Thursday April 21, 2011

BIMB to wind up venture capital subsidiary

KUALA LUMPUR: BIMB Holdings Bhd is winding up its venture capital unit, BIMB Musyarakah Satu Sdn Bhd, and only recouping RM11mil out of an initial capital outlay of RM20mil.it.

Its other venture capital unit, BIMB Venture Capital Sdn Bhd, had also undergone a similar winding-up process and has been dissolved as a business entity since Oct 16, 2010.

The winding up of BIMB Musyarakah will conclude BIMB’s exit from the venture capital business.

AFTAAS Corporate Advisory Services Sdn Bhd has been appointed as liquidator for this winding-up process.

BIMB Musyarakah had in fact ceased its investment activities since Aug 29, 2008. Up to Dec 31, 2010, it had divested its remaining investments and had no intenion of carrying on the business.

Meanwhile, as at yesterday, the carrying value of BIMB’s investment in BIMB Musyarakah was RM2.56mill while its total shareholders equity was approximately RM2.97mil.

Other than expenses to be incurred, BIMB does not expect any losses arising from the winding-up process.

“As part of efforts to rationalise the group’s business activities, the group had made a conscious decision not to pursue further involvement in the venture capital industry,” said BIMB in the website.

The RM11mil recouped by BIMB from its initial investment of RM20mil had been repaid in October 2009 by way of a redemption of 11,000 non-cumulative redeemable preference shares.

BIMB is back today!

BIMB gogogogo ^ ^ Rm2.00 Rm2.00

ya..
Luckily i entered at the right time.

go bimb go yariba yariba andre andre!!!

Rm 1.66 up Rm0.12 sen ^ ^ Hopefully 2moro will be better ^ ^

yeh.. finally it move

Got a feeling market will still move by quite a bit tomorrow, just like how Ta Ann and Jaya Tiasa took about 3-4 days after the first 'move' to reach the high of 6.xx to 7.

Yes, there will be more to come as there is the possibility of the merger card coming into play......guys & gals, hang on to your BIMB shares as I am quite confident that there will be more upswing.



Cheers to all.....take care too....good luck to all.

lol bro.. i ony bought 2 lot haha

BIMB has just released an announcement to deny such news....wondering will affect the price or not ??

Where is the news....link please.

Yes, saw it..



5258 BIMB BIMB HOLDINGS BHD
ARTICLE ENTITLED: "Khazanah sounds out Bank Islam on Muamalat stake"

ARTICLE ENTITLED: "Khazanah sounds out Bank Islam on Muamalat stake"
We refer to the letter dated 21 April 2011 from Bursa Malaysia Securities
Berhad in respect of the above-captioned article appearing in The New Straits
Times, Business Times section, Thursday 21 April 2011, in particular to the
sentences reproduced as follows:
Khazanah had recently sent out feelers to Bank Islams parent, BIMB Holdings
Bhd, on buying its stake. Bank Islam is said to be keen.

Significant discussions on an M&A (merger and acquisition) exercise, with a
view to a merger between both banks, is expected to start very soon
BIMB Holdings Berhad (BHB or the Company) wishes to inform that as at today,
the Company has not received any notification from Khazanah Nasional Berhad in
relation to the above.
The Company also wishes to state that, interested parties are required to
obtain Bank Negara Malaysia (BNM)s consent prior to entering into any
negotiations on a proposed acquisition or disposal of interest in shares in a
Licensed Institution regulated by BNM, which includes institutions under the
Islamic Banking Act 1983.
This announcement is dated 21 April 2011.

This Business Times and Theedgemalaysia keeps on dispersing false news. very bad.

Thanks to Brother MOnkeyKing

Lucky I was able to go in 1.55 last week

buy on weekness if have funds

I am happy for you brother hibino55......at least now you are in the positive zone.........happy too to see so many happy faces here too. Besides the news, I feel that this may be another rally & perhaps it will now reach the next resistance level at 1.72 & if it passes this level the next stop is 2.00+++


Yes, BIMB may say that there is no contact yet & all discussions must be approved by Bank Negara first before proceeding further but then, mind you, this is Khazanah speaking & not any other dingy person. So, "there's no smoke without fire".......so to say. Yes, Khazanah may spread the news first , yes some sort of feelers first to gauge the interest of BIMB......if BIMB got wind of this, they might look into it knowing fully well that Khazanah intends to sell it's stake in Muamalat bank otherwise how is BIMB going to know? Moreover, if today BIMB shoots up another 10+ to 20+ cents, there will be another query from the Bursa as to why there's such a big rise in it's share price......so BIMB strikes first before any further query from the Bursa. Yes, BIMB said this in a statement in response to a query from Bursa Malaysia on an article entitled "Khazanah sounds out Bank Islam on Muamalat stake" in a local daily today.




So, maybe, maybe this is a possibility of Khazanah first informing BIMB & then if BIMB is really interested then Khazanah will approached Bank Negara for approval first........yes, I feel something must be on as I say that it's Khazanah talking........mind you Khazanah is this...


Khazanah Nasional is the investment holding arm of the Government of Malaysia and is empowered as the Government's strategic investor in new industries and markets. As trustees to the nation's commercial assets, their main objective is to promote economic growth and make strategic investments on behalf of the Government which would contribute towards nation building.



..... so who else got the authority to speak on behalf of Bank Muamalat other than Khazanah?.......yes Khazanah is speaking on behalf of the Government of Malaysia.



.....if today BIMB price still goes up, then the "merger card" may be on......so let's keep our fingers crossed & hope for the best to come.



Cheers to all.....take care too....much love.

At the end of the day, it really boils down on whether you believe the news reported.

Many news about M&As for the banking industry has been floating around, like the recent one http://biz.thestar.com.my/news/story.asp?f...73&sec=business

The Government also shows great support for Islamic Banking, something that Malaysia is very well known for. About the recent Islamic Bonds... 2x returns + most liquid? http://www.btimes.com.my/articles/20110421151841/Article/

Another leading indicator of how the industry will flourish http://www.mifc.com/sift_09/newsletter/MAC-2011/index.html

I'll come clean on my opinions: I am still unsure of the buying of Muamalat, leaning 70 yes 30 no, but I'm holding it for a 100% fact that I like where Islamic Finance is heading in Malaysia.

Make a call. Thin-slicing (read Blink from Malcolm Gladwell to know what this is) if you wish =).

Edit: Not to forget the FSMP =p.

This post has been edited by Sesshoumaru: Apr 22 2011, 12:46 AM

let's see it break through 1.8X today!!

really sarcastic that it can break 1.70...lol

anyway i sold at 1.68.....enough to eat few rounds of KFC...


good luck to u guys...if it break 1.70....

This post has been edited by noswear: Apr 22 2011, 09:21 AM