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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467:1" rel="noopener">GuocoLand (GUOL SP)</a> has submitted a proposal to privatise <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 through a selective capital reduction at RM1.10 per share, a 17.6% premium to the last close price. </li>
<li>The GLM Board has until 2 March (unless extended) to decide. It is likely that the 60% YTD share price rise forced the announcement before Board support could be secured.</li>
<li>While the offer is below NAV (implying a P/NAV of 0.53x), it represents an eight-year high. The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake.</li>
</ul>



GuocoLand (GUOL SP) has submitted a proposal to privatise Guocoland Malaysia (GUOL MK)/GLM through a selective capital reduction at RM1.10 per share, a 17.6% premium to the last close price. 
The GLM Board has until 2 March (unless extended) to decide. It is likely that the 60% YTD share price rise forced the announcement before Board support could be secured.
While the offer is below NAV (implying a P/NAV of 0.53x), it represents an eight-year high. The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake.


Guocoland Malaysia (GUOL MK): GuocoLand (GUOL SP)’s Privatisation Offer

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Blackstone has successfully sold its self-storage assets in Perth to StoreLocal for over $101 million.</li><li>Goldman Sachs is launching a substantial $500 million value-add real estate fund specifically targeting Japan.</li><li>Lendlease and Mirvac are collaborating on a major development project at a Sydney Metro station.</li></ul>

Blackstone has successfully sold its self-storage assets in Perth to StoreLocal for over $101 million.Goldman Sachs is launching a substantial $500 million value-add real estate fund specifically targeting Japan.Lendlease and Mirvac are collaborating on a major development project at a Sydney Metro station.

Asia Real Estate Tracker (07-Jan-2026): Blackstone sells Perth self-storage for over $101M.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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

<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>For July 2026, ten new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in July was ~51%, and a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For July 2026, ten new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.
The average premium for the new transactions announced (or first discussed) in July was ~51%, and a year-to-date average of ~48%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [July 2026 Wrap]: Dentsu Soken, Perpetual, OFX, Ns United Kaiun, Gabia, SK Signet, Dida

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)