Is CIMB really in trouble.

[shareholder6279]

The asian Petroluem HUB opp Tj Bin , an man make island, Kuwait partner ran away, 900 million now in questions.

ANy Dato dream projects hang up in the air....

SO easy to get back 900 million?

An sandy island with only a few tank farm, 140 acres, work out, what can you do for this man made island..

walau...

[king]

The asian Petroluem HUB opp Tj Bin , an man make island, Kuwait partner ran away, 900 million now in questions.

ANy Dato dream projects hang up in the air....

SO easy to get back 900 million?

An sandy island with only a few tank farm, 140 acres, work out, what can you do for this man made island..

walau...

SO, THE POTENTIAL ALMOST 1 BILLION DEFAULT IS NOT FR MIDDLE EAST, BUT BY KUWAIT PARTNER FOR ASIAN PETROLEUM HUB?

[shareholder6279]

when a bank loan money for someone to do a business, he build the island, someone else build the tank farms, and the oil promised to store on the island.

now you have an island cost 900 million and no tank farms, not oil in-out for turnover, plant durian tree and wait for durian to fall?

who die first, the company or the bank?

[king]

CIMB LATEST QUARTER PROFIT WAS RM1B. IF REALLY DEFAULT 900M, LOOKS LIKE SHARE PRICE WLD DROP FURTHER.

[shareholder6279]

can always defer loan in questions.

or resturcture the paper.. aiyaa... we are living in a debt virtual games.

....buy gold better and keep 10 gram every week. why share market..?

[king]

can always defer loan in questions.

or resturcture the paper.. aiyaa... we are living in a debt virtual games.

....buy gold better and keep 10 gram every week. why share market..?

IF DROP TO AROUND 6.50, I THINK CAN BUY ISN'T IT?

[shareholder6279]

Lehmen Bros in the making.....

[king]

Lehmen Bros in the making.....

WHY SO PESSIMISTIC?

[upandowntrend]

i used to work there with Muhibbah Engineering..it did jetty,earthwork n tank foundation...then the rest handed over to Kencana i think for m&e piping work n all dat...consultant was MottMcdonald..client is KIC oil n gas..it was a big dream for Malaysia gomen to see dat  as the biggest petroleum hub in Asia region  many years back..but now it is wasting edy.. settlmnt @ erosion goin on very fast..need to recover with big spending....so pitiful..billion worth of project simply gone like dat...now waiting Benalec to built the same one in Tanjung Piai.Point..not far from this island...best of luck  

[DR KIM]

means  jibby in limbo ?

[StockGod]

don't like that. It is a Chinese Indian Malay Bank. Support it.

[king]

don't like that. It is a Chinese Indian Malay Bank. Support it.

WHY NOT CINA INDIA MALAYU BANGA BANK?

[shareholder6279]

i am very pissed to see mega projects handle by half past six people with a lousy vision and no carry on .

People make their bucks and go away and left ****s on the ground.

waste money, surely from ...who.,  one day you sahreholders will have to foot the liabilities.

[StockGod]

WHY NOT CINA INDIA MALAYU BANGA BANK?

sorry bro, forgotten about you 

[StockGod]

i am very pissed to see mega projects handle by half past six people with a lousy vision and no carry on .

People make their bucks and go away and left ****s on the ground.

waste money, surely from ...who.,  one day you sahreholders will have to foot the liabilities.

is a business risk. nobody wants it to fail from the start. just bad luck for cimb

[shareholder6279]

tune in your tablets, and view the 900 million island...

1°18'52.85"N  ,  103°32'47.21"E

[shareholder6279]

is a business risk. nobody wants it to fail from the start. just bad luck for cimb

ha ha, bankers can be easily con for big loan? but your 100K housing loan will take a long time to approve , haha

[StockGod]

how big is the island? what is the cost compared to reclaimation cost by Singaporean? may not be a big loss if convert to something saleable to Singaporean

[upandowntrend]

haha..i think it is more about  technical engineering matter/issue

[king]

IF CIMB DROP TO 6.50 TOMORROW, I WILL BUY A BIT. ANY SUPPORTER?

[tycoon88]

APH DEAD means MUHIBAH is GONE CASE!

[StockGod]

IF CIMB DROP TO 6.50 TOMORROW, I WILL BUY A BIT. ANY SUPPORTER?

i will also support CIMB but will let it meet bumi quota first, then only enter. Maybe i will Q at RM3.00

[kashaha]

APH DEAD means MUHIBAH is GONE CASE!

