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

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/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a> has submitted a proposal to privatise <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> through a selective capital reduction at RM20.00 per share, a 31.6% premium to the last close price. </li>
<li>The Board has until 21 July (unless extended) to decide to implement the proposal. The offer is attractive as it represents an all-time high. </li>
<li>The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake. Precedents suggest a vote in mid-September, with payment in mid-November.</li>
</ul>



Ajinomoto Co (2802 JP) has submitted a proposal to privatise Ajinomoto Malaysia (AJI MK) through a selective capital reduction at RM20.00 per share, a 31.6% premium to the last close price. 
The Board has until 21 July (unless extended) to decide to implement the proposal. The offer is attractive as it represents an all-time high. 
The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake. Precedents suggest a vote in mid-September, with payment in mid-November.


Ajinomoto (Malaysia) (AJI MK): Ajinomoto (2802 JP)’s Privatisation Offer at RM20

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes on the back of relatively stable industrial production growth seen in the January-April period. The main contribution to industrial production came from electricity production and manufacturing, while mining continued to exhibit weakness.Electricity production grew 8.9% y-o-y in May on a 3-month moving average basis compared to 9.1% y-o-y in April…

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes on the back of relatively stable industrial production growth seen in the January-April period. The main contribution to industrial production came from electricity production and manufacturing, while mining continued to exhibit weakness.Electricity production grew 8.9% y-o-y in May on a 3-month moving average basis compared to 9.1% y-o-y in April…

Malaysia: Bank Negara Malaysia Cuts Rates by 25 Basis Points; Data Reflects Slowing Domestic Demand

<ul>
<li>On 3rd June, <a href="https://www.smartkarma.com/entities/fraser-neave-holdings-bhd" target="_blank" data-smartkarma-citation="entities:7742:1" rel="noopener">Fraser &amp; Neave (FNH MK)</a> announced it sought to take <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland (COLA MK)</a> private by way of a Scheme at RM1.50/share, a 26.1% premium to last close.</li>
<li>Board support was received on the 15 June. The Explanatory Statement is now out with a Court Meeting to vote on the Scheme to be held on the 18th August. </li>
<li>Management-Backed Leverage Success, the largest shareholder with 40.65%, has given an irrevocable to vote for the Scheme. This is done with payment late-October. The IFA says fair and reasonable. </li>
</ul>


On 3rd June, Fraser &amp; Neave (FNH MK) announced it sought to take Cocoaland (COLA MK) private by way of a Scheme at RM1.50/share, a 26.1% premium to last close.
Board support was received on the 15 June. The Explanatory Statement is now out with a Court Meeting to vote on the Scheme to be held on the 18th August. 
Management-Backed Leverage Success, the largest shareholder with 40.65%, has given an irrevocable to vote for the Scheme. This is done with payment late-October. The IFA says fair and reasonable. 


Cocoaland (COLA MK): Explanatory Statement Out. 18th August Court Meeting

<ul>
<li>The independent advisor considers <a href="https://www.smartkarma.com/entities/fraser-neave-holdings-bhd" target="_blank" data-smartkarma-citation="entities:7742:1" rel="noopener">Fraser &amp; Neave Holdings (FNH MK)</a>'s RM1.50 offer for <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a> fair as it falls within its valuation range of RM1.21-1.66 per share.</li>
<li>The key conditions are the headcount test and &lt;10% rejection from all disinterested shareholders. The shareholder with a blocking stake has provided an irrevocable. </li>
<li>We continue to think that offer is attractive. At the last close and for the end of October payment date, the gross and annualised spread is 1.4% and 4.8%, respectively.</li>
</ul>


The independent advisor considers Fraser &amp; Neave Holdings (FNH MK)'s RM1.50 offer for Cocoaland Holdings (COLA MK) fair as it falls within its valuation range of RM1.21-1.66 per share.
The key conditions are the headcount test and &lt;10% rejection from all disinterested shareholders. The shareholder with a blocking stake has provided an irrevocable. 
We continue to think that offer is attractive. At the last close and for the end of October payment date, the gross and annualised spread is 1.4% and 4.8%, respectively.


Cocoaland’s Court Meeting on 18 August, IA’s Opinion

Malaysia

Hup Seng Industries Bhd is an investment holding company. Through its subsidiaries, the Company manufactures, sells, and distributes biscuits, confectioneries, and other foodstuffs.

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Hup Seng Industries (HSI 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

Ajinomoto (Malaysia) (AJI MK): Ajinomoto (2802 JP)’s Privatisation Offer at RM20

The shareholder vote is low-risk as no disinterested shareholder holds a blocking stake, and the offer represents an all-time high.

Arun George

Malaysia: Bank Negara Malaysia Cuts Rates by 25 Basis Points; Data Reflects Slowing Domestic Demand

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes...

Rajan Govil

Cocoaland (COLA MK): Explanatory Statement Out. 18th August Court Meeting

Assuming payment late-October, this is trading tight at a gross/annualised spread of 1.4%/4.9%. And it's not a super liquid arb. I'd look elsewhere...

David Blennerhassett

Cocoaland’s Court Meeting on 18 August, IA’s Opinion

The IA considers the RM1.50 offer fair and reasonable. At last close and for an end of October payment date, the gross and annualised spread is...

Arun George

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