Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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

<ul>
<li>I tally 29 - 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>Three new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/sk-signet-inc" target="_blank" data-smartkarma-citation="entities:55377:1" rel="noopener">SK Signet (260870 KS)</a>, <a href="https://www.smartkarma.com/entities/energy-one-ltd" target="_blank" data-smartkarma-citation="entities:19865:1" rel="noopener">Energy One (EOL AU)</a>, and <a href="https://www.smartkarma.com/entities/ns-united-kaiun-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:17238:1" rel="noopener">Ns United Kaiun Kaisha (9110 JP)</a>. </li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/zenith-minerals-ltd" target="_blank" data-smartkarma-citation="entities:3234:1" rel="noopener">Zenith Minerals (ZNC AU)</a>, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/pepper-money-ltd-australia" target="_blank" data-smartkarma-citation="entities:24157:1" rel="noopener">Pepper Money (PPM AU)</a>, and <a href="https://www.smartkarma.com/entities/yamada-corp" target="_blank" data-smartkarma-citation="entities:16273:1" rel="noopener">Yamada Corp (6392 JP)</a><a href="https://www.smartkarma.com/entities/yamada-corp" target="_blank" data-smartkarma-citation="entities:16273:1" rel="noopener"></a>.</li>
</ul>


I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were was discussed on Smartkarma this week: SK Signet (260870 KS), Energy One (EOL AU), and Ns United Kaiun Kaisha (9110 JP). 
Key updates/news also took place on: Perpetual Ltd (PPT AU), Zenith Minerals (ZNC AU), Australian Strategic Materials (ASM AU), Pepper Money (PPM AU), and Yamada Corp (6392 JP).


Asia-Pac Weekly Wrap: Perpetual, SK Signet, Energy One, Superland, WK Group, Ns United Kaiun, Yamada

<ul>
<li>I tally 30 - 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>Four new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a>, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>, <a href="https://www.smartkarma.com/entities/z-fin-limited" target="_blank" data-smartkarma-citation="entities:9999:1" rel="noopener">Z Fin (1168 HK)</a>, and <a href="https://www.smartkarma.com/entities/gabia-inc" target="_blank" data-smartkarma-citation="entities:13535:1" rel="noopener">Gabia Inc (079940 KS)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>, <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>, and <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>.</li>
</ul>


I tally 30 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below
Four new deal were discussed on Smartkarma this week: OFX Group (OFX AU), Get Nice (64 HK), Z Fin (1168 HK), and Gabia Inc (079940 KS).
Key updates/news also took place on: Kakaku.com Inc (2371 JP), China Shengmu Organic Milk (1432 HK), Ajinomoto Co (2802 JP), and Changhong Jiahua (3991 HK).


Asia-Pac Weekly Wrap: Kakaku.com, OFX, Get Nice, Z Fin, Gabia Inc, China Shengmu, Ajinomoto

<ul>
<li>As discussed in <a href="https://skr.ma/gQ5tZ" target="_blank" rel="noopener">Get Nice (64 HK): Expect A Founder's Scheme</a>, following <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>'s (GNH) suspension, an Offer from Hung Hon Man, GNH's chairman (&amp; founder), was expected.</li>
<li>And that is what unfolded late Friday night (17th July). Hung is Offering HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.</li>
<li>Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. Yet minorities are indifferent looking at AGM voting. I'm guessing this gets up, as is.</li>
</ul>


As discussed in Get Nice (64 HK): Expect A Founder's Scheme, following Get Nice (64 HK)'s (GNH) suspension, an Offer from Hung Hon Man, GNH's chairman (&amp; founder), was expected.
And that is what unfolded late Friday night (17th July). Hung is Offering HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.
Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. Yet minorities are indifferent looking at AGM voting. I'm guessing this gets up, as is.


Get Nice (64 HK): Hung's (Expected) Low-Balled Offer. It Is What It Is

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)

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

This is a clean deal. Trading at a gross/annualised spread of 5.8%/20.2% as I type, assuming early December completion. If illiquid Malaysian arbs...

David Blennerhassett

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

For the month of July, 8 new deals were discussed on Smartkarma with an overall deal size of just ~US$5bn. The average premium for the new deals...

David Blennerhassett

Asia-Pac Weekly Wrap: Perpetual, SK Signet, Energy One, Superland, WK Group, Ns United Kaiun, Yamada

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

Asia-Pac Weekly Wrap: Kakaku.com, OFX, Get Nice, Z Fin, Gabia Inc, China Shengmu, Ajinomoto

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

Get Nice (64 HK): Hung's (Expected) Low-Balled Offer. It Is What It Is

It would be refreshing to see disruptor(s) build a blocking stake and force a bump. Probably wishful thinking, as Hung takes advantage of GNH's...

David Blennerhassett

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