Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 22nd June 2026, MSG-manufacturer <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a> announced <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a>, its controlling shareholder, intended to delist the company via a selective capital reduction.</li>
<li>In response to local media reports, Ajinomoto defended its Offer Price of RM20/share, stating it represents a reasonable premium, and reflected the company’s business value and historical share performance.</li>
<li>
<a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=255082&amp;name=EA_DS_ATTACHMENTS" target="_blank" rel="noopener">The Circular is out</a>. The Independent Advisor (RHB) opined not fair, but reasonable. The "not fair" part is tenuous. The EGM is the 24th September. Cash payment late January 2027. </li>
</ul>


On the 22nd June 2026, MSG-manufacturer Ajinomoto Malaysia (AJI MK) announced Ajinomoto Co (2802 JP), its controlling shareholder, intended to delist the company via a selective capital reduction.
In response to local media reports, Ajinomoto defended its Offer Price of RM20/share, stating it represents a reasonable premium, and reflected the company’s business value and historical share performance.

The Circular is out. The Independent Advisor (RHB) opined not fair, but reasonable. The "not fair" part is tenuous. The EGM is the 24th September. Cash payment late January 2027. 


Ajinomoto Malaysia (AJI MK): 24th Sept Vote On Parent's Offer. IA Conclusion Suspect, At Best

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a> IA has opined that <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a>’s RM20.00 offer is NOT fair but reasonable. </li>
<li>The key conditions are the headcount test (majority in number) and the value test (approval by at least 75% of disinterested shareholders, with rejection by &lt;10% of all disinterested shareholders).</li>
<li>The lack of a disinterested shareholder holding a blocking stake, the Board’s support and recent precedents suggest that the vote remains low-risk. </li>
</ul>


The Ajinomoto Malaysia (AJI MK) IA has opined that Ajinomoto Co (2802 JP)’s RM20.00 offer is NOT fair but reasonable. 
The key conditions are the headcount test (majority in number) and the value test (approval by at least 75% of disinterested shareholders, with rejection by &lt;10% of all disinterested shareholders).
The lack of a disinterested shareholder holding a blocking stake, the Board’s support and recent precedents suggest that the vote remains low-risk. 


Ajinomoto (Malaysia) (AJI MK): IA Opines NOT Fair but Reasonable; Vote on 24 September

<ul>
<li>Back on the 22nd June 2026, MSG-manufacturer <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a> announced <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a>, its controlling shareholder, intends to delist the company via a selective capital reduction.</li>
<li>Ajinomoto offered RM20/share in cash, a 31.6% premium to last close; but realistically a 67% premium due to apparent price leakage. It is a decade-high price. This is fair.</li>
<li>In response to local media report, Ajinomoto defended its Offer Price, stating it represents a reasonable premium, and reflects the company’s business value and historical share performance.</li>
</ul>


Back on the 22nd June 2026, MSG-manufacturer Ajinomoto Malaysia (AJI MK) announced Ajinomoto Co (2802 JP), its controlling shareholder, intends to delist the company via a selective capital reduction.
Ajinomoto offered RM20/share in cash, a 31.6% premium to last close; but realistically a 67% premium due to apparent price leakage. It is a decade-high price. This is fair.
In response to local media report, Ajinomoto defended its Offer Price, stating it represents a reasonable premium, and reflects the company’s business value and historical share performance.


Ajinomoto Malaysia (AJI MK): Parent Reiterates Terms Are Fair

<ul>
<li>MSG-Manufacturer <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a> has announced <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a>, its controlling shareholder, intends to delist the company via a selective capital reduction.</li>
<li>Ajinomoto is offering RM20/share in cash, a 31.6% premium to last close; but more like 67% due to apparent price leakage. Ajinomoto holds 50.38% of shares out.</li>
<li>The Offer price is a decade-high. For shareholders in an illiquid stock, here's your exit.</li>
</ul>


MSG-Manufacturer Ajinomoto Malaysia (AJI MK) has announced Ajinomoto Co (2802 JP), its controlling shareholder, intends to delist the company via a selective capital reduction.
Ajinomoto is offering RM20/share in cash, a 31.6% premium to last close; but more like 67% due to apparent price leakage. Ajinomoto holds 50.38% of shares out.
The Offer price is a decade-high. For shareholders in an illiquid stock, here's your exit.


Ajinomoto Malaysia (AJI MK): Ajinomoto's Fair Offer

Equity Long-Short

Mo Aziz

<ul>
<li>Ajinomoto Japan (2802 JP) proposes to privatise its 50.4%-owned Malaysian subsidiary at RM20.00/share via SCR</li>
<li>A multi-method valuation — PE, EV/EBITDA, M&amp;A precedents — supports a fair value range of RM24–30, with RM26.20 as the primary anchor; the offer price sits 24–50% below this range.</li>
<li>Probability-Weighted scenario analysis yields an expected value of RM23.02; with deal-break downside limited by AJI MK's underlying quality, the risk/reward favours rejection pending a revised offer.</li>
</ul>


Ajinomoto Japan (2802 JP) proposes to privatise its 50.4%-owned Malaysian subsidiary at RM20.00/share via SCR
A multi-method valuation — PE, EV/EBITDA, M&amp;A precedents — supports a fair value range of RM24–30, with RM26.20 as the primary anchor; the offer price sits 24–50% below this range.
Probability-Weighted scenario analysis yields an expected value of RM23.02; with deal-break downside limited by AJI MK's underlying quality, the risk/reward favours rejection pending a revised offer.


Ajinomoto Malaysia (AJI MK) Privatisation at RM20: Opportunistic Lowball — Hold Out for RM26.20

Malaysia

Ajinomoto (Malaysia) Berhad manufactures and sells monosodium glutamate (MSG) and other related products.  The Company also produces consumer food products such as food seasonings, flavored salt and pepper, and sago starch.

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Ajinomoto Malaysia (AJI MK)