Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 13th March, executive chairman Tong Kooi Ong returned to the well with a Scheme at S$2.70/share, a 14.9% premium to last close.  A cash/scrip (into RPSs) was afforded.</li>
<li>Back in November 2024, Tong acquired a 20.17% stake at S$0.25/share, lifting his holding to 53.01%, triggering a unconditional general offer. (Avarga did a 10-1 share consolidation in May 2025).</li>
<li>
<a href="https://links.sgx.com/FileOpen/Avarga_Limited_Scheme_Document_10Jul26.ashx?App=Announcement&amp;FileID=895933" target="_blank" rel="noopener">The Scheme Doc is now out</a>. 27th July Court Meeting. 4th November expected payment. The IFA says "fair &amp; reasonable". </li>
</ul>


On the 13th March, executive chairman Tong Kooi Ong returned to the well with a Scheme at S$2.70/share, a 14.9% premium to last close.  A cash/scrip (into RPSs) was afforded.
Back in November 2024, Tong acquired a 20.17% stake at S$0.25/share, lifting his holding to 53.01%, triggering a unconditional general offer. (Avarga did a 10-1 share consolidation in May 2025).

The Scheme Doc is now out. 27th July Court Meeting. 4th November expected payment. The IFA says "fair &amp; reasonable". 


Avarga (AVARGA SP): 27th July Vote On Tong's Scheme

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>
<a href="https://www.smartkarma.com/entities/avarga-ltd" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga Ltd (AVARGA SP)</a> disclosed a scheme offer from Dr Tong (Chairman) at S$2.70 per share. There is also an alternative combined consideration of S$2.00 per share and 1 RPS. </li>
<li>I estimate that the combined consideration is worth S$2.75. The offer is reasonable as it is above book value (P/NTA of 1.04x) and represents an all-time high.</li>
<li>However, the offer values Avarga at a discount to the Taiga stake and at a lower EV/EBITDA multiple than the 2024 MGO. Nevertheless, the scheme vote is low risk.</li>
</ul>



Avarga Ltd (AVARGA SP) disclosed a scheme offer from Dr Tong (Chairman) at S$2.70 per share. There is also an alternative combined consideration of S$2.00 per share and 1 RPS. 
I estimate that the combined consideration is worth S$2.75. The offer is reasonable as it is above book value (P/NTA of 1.04x) and represents an all-time high.
However, the offer values Avarga at a discount to the Taiga stake and at a lower EV/EBITDA multiple than the 2024 MGO. Nevertheless, the scheme vote is low risk.


Avarga (AVARGA SP): Scheme Value Below the Value of Taiga Stake, but Likely Done

<ul>
<li>Back in November 2024, <a href="https://www.smartkarma.com/entities/avarga-ltd" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>'s executive chairman Tong Kooi Ong  acquired a 20.17% stake  @S$0.25/share, lifting Tong's holding to 53.01%, triggering a unconditional mandatory general offer.</li>
<li>The IFA <a href="https://links.sgx.com/FileOpen/3_Avarga_Circular_13Dec24.ashx?App=Announcement&amp;FileID=827853" target="_blank" rel="noopener">opined</a> "NOT fair and NOT reasonable". The Offer closed on the 27th December 2024 with Tong holding <a href="https://links.sgx.com/FileOpen/Close_of_Offer_Announcement.ashx?App=Announcement&amp;FileID=829094" target="_blank" rel="noopener">86.68%</a>. This Offer was discussed in <a href="https://skr.ma/YDANF" target="_blank" rel="noopener">Avarga (SGX:U09): Tong's Unconditional MGO</a>. </li>
<li>Tong has returned with a Scheme @S$2.70/share, a 14.9% premium to last close. Avarga did a 10-1 share consolidation in May last year. A cash/scrip (into RPSs) is afforded.</li>
</ul>


Back in November 2024, Avarga (AVARGA SP)'s executive chairman Tong Kooi Ong  acquired a 20.17% stake  @S$0.25/share, lifting Tong's holding to 53.01%, triggering a unconditional mandatory general offer.
The IFA opined "NOT fair and NOT reasonable". The Offer closed on the 27th December 2024 with Tong holding 86.68%. This Offer was discussed in Avarga (SGX:U09): Tong's Unconditional MGO. 
Tong has returned with a Scheme @S$2.70/share, a 14.9% premium to last close. Avarga did a 10-1 share consolidation in May last year. A cash/scrip (into RPSs) is afforded.


