Global Oriental Berhad

Did you know that WOLO Kuala Lumpur, once a hot hotel in Bukit Bintang, was formerly known as Wisma KLIH?

In 2010, Equine Capital Bhd (now known as $GOB / 1147 (GLOBAL ORIENTAL BERHAD)) sold Wisma KLIH for RM58 million. Its wholly-owned subsidiary, Kuala Lumpur Industries Bhd (KLIB), entered into a sale and purchase agreement with Wonderful Vantage Sdn Bhd, a subsidiary of Mammoth Empire Holding Sdn Bhd, which specializes in property acquisition and development.

Wisma KLIH was a 35-year-old, 14-storey office building situated on prime land at the junction of Jalan Bukit Bintang and Jalan Sultan Ismail. The property was inherited from Kuala Lumpur Industries Holdings Bhd (KLIH) when Equine took over the then debt-ridden company following the 1997/98 Asian financial crisis.

Mammoth Empire transformed the building into the 133-room WOLO Hotel Bukit Bintang. In 2019, they sold WOLO Hotel to HYM Group for RM115 million, or RM864,661 per room, to reduce debt and stabilize their finances. HYM Group, the current owner of WOLO Hotel, also owns Gold 3 Boutique Hotel in Jalan Bukit Bintang, Krystal Suites in Bayan Lepas, and Towne House Hotel in George Town, Penang, which are currently being upgraded.

Recap of the Penang Global City Center Project Collapse

The Penang Global City Centre (PGCC) project, launched in 2007, was envisioned as a transformative development for Penang but ultimately failed due to its impractical scale.

Abad Naluri Sdn Bhd, an associate company of $GOB / 1147 (GLOBAL ORIENTAL BERHAD) (formerly Equine Capital Bhd), was set to undertake the RM25 billion project. Located on Penang Turf Club (PTC) land in Batu Gantong, the PGCC was conditional on Abad Naluri constructing a new turf club in Batu Kawan as a replacement. Below is a timeline of key events:

2002:
- Abad Naluri Sdn Bhd submits its tender to build a new race course for the Penang Turf Club (PTC) at a 250-acre site in Batu Kawan.
- Penang Development Corp (PDC) agrees to sell 750 acres in Batu Kawan to Abad Naluri for RM3 per square foot, with 300 acres earmarked for the new turf club.

2003:
- A preliminary agreement is signed between PTC and Abad Naluri. Abad Naluri advances RM10 million to PTC to acquire the PTC land in Batu Gantong for around RM488 million.
- Abad Naluri agrees to build the Batu Kawan race course for RM375 million, with a completion target of 2007.

2004:
- PDC enters a master agreement to sell eight parcels of land in Batu Kawan, totaling over 1,000 acres, to Abad Naluri. The 300-acre parcel for the new race course is priced at RM46 million.

2005:
- Layout plans for the Batu Kawan race course are approved.

2006:
- Abad Naluri submits applications for planning permission for PGCC on the PTC land.

2007:
- In October, then Prime Minister Tun Abdullah Ahmad Badawi launches the PGCC project. However, the acquisition of the PTC land is not completed, and work on the Batu Kawan race course has not started.

2008:
- The PGCC project fails to take off after the new state government takes over following the March 8 general election.
- Global Oriental Bhd sells its stake in Abad Naluri to Kiara Ikhtisas for RM2 million in October.
- Datuk Patrick Lim Soo Kit steps down as chairman and executive director of Global Oriental Bhd in October.

2009:
- In July, PTC terminates its agreements with Abad Naluri due to the latter's failure to pay liquidated damages for delays in building the new turf club in Batu Kawan.

2011:
- A 'compromise' is reached between Abad Naluri and PDC.
- Abad Naluri enters a supplemental agreement with PDC to acquire 145 acres in Batu Kawan upon fulfilment of certain conditions.
- Equine Capital (formerly Global Oriental) acquires the rights to develop 126.04 acres in Batu Kawan from Abad Naluri for RM16.7 million, earmarked for mixed development.

As Barisan Nasional is now part of the unity government with Pakatan Harapan and the project is set to be revived, there are questions about whether $GOB / 1147 (GLOBAL ORIENTAL BERHAD) will still be contesting? Speculation suggests that Tan Sri Desmond Lim controls GOB, which is plausible given that the company has developed projects under the "Pavilion" brand, such as Pavilion Genting Highlands and Pavilion Embassy. Additionally, GOB previously developed and owned Da Men Mall, a poorly performing mall later sold to $PAVREIT / 5212 (PAVILION REAL ESTATE INVESTMENT TRUST).

Read more: https://cutt.ly/uegddhEQ

Penang Turf Club Dissolved, Major Development Project Imminent?

