Hong Fok

[kagemusha]

Don't think it will make a difference imho

[BlueKelah]

Name of person *
Cheong Aik Yen, Roy
Age * 48
Is Effective Date of Cessation known? * Yes
If yes, please provide the date * 31/01/2014
Detailed Reason(s) for cessation * To pursue other interests.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? * No
If yes, please elaborate * NA
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? * No
If yes, please elaborate * NA
Any other relevant information to be provided to shareholders of the listed issuer? * No
If yes, please elaborate * NA
Date of Appointment to current position * 01/12/2003
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) * Personal Assistant to Directors
Role and responsibilities * Identification and development of new business opportunities in the construction and property industry as well as other areas.
Does the AC have a minimum of 3 members (taking into account this cessation)? * Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation) * 2
Number of cessations of appointments specified in Listing Rule 704(7) or Catalist Rule 704(6) over the past 12 months * 2
Shareholding * in the listed issuer and its subsidiaries * 1,742,400 ordinary shares in Hong Fok Corporation Limited.
Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries * Mr Cheong Aik Yen, Roy is the son of Mr Cheong Kim Pong who is an Executive Director and a Substantial Shareholder of the Company.

He is the nephew of Mr Cheong Pin Chuan and Mr Cheong Sim Eng, who are Executive Directors and Substantial Shareholders of the Company.

He is the nephew of Mdm Cheong Hooi Kheng, who is an Executive Director of the Company.

He is the nephew of Mr Cheong Pin Seng, who is a Substantial Shareholder of the Company.

[BlueKelah]

This so called "value trap" has recently been running very high hitting $1.1 and queried and caution by the SGX. Company denies any knowledge.

"I think I saw a delisting putty tat! I did I did!"

I knew something fishy especially with all the staff changing about.

[ianphoon]

it might again be due to speculation abt redev of its international building and its adjoining claymore land. last time in 2007 it hit 1.9 irrc.

[BlueKelah]

it might again be due to speculation abt redev of its international building and its adjoining claymore land. last time in 2007 it hit 1.9 irrc.

Could be speculation or maybe market is repricing this undervalued counter.

The revaluation they this recently puts the NAV at $2.35 up from ~$1+ when I last looked. Lots of director buy in even at $1 and staff/shareholder changing. Company denies any future plans after being queried. Which means the only other possibility would be an upcoming delisting. A G.O. at $2.5 would still pay for itself as they have a lot of spare properties to sell off.

From value perspective would still be paying 50cents for a dollar but this management is very very suspect.

[greengiraffe]

Better be careful with the empire of Cheong Family here. They are historically proven to enrich themselves ahead of minorities.

Odd Lots
Vested
GG

[BlueKelah]

Better be careful with the empire of Cheong Family here. They are historically proven to enrich themselves ahead of minorities.

Odd Lots
Vested
GG

that is true, but maybe they are really planning a "cheap delisting" this time, maybe at $1.50? $1.75? It does seem weird that they bump up the dividend and did the revaluation though which they had not done for many many years. These actions make the share price higher which would make it harder to delist.

So maybe it is a case of pump and dump, followed by a cheap delist a few years later when no one is looking?

update update : Top 20 Shareholders....
From AR 2012 : No. 19 Morph Investments Ltd 4,430,800 0.56
From AR 2013 : No. 16 Morph Investments Ltd 8,220,000 1.04

In any case, could this stock still be a value buy with potential catalyst at this price? it is 50 cents for a dollar at the current price of $1+ and with the revaluation of assets how low could the stock go if all the recent uptrend was just speculation? Upside more than downside??

Given the attitude of the management enriching only themselves in the past with high salary and measly dividends, doesn't the increase in stake of the cheong family means something big is coming soon, especially with buy in at the $1 level?

[BlueKelah]

1st Juy Big Boss buy in again via his kingdom investment.

[bear]

http://infopub.sgx.com/FileOpen/HFC%20An...eID=354137

Discussions are ongoing with regards to the proposed transactions of the shares of Winfoong International by a possible purchaser, which Hong Fok have a 49% shareholding.No definitive agreement have been entered into as of this stage.
Share price of Winfoong have been rallying from HK 0.30 to current price of HK0.92 (more than three fold).
Possibility of further strengthening of balance sheet should the disposal be successful.

This one of the stock in SGX with steep discount to NAV but with a stingy management.

Recently independent non-executive director, Mr Tan Tock Han, the brother-in-law of Mr Cheong Pin Chuan and Mr Cheong Sim Eng,has stepped down. There have also been some changes to the board committees, hope that the interests of the minority shareholders are better represented in the future.

[soros]

Winfoong (00063.HK) is a property company with NAV of only HK$0.11 .

If you can get $0.92 by selling now, just sell and take your profit. Don't trust the directors of HF.