1. Perwaja en route for listing in Bursa Malaysia
2. Expected listing date: 20 August 2008 with 150 million shares
3. Major shareholders post IPO are Kinsteel (37.3%), Equal Concept SB (31.4%) and Maju Holdings (4.5%)
4. The Initial Public Offering (IPO) price is RM2.90/share
5. Listing proceeds will be utilized for repayment of borrowings and working capital
6. The Fair Value is RM4.90/share and RM5.00/share evaluated by OSK Research and HwangDBS-Vickers Research

Any view on this?

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Finally, everything is coming into places now!

Today, my lawyer told me that the Land Office have finally approved the consent to tranfer the title to my name. What does this mean?

1. the consent was sent to the Land Office in early March 2008 - therefore it takes roughly 6 month to get the conset to transfer for a leasehold property in Malaysia. Freehold takes less, probably 3 months
2. the official letter will take another 2-3 day to be issued by the Land Office. I am still wondering why it takes so long for a letter to come out - must be the inefficiency
3. I can proceed with private caveat once the official letter is issued. The purpose of private caveat is to prevent the vendor from
   fraudulently dealing with the property in a manner prejudicial to
   the interests of the purchasers and end-financiers.
4. My loan was approved in Jan 2008 so private caveat will allow my lawyer to advice the bank to release the payment balance (90%) to the vendor.
5. Should everything goes as planned, I can actually move into my new condo already
6. My lawyer can start charging the property to the loan provider and at the sametime finalise the title transfer to my name. I guess this process will take another 1-month minimum.

Basically, leasehold property process in Malaysia is quite tedious and time consuming. Frankly speaking, it is slow because it is managed by inefficient agency that may have vested interest to specific land or properties in certain area. Bear in mind that the land office is currently using online system, and it takes this long. Can you imagine what it was like before the online system?

Should you have any other experiences on leasehold property process, please do share for the benefit of others.

My luck are running out day by day.

First my car’s timing belt, then the LRT, then the Blackberry, then my house. Now another problem pops-up.

This time its my car’s power steering pump - it’s broken. It broke on Tuesday for no apparent reason. Another one is the engine, it makes weird noises according to Tina.

Few days back, repaired my timing belt for RM380, thought I was lucky then as it has not affected my engine. According to the mechanic, the power steering pump will costs me another RM600. By the way, am still wondering why the car spare part in this country is so damn expensive?

Could this be a sign to change my car?

Argh! The year of the Rat is definely not a good year for me. I wonder what will be next. I guess all I have to do is to tackle the problem one step at a time, as I have always done it in the past.

Based on my recent timing belt experience, most mechanic says that I was lucky. In general, whenever your car’s timing belt snaps, your piston, valve, camshaft, crankshaft, etc will have problem too. This translate to expensive costs of repairing the engine, some cars need to replace most part of the engine. In view of this, I was lucky enough to get away with just a timing belt snap. Phew!

However, the expensive repair costs does not necessarily true for all kind of car. It would also depend on the type of engine you have. Based on my readings there are two types of engine namely “interference” and “non-interference”. In my case, it is a non-interference engine, so if the timing belt breaks on a non-interference design, there is enough clearance between the pistons and valves to prevent damaging contact. On the other hand, an interference design does not have sufficient clearance between those parts and engine damage would result from a broken timing belt, thus, expensive repair costs.

But why do you need to replace your timing belt?

Basically, the purpose of a timing belt is to provide a quiet, flexible connection between the camshaft and crankshaft to keep the valves opening and closing in phase with the movement of the pistons.

As a way forward and a good lesson for all, I would recommend replacement at 60,000-mile intervals - better safe than sorry right! Again, breakage is not the only reason to replace your timing belt. Looseness and wear will allow the timing belt to slip and change valve timing resulting in very poor performance, a no-start condition, or engine damage.

So, change your timing belt regularly.

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Gavyn’s latest road runner - Peg Perego - Pliko P3 Classico!

Bought it today, after comparing various types of pushchairs that is available in the market in Malaysia. It offers all the function that I need in a pushchair.

What do you think?