INDUSTRIES INCORPORATED BERHAD (FACBIND, 2984): Revision

In previous post, I highlighted the attractive area of INDUSTRIES INCORPORATED BERHAD (FACBIND, 2984). However, the latest annoucement slightly disappointed me. Although it appeared that the disposal will be completed soon (after approval from EGM), FACBIND only planned to
invest almost all the "Profits" into NEW BUSINESS*. In other words, no special dividend will be announced. This causes another uncertainty for me.

In a comparison with P&O's divestment that at least planned to allocates some portion for its shareholders, the uncertainty of FACBIND is higher than P&O, obviously.

INDUSTRIES INCORPORATED BERHAD (FACBIND, 2984).

Today, I see an interesting news from China Press about FACB INDUSTRIES INCORPORATED BERHAD (FACBIND, 2984). The article mentioned that the cash per share of FACBIND will be increased to RM1.90 after disposing its Steel business. With closed price of RM1.05 on Friday, FACBIND attracted my attention immediately with more than 50% potential profit. Thus, in this article, I would like to share my "homework" regarding FACBIND.

Firstly, based on the announcement from Bursa Malaysia entitled:

"I. PROPOSED DISPOSAL BY KANZEN KAGU SDN BHD ("KKSB"), A WHOLLY-OWNEDSUBSIDIARY COMPANY OF FACB, OF A PARCEL OF LEASEHOLD INDUSTRIAL LANDERECTED UPON WITH TWO (2) DETACHED FACTORIES AND OTHER SUPPORTINGSTRUCTURES, MEASURING 81,520.56 SQUARE METRES HELD UNDER H.S.(D)132498/ LOT PT 64, SECTION 23, CITY OF SHAH ALAM, DISTRICT OF PETALING,SELANGOR DARUL EHSAN, TO ABSOLUTE DEAL SDN BHD ("ADSB") FOR A TOTALCASH CONSIDERATION OF RM97.00 MILLION ("PROPOSED DISPOSAL OFPROPERTY");
AND