The Penang Turf Club (PTC) has decided to sell its historic land in Batu Gantong following an Extraordinary General Meeting (EGM) held on June 10. The motion to dissolve the club received overwhelming support, with 146 members voting in favor and only three against. If successful in finding buyers, each shareholder could potentially receive at least RM1 million. With the current market value of commercial land in George Town at approximately RM700 per square foot, the site is estimated to be worth around RM6 billion once converted to commercial status. However, converting the land from its current recreational use to a mixed-development property is projected to cost about RM1 billion.

Established in 1864, the PTC is the oldest horse-racing club in Malaysia and currently has a membership of 600. The club’s history began with a land grant on Macalister Road, where its first wooden and attap buildings were constructed in 1869. In 1939, the PTC moved to its present prime location next to Taman Jesselton Heights.

The club had proposed a project named Penang Global City Centre in 2007 on the current PTC land, which included two iconic sixty-story towers housing luxury residential units and five-star hotels, the Penang Performing Arts Center (PenPAC), a high-end retail and entertainment complex, an observatory, a world-class convention center, and a vast public arena. However, the project was paused after Barisan Nasional lost its regime in Penang.

Currently, PTC lands are up for sale. The available properties include a racecourse, a golf course, a Penang retirement resort, some hill land, 26 vacant bungalow lots, 22 bungalows, a Penang Hill bungalow, and a piece of land at Jesselton Road. They have even invited potential buyers from Singapore, Mainland China, Hong Kong, and Indonesia to bid. According to media reports, three Malaysian listed companies are currently interested in bidding for the PTC land, which covers 47.7 hectares (118 acres) and is valued at about RM3 billion.

The listed companies that might be interested include:

1. $GOB / 1147 (GLOBAL ORIENTAL BERHAD): Launched the Penang Global City Centre project in 2007. After the Barisan Nasional regime lost power and the project was called off, GOB sold its 25% stake in Abad Naluri (the company engaged in the Penang Global City Centre) to Kiara Ikhtisas.
2. $BJLAND / 4219 (BERJAYA LAND BERHAD): In 2014, Berjaya Land bought 57 acres of prime freehold land from the Penang Turf Club for RM459 million for residential property projects with a gross development value (GDV) of about RM1.52 billion. This land is near the club. Additionally, Tan Sri Vincent Tan was involved in bidding for development rights for the PTC but lost to GOB.
3. $SUNWAY / 5211 (SUNWAY BERHAD): Sunway may be interested in this land as it has a strong track record in mixed development.

PETALING JAYA: Malton Bhd is acquiring four parcels of Genting land from Sering Manis Sdn Bhd, a 51%-owned subsidiary of Global Oriental Bhd, in Bentong, Pahang for RM65mil.

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSGLOBAL ORIENTAL BERHAD ("GOB")

PROPOSED DISPOSAL OF FOUR (4) PARCELS OF FREEHOLD LAND LOCATED IN MUKIM BENTONG, DAERAH BENTONG, PAHANG, MEASURING A TOTAL AREA OF APPROXIMATELY 30.167 ACRES, BY SERING MANIS SDN BHD, A 51%-OWNED SUBSIDIARY OF GOB, FOR A TOTAL CASH CONSIDERATION OF RM65.0 MILLION

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSGLOBAL ORIENTAL BERHAD ("GOB" OR THE "COMPANY")

I. PROPOSED ACQUISITION; AND

II. PROPOSED DIVERSIFICATION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSGLOBAL ORIENTAL BERHAD ("GOB" OR THE "COMPANY")

I. PROPOSED ACQUISITION; AND

II. PROPOSED DIVERSIFICATION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

General Meetings: Outcome of Meeting

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

CIRCULAR TO SHAREHOLDERS IN RELATION TO THE:- I. PROPOSED ACQUISITION OF 450,000 ORDINARY SHARES IN EDISIJUTA PARKING SDN BHD ("EPSB"), REPRESENTING THE REMAINING 45% EQUITY INTEREST IN EPSB NOT ALREADY OWNED BY GLOBAL ORIENTAL BERHAD ("GOB"), FOR A PURCHASE CONSIDERATION OF RM22.50 MILLION TO BE SATISFIED ENTIRELY VIA CASH ("PROPOSED ACQUISITION"); AND II. PROPOSED DIVERSIFICATION OF THE EXISTING PRINCIPAL ACTIVITIES OF GOB AND ITS SUBSIDIARIES TO INCLUDE THE BUSINESS OF CAR PARK OPERATIONS MANAGEMENT ("PROPOSED DIVERSIFICATION") (COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

General Meetings: Notice of Meeting

Investment holding company Global Oriental Bhd (GOB) has proposed to acquire the remaining 45% equity interest in Edisijuta Parking Sdn Bhd (EPSB) that it does not already own for RM22.5mil cash from Cahaya Impian Sdn Bhd.