MUHIBAH gone ... MUSIBAH coming

[StockGod]

so Favco also gone?

[kashaha]

so Favco also gone?

Favco ok.... bikin crane boleh kasi barang UP from bottom

[StockGod]

sure no exposure to its mother, Muhhibah?

[kashaha]

sure no exposure to its mother, Muhhibah?

mama sick ..... kasi exposure daughter if lucky may turn to success

[wind22i]

In a way cimb won't bankrupt but also the share will be very boring until maybe they buy rhb or some other bank

[kashaha]

they will buy anyone with RED color

[mestikaya]

i am very pissed to see mega projects handle by half past six people with a lousy vision and no carry on .

People make their bucks and go away and left ****s on the ground.

waste money, surely from ...who.,  one day you sahreholders will have to foot the liabilities.

CIMB has the balance sheet to take the 900m losses, the worst case scenario, the share will drop a ringgit or so

As for Muhibbah on 300m receivable, already drop 40% last year, worst case probably limping and drop to 50 to 60 cts

Both co will survive

[kashaha]

balance sheet = balance ****

[ckhkbursa]

CIMB takes over troubled Johor oil terminal
 The Malaysian Insider – Thu, Feb 2, 2012
By Yow Hong Chieh
KUALA LUMPUR, Feb 2 — A CIMB-led consortium has agreed to take over a multi-billion ringgit oil terminal project in Johor following years of shareholding disputes which hobbled the bunkering facility from the get-go.
Bankers involved in the restructuring of Asia Petroleum Hub (APH), the private company awarded rights to develop the terminal, told Singapore’s Straits Times that shareholding issues have been resolved and CIMB has committed to fund the project to completion.
They told the daily the project was about two-thirds complete and that the new consortium hopes to finish it within 18 months.
“Taking over a project for a bank is a little out of the box, but this is a very viable business and there is no reason why CIMB shouldn’t own it as a major investment,” a banker involved in the deal was quoted as saying.
CIMB, which has lent over RM800 million so far, appointed accounting firm PricewaterhouseCoopers as receivers and managers of the project three weeks ago.
As part of the settlement hammered out in recent days, the current shareholders have agreed to surrender their equity holdings, although it is not clear if they have received financial compensation.
The CIMB-led consortium emerged as the only group willing to take over after receivers and managers sounded out potential suitors, bankers involved said.
APH secured a RM1.4 billion financing facility from CIMB in 2006 to build what was touted then as the world’s largest fully-integrated bunkering terminal on a 40-hectare reclaimed island off Johor, northwest of Singapore.
The terminal, which boasts a storage capacity of 924,000 cubic metres and a large trans-shipment facility with multiple jetties, received much attention because of its potential to rival Singapore.
Malaysia has long contended that the country desperately needs to upgrade its oil terminal storage facilities to meet current needs and to cut reliance on its southern neighbour.
They argued that apart from reducing foreign exchange outflows, a large bunker terminal would find ready customers in companies such as Petronas — which now use Singapore’s facilities — and regional oil players such as Thailand’s state-owned PTT.
APH, however, quickly stumbled because of shareholder problems between its chief promoter KIC Oil & Gas and Syed Mokhtar Al-Bukhary’s Seaport Terminal, which owns two of Johor’s main ports including TanjungPelepas.
KIC has long maintained it is the rightful developer of the project because it secured the rights to lease the island from the Transport Ministry, but Seaport Terminal has claimed that the ministry’s move violated an earlier privatisation agreement it had with the government.
CIMB went ahead to fund the project led by KIC but the latter’s troubles deepened when the 2008 financial crisis prompted Putrajaya to shelve infrastructure works such as roads, water supply and power lines valued at about RM350 million.
The delays and shareholder troubles led to cost overruns, and in 2010 CIMB issued an ultimatum to KIC that unless the problems were sorted out, it would stop funding the project.

