲师台上认真教课，台下学生竟脱掉鞋子跷起二郎腿，甚至把脚踩前排椅背上。
——这根本是不尊重讲师，也不尊重自己，所谓“敬人者人恒敬之”。他一定没有听过或读过这句话。所以，我是新加坡人，我可以说：新加坡人自大、怕输、自以为是，虽然讲的满口流利英语，但文化水平不甚高。
——事实就摆在眼前，这不是一个“个案”，我们虽然不要自贬，但不能逃避现实，这个社会就是这样，而且据我的观察是越来越走下坡！
在过去的教育，不论在学校或家里，除了尊重长辈，尊师重道，也要爱护年轻的，《天伦歌》里不是有一句 ：“老吾老以及人之老，幼吾幼以及人之幼。”然而，现在年轻人唱的、听的是西方的摇滚音乐或麦可杰逊之类的次文化之歌了！
环目四顾，感觉上现在的人就是缺乏“爱心”，功利和自私。新加坡自独立以来，经济发展神速，人们的物质生活提高，不过令人担心的是这种物质观念过犹不及，无法在精神上取得平衡发展，便使新加坡人变得“丑陋”了！
因此，这些年来，竟有一部分新加坡人在行为上，精神上出现了某些丑陋的现象和问题；道德与价值观动摇、暴戾、怕输、路霸、没有礼让等等。
——我们的人民为什么会走到这一步？这就是值得我去反思了。
我们的理想：优雅的社会，距离我们还很遥远呢！
VVVVVVVVVVV
人民是没有理想的。
金钱就是麻醉自己的最好方法。
在一个低级民主的国家。。。。。。人民只有发达。。。。。不择手段。。。。。
只为发达！！！！！
其他都是虚假。。。。。让人身心悲哀的。。。。。。。。。。
只有钱可以麻醉自己。。。。。。。活在一个假民主的国家，最低级民主的国家！！！
vvvvvvvvvvvvvvvvvvv
I BLAME MYSELF............DON'T BLAME YOUNGSTERS
in such a very low standard democracy country, house of lords/upperhouse just like rubberstamp.......
you expect the people to be graceful, and civil-minded..........
no, in singapore, same as malaysia, many have lost faith, as no democracy is upholded and abuse of democracy is vividly happended.
people just work for getting rich, to step on other people's head,
in such a low democracy countries.......you fight for life is be rich....
as you can see the no democracy sense of politicians goonup and love rich men...
people in such no democracy countries, you work for...big car, big house..drive big car, get datukship, tansriship,,,,,,,,,,,,,,,,,,
in whatever cruel, dirty ways....as you know-in such very low standard of democracy countries, many upperhouse men are rubberstamps....they wont fight for democracy...........
so be rich is what singaporeans want.............they know very well...................democracy is fake...the leaders are not sincere, genuine.................so, if you are hoping nothing from these politicians of singapore............you are totally lost...no sense of belongings, why care....................
stupid old dogs, old men...............youngsters, new generations are so stressed...do u know.............
we want free.....but these bloody bastard politicians gang up with bastard police to threathening people...........
we totally lost..................don't blame young generation...........because of you old cock that don't fight for singapore democracy, no freedom of speech, in a totally senseless country......................we just don't hv any sense of belongings............
the leaders are sankes, hypocrite.................squee....and kill the democracy of singapore....
ASK YOURSELF LOUDLY:
WHO MAKE THESE YOUNG GENERATION SO FRUST????????????
BLAME YOURSELF....OLD MEN YOU ARE THE ONE HELPING IN KILLING THE SINGAPORE DEMOCRACY!!!!!!!!!!!!!!!!!!
YOU ARE SINNERS!
MONEY IS THE KING, MONEY IS THE POWER, MONEY MAKE LIFE SO EXCITING.....AND CAN STEP ON OTHER'S HEAD LIKE PRINCE OF STATE , LIKE ARAB SULTANS.....CAN PISS ON PEOPLE'S FACE....WITH THE HELP OF BASTARD POLICXE TEAMS!!!!
I DON'T BLAME YOUNGMEN, NEW GENERATION AS I AND MANY AWARE----WE ARE THE ONE THAT MAKE THIS COUNTRY WORST--PSEUDO-DEMOCRACY, NO FREEDOM OF SPEECH......PEOPLE LIVE LIKE ZOMBIES..........
WE SHOUDL BLAME ......OURSELVES.......
BECAUSE YOU VOTE FOR VERY LOW STANDARD DEMOCRACY COUNTRY....THEN YOU EXPECT ALL, YOUR YOUNG GENERATION BE GRACEFUL, POLITE.....
SO HAVE DREAM AT CEMETERY........YOU HAVE SPOIL THE DEMOCRACY......
YOU CREATE A NATION THAT CAN ONLY CHASE MONEY, NO FREEDOM SPEECH, THEN YOU WANT ALL BE A POLITE, COURTESY PEOPLE, FOLLOW OLD STYLE........
SORRY, YOU ALL OLD COCKS....INCLUDING ME MUST BE BLAMED!!!!
YOU SUPPORT CRUEL, PSEUDO DEMOCRACY, SUPPORT BASTARD POLICING TO THEATHEN PEOPLE SHUT UP THEIR MOUTHS...YOU PRESSING PRESS FREEDOM..............
WHY TODAY, YOU WANT YOUNG PEOPLE TO BE GRACE.................
THEY HAVE NO SOULS............THEY JUST WANT GET RICH WITH ANY DIRTY, BLOODY MEANS..............
BE RICH IS UTMOST TARGET AND THE ONLY WAY TO LIVE IN SINGAPORE AND MALAYSIA.................
NO OTHER MEANING OF LIVING AT ALL.................IN SUCH VERY LOW STANDARD DEMOCRACY COUNTRIES...
WHAT DO U WANT FROM YOUNGMEN, YOUNGSTERS???????????????????????
Tuesday, June 5, 2012
Former Singapore Civil Defence Force (SCDF) chief Peter Lim Sin Pang was charged this morning for corruptly obtaining ‘sexual gratification
Ex-SCDF Chief Peter Lim charged for accepting sexual favors from several women in exchange for IT-related tenders
Posted by temasektimes on June 6, 2012
Posted in News | 18 Comments »
Monday, June 4, 2012
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