Award-winning Financial Journalist

Ashish Saxena

After negotiating for more than 20 months, <a href="https://www.smartkarma.com/entities/9877" target="_blank" data-smartkarma-citation="entities:9877:1">China Minzhong Food Corporation Limited</a>'s management is teaming up with Anthoni Salim to launch a pre-conditional voluntary offer to take the company private.At S$1.20/share, the offer values the company at S$786.5 mln which is lower than its net assets of S$1.07 bln (RMB 5.3 bln) on June 30. However, the offer has not been declared final yet.Already, <a href="https://www.smartkarma.com/profiles/11" target="_blank" data-smartkarma-citation="accounts:11">Crispin Francis</a> has covered the transaction in great detail in his latest insight <a href="https://www.smartkarma.com/insights/china-minzhong-food-will-this-takeout-happen" target="_blank" data-smartkarma-citation="insights:5717">China Minzhong Food - Will This Takeout Happen?</a>.In this insight, you will read about how the latest offer is not what was originally discussed about. You'll also read about the dealings in China Minzhong's shares by its insiders even as a deal was being worked out.But before that, here's a brief background on the offeror:

After negotiating for more than 20 months, China Minzhong Food Corporation Limited's management is teaming up with Anthoni Salim to launch a pre-conditional voluntary offer to take the company private.At S$1.20/share, the offer values the company at S$786.5 mln which is lower than its net assets of S$1.07 bln (RMB 5.3 bln) on June 30. However, the offer has not been declared final yet.Already, Crispin Francis has covered the transaction in great detail in his latest insight China Minzhong Food - Will This Takeout Happen?.In this insight, you will read about how the latest offer is not what was originally discussed about. You'll also read about the dealings in China Minzhong's shares by its insiders even as a deal was being worked out.But before that, here's a brief background on the offeror:

China Minzhong Food: Did Insiders Sell Shares Even as the Market Was Waiting for an Offer?

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

China Minzhong Food Corporation / Event-Driven

In September 2013, Indofood launched a mandatory conditional offer for China Minzhong Food at SGD 1.12 after China Minzhong Food share fell 48% due to a short seller report. Indofood received 88.99% acceptances, just 1.01% shy of the 90% level which would have led to a compulsory acquisition; Indofood then stated that they intended to maintain the listing status of China Minzhong Food.Fast-forward three years, China Minzhong Food is launching a pre-conditional voluntary offer at SGD 1.20. The pre-conditions are to receive First Pacific and Indofood independent shareholders approval during the general meeting.Marvellous Glory Holdings, the acquirer, is an SPV and they have 87.79% of irrevocables and they only need another 2.21% to reach compulsory acquisition. They intend to compulsorily acquire all shares of China Minzhong and delist from the SGX. More details below...

In September 2013, Indofood launched a mandatory conditional offer for China Minzhong Food at SGD 1.12 after China Minzhong Food share fell 48% due to a short seller report. Indofood received 88.99% acceptances, just 1.01% shy of the 90% level which would have led to a compulsory acquisition; Indofood then stated that they intended to maintain the listing status of China Minzhong Food.Fast-forward three years, China Minzhong Food is launching a pre-conditional voluntary offer at SGD 1.20. The pre-conditions are to receive First Pacific and Indofood independent shareholders approval during the general meeting.Marvellous Glory Holdings, the acquirer, is an SPV and they have 87.79% of irrevocables and they only need another 2.21% to reach compulsory acquisition. They intend to compulsorily acquire all shares of China Minzhong and delist from the SGX. More details below...

China Minzhong Food - Will This Takeout Happen?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

<ul>
<li>Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.</li>
<li>The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/19714" target="_blank" data-smartkarma-citation="entities:19714:1">Delfi Ltd (DELFI SP)</a>, <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597:1">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/20972" target="_blank" data-smartkarma-citation="entities:20972:1">Super Group Ltd (SUPER SP)</a>, <a href="https://www.smartkarma.com/entities/9051" target="_blank" data-smartkarma-citation="entities:9051:1">Yeo Hiap Seng Ltd</a>…</li>
</ul>


Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.
The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.

Delfi Ltd (DELFI SP), Japfa Ltd (JAP SP), Super Group Ltd (SUPER SP), Yeo Hiap Seng Ltd…


Key Drivers of the Packaged Food Industry

Singapore

China Minzhong Food Corporation Ltd. processes vegetables.  The Company markets fresh vegetables domestically and processes vegetables by air-drying, freeze-drying, fresh-packing, and brining.  China Minzhong markets its products in Asia, the Americas, and Europe.

China Minzhong Food Corporation (MINZ SP)

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China Minzhong Food Corporation (MINZ SP)

China Minzhong Food: Did Insiders Sell Shares Even as the Market Was Waiting for an Offer?

After negotiating for more than 20 months, China Minzhong Food Corporation Limited's management is teaming up with Anthoni Salim to launch a...

Ashish Saxena

China Minzhong Food - Will This Takeout Happen?

In September 2013, Indofood launched a mandatory conditional offer for China Minzhong Food at SGD 1.12 after China Minzhong Food share fell 48% due...

Crispin Francis

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

§ The 10 biggest SGX-listed F&B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August....

Singapore Exchange Ltd (SGX)

Key Drivers of the Packaged Food Industry

Industry Associations see ongoing transformation of Singapore’s F&B industry as manufacturers look towards innovation, growth, and...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)