Monday, March 27, 2017

JKG: Sharing is caring???

Sharing is CARING? Not in the dictionary.

This is what happened when an owner is already too rich and has too much food on the table.

Basically, the rights nobody dare to take and it is trading at RM0.005 - i.e. a price that cannot go lower anymore.

JKG Land, has a project in Segambut (formerly Goh Ban Huat's land). The project is called The Era, and it has a GDV of RM2.1 billion.

If nobody takes up the rights, the owner will just take all as in the circular, as the main controlling shareholder has underwritten all the rights issuance. It comes to RM151.7 million. Hence, my guess is that the owner will not even buy the OR as he can get the shares at 10 sen - why bother to even buy the 0.5 sen OR?

Talking about sharing wealth, philanthropy and one man takes all. They just do not jive.

My question is, what's the point of listing?

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