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-> GFM customer mostly are government or government link companies, political unstable might affect the revenue of GFM if their maintenance contract is not extended
-> Has operating lease of RM 312,522,869 until 2035 for UiTM. Stable income until 2035. Around RM 45,000,000 of 37.90 % of the 2020 revenue is secured until 2035.
-> 10 % partnership for EPCC contract to build Solar System for 6 number UiTm campus. RM2,713 per kWp which is a reasonable price during the signature of contract however with current increasing and unstable cost of photovoltaic cells the price might be a bit tight. RM 3,000,000 to GFM is completely done
-> Acquisition of 49 % in Highbase Strategy Sdn Bhd (HSSB) - O&G downstream company. RM 2,882,359 for 49 % of share. Projected value of HSSB contract until 2024 is RM 261,100,000 (estimated RM 102,351.20 - 0.8 safety factor)
-> GFM had a call option to purchase 2 % of HSSB share at RM0.51 (49 % discount) until 31 July 2024. GFM management can exercise the option and make HSSB subsidiary of GFM when they think HSSB is profitable for the company
-> GFM plans to subscript Rm 15 million to RM 20 million of RCPS with a fixed 6 % per annum.
-> GFM proposal to acquired AMZASS (M) Sdn Bhd which had contract to upgrade existing plus highway north bound and south bound Benbam lay by in state of Malacca into rest area. However it had proposed three time. Latest Stop date is 30 September 2021. RM 500,000 deposit had been paid to AMZASS.
-> ESOS and Warrant are out of money at the point of writing.
-> GFM took out RM 317,530,520 (96 % of 2020 total debt) to support the concessionaire with UiTM which had operating lease of RM 312,522,869 until 2035
-> GFM had positive flow in free cash flow while negative growth in price. The price did not growth with the company's free cash flow.
Thanks for the sharing, Klse Value. Waiting for the corporate exercise to complete first. Seems to be so at the moment with the latest extension of its HOA which coincides with its pp.
Hi Cheng, private placement had completed on 13 July 2021.
The extension of HOA it had been extended for three time already I do not factor it into the consideration when planning to purchase the stock. RM 500,000 deposit still lock there without any interest. It is going to be bonus if the HOA signed.
Thanks for the sharing, Klse Value. 2nd tranche pp was listed on 13th July while the 1st tranche was listed on 3rd of Jun; bringing a total of 29.4M pp shares. Min 10% pp shares target is approx 52M shares. I will assume it’s yet to be completed unless there is announcement that it’s deemed completed or the the board decided to put on hold the exercise :) I agreed with you that it will be a bonus if the Amzass acquisition is completed which will increase its concession business.
Latest corporate exercise announced yesterday on the additional subscription of HSSB rcps. And in the pp documents, HSSB is tendering two projects worth $340M. With O&G demand recovery in the pipeline, it can be a worthwhile wait while managing the downside risk.
