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Proposed Disposal of Investment Property by Wholly-Owned Subsidiary
MYP Ltd. announced that its wholly-owned subsidiary, Affreton Pte. Ltd. ("Affreton"), had on 27 April 2018, agreed and accepted an offer to purchase its investment property, "MYP Plaza" at 135 Cecil Street, Singapore 069536.
The consideration for the Proposed Disposal is S$247,000,000 (exclusive of good and services tax ("GST")).
Shareholders of the Company should note that while the Offer has legal and binding effect, the Proposed Disposal is subject to, amongst others, the results of a due diligence exercise being satisfactory (please refer to paragraph 4.2 and 4.3 below), and the execution of a definitive agreement in connection with the Proposed Disposal.
More details in http://infopub.sgx.com/FileOpen/MYP_Prop...eID=501654
Specuvestor: Asset - Business - Structure.
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(27-04-2018, 01:09 PM)cyclone Wrote: Proposed Disposal of Investment Property by Wholly-Owned Subsidiary
MYP Ltd. announced that its wholly-owned subsidiary, Affreton Pte. Ltd. ("Affreton"), had on 27 April 2018, agreed and accepted an offer to purchase its investment property, "MYP Plaza" at 135 Cecil Street, Singapore 069536.
The consideration for the Proposed Disposal is S$247,000,000 (exclusive of good and services tax ("GST")).
Shareholders of the Company should note that while the Offer has legal and binding effect, the Proposed Disposal is subject to, amongst others, the results of a due diligence exercise being satisfactory (please refer to paragraph 4.2 and 4.3 below), and the execution of a definitive agreement in connection with the Proposed Disposal.
More details in http://infopub.sgx.com/FileOpen/MYP_Prop...eID=501654
MYP bought MYP plaza from Alpha in 2013 for 182 mil, after 5 years, sold at 247mils for a gain of 65 mil...
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24-07-2020, 08:36 AM
23 July 2020 Art piece as investment? MYP
https://links.sgx.com/FileOpen/MYP_Respo...eID=624831
Sound fishy?
As at 31 March 2020, the total amount of $5.7 million represents 0.66% of the Group’s total assets. The increase is due to purchase of a new art piece during the year for investment purposes. Details of purchase are appended below:
Date of purchase : 12 April 2019
Artist : Jeff Koons
Description : Monkey Train (Blue), 2007 (Oil on canvas)
Company’s Shareholder, Mr. Jonathan Tahir is holding these art pieces on trust for the Group. He undertakes that should there be any damage or loss of any of these assets, he will compensate the Group at his own expense.
Wear mask and keep your social distance, everyone.
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(24-07-2020, 08:36 AM)¯|_(ツ)_/¯ Wrote: 23 July 2020 Art piece as investment? MYP
https://links.sgx.com/FileOpen/MYP_Respo...eID=624831
Sound fishy?
As at 31 March 2020, the total amount of $5.7 million represents 0.66% of the Group’s total assets. The increase is due to purchase of a new art piece during the year for investment purposes. Details of purchase are appended below:
Date of purchase : 12 April 2019
Artist : Jeff Koons
Description : Monkey Train (Blue), 2007 (Oil on canvas)
Company’s Shareholder, Mr. Jonathan Tahir is holding these art pieces on trust for the Group. He undertakes that should there be any damage or loss of any of these assets, he will compensate the Group at his own expense.
Wear mask and keep your social distance, everyone.
Pattern more than badminton now.... 
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14-01-2021, 08:58 AM
MYP
https://links.sgx.com/FileOpen/MYP_Circu...eID=645068
EGM 28 Jan 2021@11am
The consideration for the Proposed Disposal is S$200.0 million (the “Consideration”). The Consideration shall be paid entirely in cash and shall be satisfied in the following manner:
(a) a deposit of S$1.0 million (the “Deposit”) shall be paid by the Purchaser to the Vendor within two weeks from the date of the SPA; and
(b) the balance of the Consideration of S$199.0 million shall be paid upon completion of the Proposed Disposal under the SPA (“Completion”).
The Property was put up for sale through a marketing process conducted by an independent property consultant, Jones Lang LaSalle (JLL), and the Consideration was arrived at on a willing buyer, willing seller basis, taking into consideration inter alia the market value of the Property, the prevailing economic conditions affecting the property market, and the offers which the Company had received. The Consideration amounts to approximately S$34.2 million more than the Cost of Acquisition of S$165.8 million.
Book value is $260m
Stay home and stay healthy, everyone.
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(14-01-2021, 08:58 AM)¯|_(ツ)_/¯ Wrote: MYP
https://links.sgx.com/FileOpen/MYP_Circu...eID=645068
EGM 28 Jan 2021@11am
The consideration for the Proposed Disposal is S$200.0 million (the “Consideration”). The Consideration shall be paid entirely in cash and shall be satisfied in the following manner:
(a) a deposit of S$1.0 million (the “Deposit”) shall be paid by the Purchaser to the Vendor within two weeks from the date of the SPA; and
(b) the balance of the Consideration of S$199.0 million shall be paid upon completion of the Proposed Disposal under the SPA (“Completion”).
The Property was put up for sale through a marketing process conducted by an independent property consultant, Jones Lang LaSalle (JLL), and the Consideration was arrived at on a willing buyer, willing seller basis, taking into consideration inter alia the market value of the Property, the prevailing economic conditions affecting the property market, and the offers which the Company had received. The Consideration amounts to approximately S$34.2 million more than the Cost of Acquisition of S$165.8 million.
Book value is $260m
Stay home and stay healthy, everyone.
Fair value is 260m as at valuation done on balance sheet date of 31 December 2019.
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14-01-2021, 04:59 PM
(This post was last modified: 14-01-2021, 05:00 PM by valuebuddies.)
Very epic and "dodgy".
QUOTE
The Company stated on page 9 of the Financial Statements that “Other Assets consist mainly of art
pieces amounting to $5.7 million (31.03.2019: $3 million) ....
The increase is due to purchase of a new art piece during the year for investment purposes. Details of
purchase are appended below:
Date of purchase : 12 April 2019
Artist : Jeff Koons
Description : Monkey Train (Blue), 2007 (Oil on canvas)
UNQUOTE
Monkey Train (Blue) 2007 seems to be first sold for US$22,500 ( https://www.phillips.com/detail/jeff-koons/NY030216/105)
Seems like someone made a huge profits holding that pcs of art for mere 3 years.
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