Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a>'s Offer for <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>, it seemed appropriate to revisit <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group (53 HK)</a>. Just as well - it is totally bombed out. </li>
<li>I see Guoco's implied stub - net of GuocoLand, <a href="https://www.smartkarma.com/entities/hong-leong-financial-group" target="_blank" data-smartkarma-citation="entities:6602:1" rel="noopener">Hong Leong Financial (HLFG MK)</a>, <a href="https://www.smartkarma.com/entities/bank-of-east-asia-ltd" target="_blank" data-smartkarma-citation="entities:341:1" rel="noopener">Bank of East Asia (23 HK)</a>, and <a href="https://www.smartkarma.com/entities/rank-group-plc" target="_blank" data-smartkarma-citation="entities:22117:1" rel="noopener">Rank Group (RNK LN)</a> - at a decade low.</li>
<li>It's coming up to eight years since the Quek family reloaded an Offer for Guoco. Which subsequently failed. Time for the family to step up. Again.</li>
</ul>


After GuocoLand (GUOL SP)'s Offer for Guocoland Malaysia (GUOL MK), it seemed appropriate to revisit Guoco Group (53 HK). Just as well - it is totally bombed out. 
I see Guoco's implied stub - net of GuocoLand, Hong Leong Financial (HLFG MK), Bank of East Asia (23 HK), and Rank Group (RNK LN) - at a decade low.
It's coming up to eight years since the Quek family reloaded an Offer for Guoco. Which subsequently failed. Time for the family to step up. Again.


Guoco (53 HK): Now Even A Deeper Value Play

<ul>
<li>On the 3rd Feb 2026, property developer <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a> (GMB) announced <a href="https://www.smartkarma.com/entities/guocoland-limited" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a>, its controlling shareholder, intended to delist the company via a selective capital reduction (SCR).</li>
<li>The Circular was issued on the 30th April, and disinterested shareholders at the EGM on the 29th May approved the SCR.</li>
<li>On 13 July, the High Court granted an order confirming the reduction of the issued share capital. Last day of trading is the 29th July. Payment is the 7th August.</li>
</ul>


On the 3rd Feb 2026, property developer Guocoland Malaysia (GUOL MK) (GMB) announced GuocoLand (GUOL SP), its controlling shareholder, intended to delist the company via a selective capital reduction (SCR).
The Circular was issued on the 30th April, and disinterested shareholders at the EGM on the 29th May approved the SCR.
On 13 July, the High Court granted an order confirming the reduction of the issued share capital. Last day of trading is the 29th July. Payment is the 7th August.


GuocoLand Malaysia (GUOL MK): 30th July Suspension

<ul>
<li>Back on the 3rd Feb 2026, property developer <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">GuocoLand Malaysia (GUOL MK)</a> (GMB) announced <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a>, its controlling shareholder, intended to delist the company via a selective capital reduction.</li>
<li>GuocoLand offered RM1.10/share in cash, a 17.65% premium to last close; but more like &gt;80% to undisturbed. GuocoLand and concert parties hold 67.93% of shares out.</li>
<li>
<a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=251516&amp;name=EA_DS_ATTACHMENTS" target="_blank" rel="noopener">The Circular is now out</a>, with an EGM on the 29th May, and expected "implementation" late July. The IA (Kenanga) concluded "NOT fair, BUT reasonable", and to "vote in favour".</li>
</ul>


Back on the 3rd Feb 2026, property developer GuocoLand Malaysia (GUOL MK) (GMB) announced GuocoLand (GUOL SP), its controlling shareholder, intended to delist the company via a selective capital reduction.
GuocoLand offered RM1.10/share in cash, a 17.65% premium to last close; but more like &gt;80% to undisturbed. GuocoLand and concert parties hold 67.93% of shares out.

The Circular is now out, with an EGM on the 29th May, and expected "implementation" late July. The IA (Kenanga) concluded "NOT fair, BUT reasonable", and to "vote in favour".


GuocoLand Malaysia (GUOL MK): 29th May Vote On Delisting Offer

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/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>/GLM IA has opined that <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a>’s RM1.10 offer is NOT fair but reasonable. The IA values GLM at RM2.96 per share.</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>Due to the lack of a blocking stake and the Board's recommendation that shareholders vote YES, the vote remains low-risk. The gross/annualised spread for an end-of-July payment is 2.8%/12.0%.</li>
</ul>


The Guocoland Malaysia (GUOL MK)/GLM IA has opined that GuocoLand (GUOL SP)’s RM1.10 offer is NOT fair but reasonable. The IA values GLM at RM2.96 per share.
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).
Due to the lack of a blocking stake and the Board's recommendation that shareholders vote YES, the vote remains low-risk. The gross/annualised spread for an end-of-July payment is 2.8%/12.0%.


Guocoland Malaysia (GUOL MK): IA Opines NOT Fair but Reasonable; Vote on 29 May

<ul>
<li>Property developer <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">GuocoLand Malaysia (GUOL MK)</a> (GMB) has <a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=165945&amp;name=EA_GA_ATTACHMENTS" target="_blank" rel="noopener">announced</a>  <a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a> (via wholly-owned sub GLL (Malaysia)), its controlling shareholder, intends to delist the company via a selective capital reduction.</li>
<li>GuocoLand is offering RM1.10/share in cash, a 17.65% premium to last close; but more like &gt;80% to undisturbed. Guocoland and concert parties hold 67.93% of shares out. </li>
<li>At ~0.47x P/B, that looks like a bargain for GuocoLand. But the price is the highest level in near-on seven years. For shareholders in an illiquid stock, here's your exit. </li>
</ul>


Property developer GuocoLand Malaysia (GUOL MK) (GMB) has announced  GuocoLand (GUOL SP) (via wholly-owned sub GLL (Malaysia)), its controlling shareholder, intends to delist the company via a selective capital reduction.
GuocoLand is offering RM1.10/share in cash, a 17.65% premium to last close; but more like &gt;80% to undisturbed. Guocoland and concert parties hold 67.93% of shares out. 
At ~0.47x P/B, that looks like a bargain for GuocoLand. But the price is the highest level in near-on seven years. For shareholders in an illiquid stock, here's your exit. 


GuocoLand Malaysia (GUOL MK): GuocoLand's Fair Offer

Malaysia

GuocoLand (Malaysia) Berhad is an investment holding company. Through its subsidiaries, the Company develops, trades, and leases property. GuocoLand (Malaysia) Berhad provides construction management services and has operation in hotel and trading securities.

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Guocoland Malaysia (GUOL MK)

Guoco (53 HK): Now Even A Deeper Value Play

I like Guoco here either as a potential privatisation play, or simply as a deep value play. I see the implied stub - net of all the key listcos -...

David Blennerhassett