GBH-Keladi deals

Both companies are own by famous businessman-Tan Sri Dato Tan Hua Choon.

As you already might know, both Keladi Berhad and GBH Berhad have been suspended from trading due to material announcement by the companies.

Robert Tan has been quiet for the last few years, slowing building his business empire with strong foothold. If you have noticed, most of his companies are now in net cash position, with ample of cash to cover loans and liabilities. Keladi and GBH Bhd is just the 2 companies he owns out of his war chess which is in net cash. Not to mention also Marco Holdings Bhd, PDZ Holdings Bhd etc. They are mostly in net cash position and I like them.

And the best thing about both Keladi Bhd and GBH Bhd is the Top 30 holders hold a high percentage of shares. As of Annual report 2013, Keladi's Top30=73%, GBH's Top30=96%
Almost a total control on companies by Top30 holders.

Let is study what are the deals from Bursa:
GBH Bhd:
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1674773

GOH BAN HUAT BERHAD TO EXPAND INTO FPSO & OIL&GAS SECTOR

- RM192 Million Land Divestment to Keladi Maju Berhad for Cash

- RM38 million acquisition of GMOS, a specialised licensed company for FPSO

- RM632 Million Acquisition of DYNAC

Well,looking at this, seems like a deal of injecting DYNAC and GMOS into GBH Bhd via share swap at the same time GBH Bhd will get funding from Keladi Bhd via selling lands worth RM192mil to Keladi Bhd.

From the announcement, GBH will buy 35% of GMOS via cash directly RM38mil.

Then,  acquire 100% of DYNAC valued RM632mil. This is satisfied with RM210mil cash, balance RM422mil via share issue of GBH Bhd to DYNAC @RM2.00. So from my calculation 211mil shares given to new major shareholders which will results in MGO.

From my calculation, as at latest quarterly result, it has net cash around RM38mil. If paying GMOS for RM38mil, it will then has no more cash?