KUALA LUMPUR: Global Oriental Bhd (GOB) has entered into a conditional share sale and purchase agreement (SPA) to acquire 450,000 ordinary shares in Edisijuta Parking Sdn Bhd (EPSB) for RM22.5 million.

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSGLOBAL ORIENTAL BERHAD ("GOB" OR THE "COMPANY")

I. PROPOSED ACQUISITION; AND

II. PROPOSED DIVERSIFICATION

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

OTHERSGLOBAL ORIENTAL BERHAD ("GOB" or "Company")
APPOINTMENT OF AUDITORS

OTHERSGLOBAL ORIENTAL BERHAD ("GOB" or "Company")
RESIGNATION OF AUDITORS

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

OTHERSGLOBAL ORIENTAL BERHAD ("GOB" OR THE "COMPANY")

PROPOSED ACQUISITION BY GOB OF 550,000 ORDINARY SHARES IN EDISIJUTA PARKING SDN BHD FOR A CASH CONSIDERATION OF RM27,500,000 ("PROPOSED ACQUISITION")

The Enigma of GOB: Unraveling Corporate Ties and Desmond Lim Connection

On October 19, 2023, $GOB / 1147 (GLOBAL ORIENTAL BERHAD) proposed acquiring 550,000 ordinary shares, equivalent to 55% ownership, of Edisijuta Parking Sdn Bhd (EPSB) for RM27.5 million in cash from Cahaya Impian Sdn Bhd. Initially, this news seemed routine until I discovered that Edisijuta Parking provides valet parking services across Tan Sri Desmond Lim's malls. This realization led me to reconsider GOB, as it appears to be more than just a property development company, but closely linked to Tan Sri Desmond Lim.

Beginning with the Edisijuta Parking acquisition, it's essential to note that Edisijuta Parking is a subsidiary of Edisijuta Group, which has two subsidiaries: one providing parking services (Edisijuta Parking) and the other, Edisijuta Services, offering cleaning and maintenance services to malls and buildings. Since $GOB / 1147 (GLOBAL ORIENTAL BERHAD) acquired only a 55% stake in Edisijuta Parking, Edisijuta Services remains unrelated. Edisijuta Parking specializes in parking management, valet services, and consultancy & design for car parks, serving major customers such as Pavilion Kuala Lumpur, Pavilion Bukit Bintang, Pavilion Damansara Heights, Damen USJ, Pavilion Hotel, Signature Office at BJC, Farenheit 88 etc. Notably, Pavilion-related entities constitute a significant portion of their clientele. This isn't enough to say that GOB is closed-linked to Tan Sri Desmond Lim.

Beyond this acquisition, the 2023 annual report reveals that Dato' Tan Eng Beng is GOB's largest shareholder, yet Lim's name doesn't appear. However, suspicions persist that Lim might be the actual force behind GOB. This suspicion isn't unfounded; historical instances, such as the 2015 deal between $PAVREIT / 5212 (PAVILION REAL ESTATE INVESTMENT TRUST) and GOB for Damen Mall's purchase and the 2017 joint venture between $MALTON / 6181 (MALTON BERHAD) and GOB for a mixed-use development in Cheras, point to a close association. Additionally, GOB employs several of Lim's Pavilion brands, including Pavilion Embassy and Pavilion Genting Highlands.

In conclusion, this raises intriguing questions: Is Lim the de facto controller of GOB, or are they merely business partners? The interconnectedness between GOB and Lim's Pavilion-related ventures invites speculation about the extent of Lim's influence within GOB.

OTHERSGLOBAL ORIENTAL BERHAD ("GOB" OR "COMPANY")

PROPOSED ACQUISITION BY GOB OF 550,000 ORDINARY SHARES IN EDISIJUTA PARKING SDN BHD ("EPSB"), REPRESENTING 55% EQUITY INTEREST IN EPSB, FOR A PURCHASE CONSIDERATION OF RM27,500,000 ("PROPOSED ACQUISITION")

$GOB / 1147 (GLOBAL ORIENTAL BERHAD)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSGLOBAL ORIENTAL BERHAD ("GOB" or "Company")

PROPOSED ACQUISITION BY GOB OF 550,000 ORDINARY SHARES IN EDISIJUTA PARKING SDN BHD ("EPSB"), REPRESENTING 55% EQUITY INTEREST IN EPSB, FOR A PURCHASE CONSIDERATION OF RM27,500,000

General Meetings: Outcome of Meeting

Quarterly rpt on consolidated results for the financial period ended 30/06/2023

Circular to Shareholders in relation to the proposed renewal of shareholders' mandate for recurrent related party transactions of a revenue or trading nature

Annual Report & CG Report - 2023

General Meetings: Notice of Meeting

OTHERSProposed renewal of shareholders' mandate for recurrent related party transactions of a revenue or trading nature

Change in Boardroom - DATUK SERI AHMAD BIN HAMZAH