[ckhkbursa]

CIMB Research ups Muhibbah to trading buy, TP RM1.63
 By theedgemalaysia.com | The Edge Malaysia – Fri, Feb 3, 2012
KUALA LUMPUR (Feb 3): CIMB Equities Research said the Asia Petroleum Hub (APH) has taken a positive twist as a CIMB Bank-led restructuring is reportedly in the works.
The research house said on Friday that if successful, it would bring in the additional funds needed to complete the project.
“For Muhibbah, it would mean no provisions and possibly, additional APH works. We raise EPS and RNAV for a recent project award. Our target price goes up from RM1.24 to RM1.63 as we narrow our RNAV discount from 50% to 40%.
“We upgrade from Hold to Trading Buy given the possibility of a favourable outcome for APH in the next one to two months,” it said.
On Thursday, Singapore’s Straits Times reported that APH was set to get a financial lifeline from a consortium led by its main banker, CIMB Bank. CIMB has lent more than RM800 million to APH.
Local bankers involved in the restructuring of APH said that protracted shareholding disputes which hobbled the project have been resolved and CIMB has committed to providing the necessary funding to complete the project.
The news report said as part of the settlement hammered out in recent days, APH’s current shareholders have agreed to surrender their equity holdings.
It is unclear if they received any financial compensation. The project is about two-thirds completed and the new consortium hopes to finish it within 18 months.
The news report quoted a banker as saying that taking over a project for a bank is a little out of the box, but this is a very viable business and there is no reason why CIMB shouldn't own it as a major investment.

[ckhkbursa]

Muhibbah may see positive change in APH deal
By CHOONG EN HAN Saturday February 4, 2012
han@thestar.com.my
PETALING JAYA: Muhibbah Engineering (M) Bhd might see a positive change in fortunes after the Asia Petroleum Hub (APH) saga took a positive turn with CIMB Bank-led restructuring is reportedly in the works.
CIMB Research said although the developments were good news; it was not entirely a surprise as an announcement in early January indicated that a restructuring was in the works.
“This news is positive on several fronts. First, it bodes well for the revival of the project. We gather that the restructuring will involve the raising of additional funds needed to complete the project, which is about 30% to 40% completed,” said research analyst SharizanRosely in a report.
He said the recent development was positive for Muhibbah as it hugely reduced the grounds for provisions for work done but for which Muhibbah had not been paid.
Currently, the group has completed RM630mil worth of works and has yet to receive payment for RM371mil, with its total contract value of Muhibbah's scope of works amounting to RM830mil.
“The restructuring of APH could also lead to additional works on site worth at least RM1bil,” he said.
CIMB Research upgraded the counter to “trading buy” with a higher target price of RM1.63 from RM1.24 previously.
“We understand that an additional RM1.1bil to RM1.4bil is needed to complete the construction. However, it is not known, at this juncture, how the money will be raised, though the news pointed out that the restructuring will also involve other local banks,” he said.
He said at this juncture, there were no additional details on the restructuring.
News reports quoting sources said that Muhibbah and CIMB, which owned 75% of the unsecured and secured debt of APH each, could end up as shareholders in APH through a debt-equity swap.
The APH project was awarded to Muhibbah in 2006, and due to material cost escalation in 2008, project cost rose from RM1.2bil to RM2bil while Muhibbah had completed about 40% of the physical works of the project.
On April 2009, APH suspended payment to Muhibbah for the works done, and on Jan 12, APH's financier, CIMB Bank appointed accounting firm PricewaterhouseCoopers as receivers and managers of the project in order to facilitate a restructuring exercise.

[Accerd]

Don't worry all these hidden till the Ah jib brother step down as CEO.... CIMB sure HUAtHuat Huat one

[ckhkbursa]

CIMB will diversify to O&G soon Huat arrrrrrrrrrrrrrrrrrrrrrrr

[GoGo]

can reach RM10.00 or not?

[ikan Besar]

CIMB will diversify to O&G soon Huat arrrrrrrrrrrrrrrrrrrrrrrr

so many O & G
no more special oreli

[mm310]

what happened to CIMB, it touched 7.00 just now...

[trader]

CIMB (formerly Bank Bumiputra) is one really fuxx up bank counter  due to lousy management over decades .... you need your head examined to even consider it as it is the banker of UMNO politkus ... so never do "proper" banking business, always full of "funny" business .... asking for trouble sooner or later ... IF CAN AVOID PLS DO SO ...

On the BRIGHT NOTE, as long as Petronas is around, CIMB will always have someone to BAIL THEM OUT time and time again ....

[csarav]

CIMB LATEST QUARTER PROFIT WAS RM1B. IF REALLY DEFAULT 900M, LOOKS LIKE SHARE PRICE WLD DROP FURTHER.

The 1B is after taking provision of RM900M