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KLW
01-10-2014, 10:33 PM.
Post: #1
KLW
Brunei prince Abdul Qawi dips into Melbourne market
THE AUSTRALIAN OCTOBER 02, 2014 12:00AM

Sarah Danckert

Property Reporter
Melbourne
A high-flying Brunei prince has landed in Melbourne’s property market and is eyeing a massive residential, hotel or mixed use development in the CBD on a site that currently houses Victoria University’s city campus.

Prince Abdul Qawi, who is eighth in line to the throne in Brunei, yesterday took over the reins of a Singapore listed company that announced it had purchased the Flinders Street office tower.

KLW Holdings, which counts Prince Qawi as its second-largest shareholder, revealed it had paid $23.6 million for the property.

Its announcement on the Singapore Exchange noted the potential of the building for conversion into “high-density residential, commercial, retail and/or hotel uses”.

The seven-storey building is fully occupied by Victoria University, whose lease expires in 2020.

The building sits on an 895sq m plot and runs between Flinders Street and popular retail strip Flinders Lane.

“This quality asset will provide immediate cash flow and returns for the group as a mid-term investment with great potential for capital appreciation while having the potential opportunity for future redevelopment,” KLW executive chairman Prince Qawi said.

“Lately, the influx of offshore property investments into the world’s most liveable city, Melbourne, has given us a good chance to enter this vibrant market that has the fastest population growth in Australia,” he said.

Prince Qawi, nephew of the Sultan of Brunei, hinted at further purchases in Australia, saying the group would continue to look for “quality investment opportunities”.

The Brunei royal family, which Forbes has estimated has a fortune of $20 billion, has extensive property holdings, including hotels in Paris, London and Los Angeles.

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28-10-2014, 06:26 AM.
Post: #2
RE: KLW
http://www.businesstimes.com.sg/companie...r-85m-yuan

KLW to acquire stake in Mega Sun for 85m yuan
By
Mindy Tantanmindy@sph.com.sg@MindyTanBT
193966.jpg Listed door manufacturer and investment holdings company KLW Holdings has entered into a sale-and-purchase agreement with Prosperity Real Estate Holdings to acquire a 45.45 per cent stake in Mega Sun Development for 85 million yuan (S$17.7 million). PHOTO: ST FILE
28 Oct5:50 AM
Singapore

LISTED door manufacturer and investment holdings company KLW Holdings has entered into a sale-and-purchase agreement with Prosperity Real Estate Holdings to acquire a 45.45 per cent stake in Mega Sun Development for 85 million yuan (S$17.7 million).

Mega Sun holds a 55

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07-10-2015, 10:42 AM.
Post: #3
RE: KLW
A "fight" in the board room, with detail in the SGX announcement below
http://infopub.sgx.com/FileOpen/Appendix...eID=371663

2 directors facing vote to oust them list concerns about KLW
07 Oct 2015 09:00
By Jeremy Koh

Two of the independent directors facing a vote to kick them off the board of doormaker KLW Holdings have listed their concerns about the company in a statement posted on the Singapore Exchange (SGX).

Independent directors Low Hai Lee and Teo Hin Guan, along with company founder and managing director Lee Boon Teck face a vote to oust them at an extraordinary general meeting (EGM) next Monday.

The motion was proposed by shareholders Quek Chek Lan and Siew Yong Wan.
...
Source: Straits Times
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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14-10-2015, 04:54 PM.
Post: #4
RE: KLW
The outcome of the EGM...

Three KLW Holdings directors ousted at EGM
14 Oct 2015 09:00
By Jeremy Koh

Three directors of door-maker KLW Holdings were removed at an extraordinary general meeting (EGM) yesterday.

Shareholders voted to replace company founder and managing director Lee Boon Teck as well as independent directors Teo Hin Guan and Low Hai Lee. The remaining independent director, Mr Ho Pong Chong, has resigned, The Straits Times understands.

Shareholders voted in Mr Wong Joo Wan, Mr Lim Jit Siew and Mr Nicholas Jeyaraj Narayanan as new directors. They were also to have voted on a resolution to appoint Mr Quek Chek Lan as director, but this did not go to a ballot.

Mr Teo and Mr Low had noted in a statement posted on the Singapore Exchange website on Oct 1 that Mr Quek was over 70 years old and so could be appointed director only at an annual general meeting and not an EGM, according to the Companies Act.
...
Source: Straits Times
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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14-10-2015, 06:06 PM.
Post: #5
RE: KLW
(14-10-2015, 04:54 PM)CityFarmer Wrote: The outcome of the EGM...

Three KLW Holdings directors ousted at EGM
14 Oct 2015 09:00
By Jeremy Koh

Three directors of door-maker KLW Holdings were removed at an extraordinary general meeting (EGM) yesterday.

Shareholders voted to replace company founder and managing director Lee Boon Teck as well as independent directors Teo Hin Guan and Low Hai Lee. The remaining independent director, Mr Ho Pong Chong, has resigned, The Straits Times understands.

Shareholders voted in Mr Wong Joo Wan, Mr Lim Jit Siew and Mr Nicholas Jeyaraj Narayanan as new directors. They were also to have voted on a resolution to appoint Mr Quek Chek Lan as director, but this did not go to a ballot.

Mr Teo and Mr Low had noted in a statement posted on the Singapore Exchange website on Oct 1 that Mr Quek was over 70 years old and so could be appointed director only at an annual general meeting and not an EGM, according to the Companies Act.
...
Source: Straits Times

I thought Quek was also involved in several Msian linked trio... pls correct me if I m wrong... anyway its pot calling the kettle black... almost net to none cos that Quek came to stir in the past comes good...

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19-10-2015, 10:26 AM.
Post: #6
RE: KLW
Is the company setup, vulnerable ?

- The previous key executives, including the CEO, are replaced overnight. Although Mr. Lee will remain in senior management team. I really doubt any significant contribution from him after the saga, mostly hands-over procedure, I guess.
- The new CEO, is major shareholder, but know nothing or very little on the company biz, based on available public info.
- The company will, very likely, be distracted by a long litigation procedure.

Anyway, my best wish to the company.

(not vested)

KLW Holdings appoints new CEO
By Benjamin Tan / theedgemarkets.com   | October 19, 2015 : 8:03 AM MYT  

SINGAPORE (Oct 19): Catalist-listed KLW Holdings ( Valuation: 0.90, Fundamental: 0.60) has appointed Quek Chek Lan as chief executive officer, effective Oct 16.

The latest appointment follows the end of a boardroom fight at the door maker which held an extraordinary general meeting a week ago. The EGM was requisitioned by Mr Quek and another shareholder.

At the shareholders' meeting, Mr Quek, KLW's majority owner, won his bid to replace three directors including the company founder and managing director Lee Boon Teck, with his own nominees, as the company sought police help in investigating alleged unauthorised transactions by its managing director.

Mr Quek acquired the bulk of his 19.4% stake from Mr Lee on Aug 26 for about 41 cents.
http://www.theedgemarkets.com/sg/article...ts-new-ceo
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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20-10-2015, 09:19 PM.
Post: #7
RE: KLW
A new problem faced by the company? It is not uncommon for termination of sponsorship, but can the company get a new sponsor? Catalist stock can't be listed without a sponsorship.

(not vested)

-----
TERMINATION OF CONTINUING SPONSORSHIP
The Board of Directors (“Board”) of KLW Holdings Limited (the “Company”) wishes to announce that
it has received notification from the Company’s current Continuing Sponsor, SAC Capital Private
Limited (“SAC”), of its intention to terminate its services as Continuing Sponsor to the Company with
effect from 1 October 2015 (the “Termination”). The last day of SAC’s appointment will be 31
December 2015.
...
http://infopub.sgx.com/FileOpen/Continui...eID=374230
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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20-10-2015, 11:24 PM.
Post: #8
RE: KLW
(20-10-2015, 09:19 PM)CityFarmer Wrote: A new problem faced by the company? It is not uncommon for termination of sponsorship, but can the company get a new sponsor? Catalist stock can't be listed without a sponsorship.

(not vested)

-----
TERMINATION OF CONTINUING SPONSORSHIP
The Board of Directors (“Board”) of KLW Holdings Limited (the “Company”) wishes to announce that
it has received notification from the Company’s current Continuing Sponsor, SAC Capital Private
Limited (“SAC”), of its intention to terminate its services as Continuing Sponsor to the Company with
effect from 1 October 2015 (the “Termination”). The last day of SAC’s appointment will be 31
December 2015.
...
http://infopub.sgx.com/FileOpen/Continui...eID=374230

Who can educate me what's the use/function of sponsor? Huh

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21-10-2015, 10:23 AM. (This post was last modified: 21-10-2015, 10:23 AM by CityFarmer.)
Post: #9
RE: KLW
(20-10-2015, 11:24 PM)desmondxyz Wrote: Who can educate me what's the use/function of sponsor? Huh

There are two type of sponsors, Full Sponsorship and Continuing Sponsorship. In this case, it is the Continuing Sponsorship.

The job of continuing sponsorship, is advising the company on its continuing listing obligations and overseeing its compliance with these obligations, in brief.  Big Grin
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡

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21-10-2015, 11:16 AM.
Post: #10
RE: KLW
(21-10-2015, 10:23 AM)CityFarmer Wrote:
(20-10-2015, 11:24 PM)desmondxyz Wrote: Who can educate me what's the use/function of sponsor? Huh

There are two type of sponsors, Full Sponsorship and Continuing Sponsorship. In this case, it is the Continuing Sponsorship.

The job of continuing sponsorship, is advising the company on its continuing listing obligations and overseeing its compliance with these obligations, in brief.  Big Grin

Sounds pretty useless....hehe  Big Grin

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