Avarga (AVARGA SP): Tong's Scheme Is Light

Zheneng Jinjiang Environment / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zheneng-jinjiang-environment-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:22847:1" rel="noopener">Zheneng Jinjiang Environment (ZJE SP)</a>, a waste-to-energy infrastructure play, <a href="https://links.sgx.com/FileOpen/ZJE%20-%20Joint%20Announcement.ashx?App=Announcement&amp;FileID=905302" target="_blank" rel="noopener">announced</a> yesterday afternoon an Offer, by way of Scheme, from a consortium comprising major shareholder, the Zhejiang Provincial Energy Group. </li>
<li>Zhejiang Provincial, inter alia, all of whom are linked to the provincial government of China's Zhejiang province, are offering S$0.70/share, a 19.7% premium to last close. Terms are not final.</li>
<li>Scrip into a back-end vehicle is afforded. Terms are just shy of a decade-high. S$0.045/share in dividends to be added. Timing on the PRC reg approvals is the key risk.</li>
</ul>



Zheneng Jinjiang Environment (ZJE SP), a waste-to-energy infrastructure play, announced yesterday afternoon an Offer, by way of Scheme, from a consortium comprising major shareholder, the Zhejiang Provincial Energy Group. 
Zhejiang Provincial, inter alia, all of whom are linked to the provincial government of China's Zhejiang province, are offering S$0.70/share, a 19.7% premium to last close. Terms are not final.
Scrip into a back-end vehicle is afforded. Terms are just shy of a decade-high. S$0.045/share in dividends to be added. Timing on the PRC reg approvals is the key risk.


Zheneng Jinjiang Environment (ZJE SP): S$0.70/Share Scheme Offer. Plus Divies

<ul>
<li>I tally 37- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deal was discussed on Smartkarma this week: Tender Offers for <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> and <a href="https://www.smartkarma.com/entities/kadoya-sesame-mills-inc" target="_blank" data-smartkarma-citation="entities:10367:1" rel="noopener">Kadoya Sesame Mills (2612 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, <a href="https://www.smartkarma.com/entities/gabia-inc" target="_blank" data-smartkarma-citation="entities:13535:1" rel="noopener">Gabia Inc (079940 KS)</a>, <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine Co Ltd (377450 KS)</a>, and <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>.</li>
</ul>


I tally 37- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Tender Offers for Leopalace21 Corp (8848 JP) and Kadoya Sesame Mills (2612 JP).
Key updates/news also took place on: Cleanaway Waste Management (CWY AU), European Lithium (EUR AU), Gabia Inc (079940 KS), Refine Co Ltd (377450 KS), and FleetPartners Group (FPR AU).


Asia-Pac Weekly Wrap: Leopalace21, Cleanaway, Kadoya Sesame Mills, Gabia, Refine, FleetPartners

Singapore

Avarga Limited is an investment holding company with core businesses in paper manufacturing, power generation, and building materials distribution. It produces industrial-grade paper products and distributes various building materials. The company also operates a gas-fired power plant. Avarga Limited was incorporated in 1967 and is headquartered in Singapore.

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Avarga (AVARGA SP)

Avarga (AVARGA SP): 27th July Vote On Tong's Scheme

For an illiquid arb, this is trading tight at 1.1%/3.7% gross/annualised. Unless already in, or reckon the Tong's opt for a last minute bump, this...

David Blennerhassett

Avarga (AVARGA SP): Scheme Value Below the Value of Taiga Stake, but Likely Done

The offer values Avarga at a discount to the Taiga stake and at a lower EV/EBITDA multiple than the 2024 MGO. Nevertheless, the scheme vote is low...

Arun George

Avarga (AVARGA SP): Tong's Scheme Is Light

Terms, which have not been declared final, are ok. There may be enough here to facilitate an exit for investors. If illiquid arbs are your bag,...

David Blennerhassett

Asia-Pac Weekly Wrap: Leopalace21, Cleanaway, Kadoya Sesame Mills, Gabia, Refine, FleetPartners

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Avarga (AVARGA SP): 27th July Vote On Tong's Scheme

For an illiquid arb, this is trading tight at 1.1%/3.7% gross/annualised. Unless already in, or reckon the Tong's opt for a last minute bump, this...

David Blennerhassett

Avarga (AVARGA SP): Scheme Value Below the Value of Taiga Stake, but Likely Done

The offer values Avarga at a discount to the Taiga stake and at a lower EV/EBITDA multiple than the 2024 MGO. Nevertheless, the scheme vote is low...

Arun George

Avarga (AVARGA SP): Tong's Scheme Is Light

Terms, which have not been declared final, are ok. There may be enough here to facilitate an exit for investors. If illiquid arbs are your bag,...

David Blennerhassett

Zheneng Jinjiang Environment (ZJE SP): S$0.70/Share Scheme Offer. Plus Divies

Trading at a gross/annual. spread of 11.2%/13.9%, using a ten month off-ramp. If illiquid arbs are your bag, and not already in, get in around...

David Blennerhassett

Asia-Pac Weekly Wrap: Leopalace21, Cleanaway, Kadoya Sesame Mills, Gabia, Refine, FleetPartners

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett