[JAKS RESOURCES BHD，越南发电厂的重大贡献]
于二零一八年六月六日，UOB Kay Hian Securities (M) Sdn Bhd宣布，Jaks建议于JRB以发行价格RM0.25发行最多278,164,186份凭单，基于1份凭单对应每2股现有普通股的权证将于稍后确定并公布（http://www.bursamalaysia.com/market/listed-companies/company-announcements/5819061）。基于定价日期前的JRB股份的5日加权平均市价（「VWAMP」）来计算凭单的理论公平价。出于说明的目的，基于每份凭单0.25令吉的指示性发行价格和每份认股权证1.00令吉的指示性行使价，基于采用Black-Scholes Option Pricing Model确定的理论公允价值为每份凭单约RM0.68。每份凭单的指示性发行价为0.25令吉，相对凭单的理论公平值折扣约为63.24％，使发行价对订户颇具吸引力。
凭单的行使价将由董事会在收到所有相关批准后于宣布权利日期前厘定，并已计之前5日的JRW股份VWAMP指示性折扣约30％来定价。出于说明的目的，RM1.00的指示性执行价格对JRB股票的5天VWAMP并包括LPD 1.48令吉折扣约32.43％。此外，由于凭单之行使价较JRB股份之五日VWAMP价格折扣，故此将导致理论除权价格调整至每股JRB股份1.40令吉。凭单可由发行第二周年起至发行第五年行执行权。
根据每份凭单的指示性发行价格0.25令吉，预计JRB将立即筹集所得款项总额高达约6,954万令吉。在凭单行权时，JRB还可以筹集最多RM2.7816亿的收益。从凭单发行募集资金将用于资助越南发电厂项目，部分偿还银行借款及可再生能源项目。因行使凭单而产生之任何所得款项将用于捷硕相关业务之投资机会，偿还借贷及╱或额外营运资金以为捷硕之日常营运提供资金。
Jaks本季度实现收入2亿零1020万令吉，较去年同期的1.548亿令吉增加约36％。这是由于建筑部门越南EPC施工工作的工作进度和收费增加所致。 Jaks的税前利润为1080万令吉，去年同期为290万令吉。建筑部门录得税前利润2,710万令吉，而去年同期则为1,550万令吉。税前利润较高与收入较高一致。
投资控股及其他部门的税前亏损为140万令吉，而去年同期为260万令吉的税前亏损。他们的策略是管理其成本，以便在决定停止制造活动并重新调整建筑和房地产开发活动之后实现一些成本节约。
前景：
根据订单，Jaks建筑部门预计在2018年取得令人满意的表现，其中包括越南主要业务的重大贡献。 Jaks将努力提高未来几个季度的表现。
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James Ng
On 06 Jun 2018, UOB Kay Hian Securities (M) Sdn Bhd wishes to announce that Jaks proposes to undertake a renounceable rights issue of up to 278,164,186 warrants in JRB (“Warrant(s)”), at an indicative issue price of RM0.25 per Warrant, on the basis of 1 Warrant for every 2 existing ordinary shares held in the Company on an entitlement date to be determined and announced later (http://www.bursamalaysia.com/…/company-announcements/5819061). The theoretical fair value of the Warrants based on the 5-day volume weighted average market price (“VWAMP”) of JRB Shares immediately preceding the price-fixing date. For illustrative purposes, based on the indicative issue price of RM0.25 per Warrant and the indicative exercise price of RM1.00 per Warrant, the theoretical fair value of the Warrants as determined using the Black-Scholes Option Pricing Model as at the LPD is approximately RM0.68 per Warrant. The indicative issue price of RM0.25 per Warrant represents a discount of approximately 63.24% to the theoretical fair value of the Warrants making the issue price fairly attractive to subscribers.
The exercise price of the Warrants will be determined and fixed by the Board after receipt of all relevant approvals but before announcement of the Entitlement Date after taking into consideration an indicative discount of approximately 30% to the 5-day VWAMP of JRB Shares immediately preceding the price-fixing date. For illustrative purposes, the indicative exercise price of RM1.00 represents a discount of approximately 32.43% to the 5-day VWAMP of JRB Shares up to and including the LPD of RM1.48. Further, as the exercise price of the Warrants is at a discount to the 5-day VWAMP of JRB Shares, this will result in a theoretical ex-rights price adjustment to RM1.40 per JRB Share. The Warrants are exercisable from the 2nd anniversary date of issuance of the Warrants until the 5th year of issuance.
Based on the indicative issue price of RM0.25 per Warrant, JRB is expected to raise immediate gross proceeds of up to approximately RM69.54 million. JRB will also be able to raise further proceeds of up to RM278.16 million as and when the Warrants are exercised. The proceeds to be raised from the rights issue of warrants are to be used to finance the Vietnam Power Plant Project, Partial repayment of bank borrowings, and Renewable Energy Project. Any proceeds arising from the exercise of the Warrants will be utilised for investment opportunities in the related businesses of the Group, repayment of borrowings and/or additional working capital to finance the Group’s day-to-day operations.
Current quarter, Jaks achieved revenue of RM210.2m, an increase of approximately 36% from the previous year's corresponding quarter of RM154.8m. This was due to increase in work progress and billings from the Vietnam EPC construction work for the Construction division. Jaks achieved a profit before tax of RM10.8m as compared to RM2.9m in the previous year's corresponding quarter. The Construction division recorded profit before tax of RM27.1m as compared to RM15.5m achieved in the preceding year corresponding's quarter. Higher profit before tax was in line with the higher revenue.
The Investment Holding & Others division recorded a much lower loss before tax of RM1.4m as compared to a loss before tax of RM2.6m incurred in the previous year's corresponding quarter. Their strategy is to manage its cost to achieve some cost savings following the decision to cease its manufacturing activities and realigned its focus on the Construction and Property Development activities.
Prospects:
With the order book, Jaks Construction division is expected to perform satisfactorily in 2018 with significant contributions from key operations in Vietnam. Jaks will endeavor to improve performance in the coming quarters.
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James Ng
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