Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In <a href="https://skr.ma/rLy5v" target="_blank" rel="noopener">StubWorld: Batu Kawan &amp; MKH Share Suspensions Point To MKHOP Exit</a>, I mused <a href="https://www.smartkarma.com/entities/mkh-bhd" target="_blank" data-smartkarma-citation="entities:6966:1" rel="noopener">MKH (MKH MK)</a>'s price movement suggested it was exiting <a href="https://www.smartkarma.com/entities/mkh-oil-palm-east-kalimantan-berhad" target="_blank" data-smartkarma-citation="entities:50123:1" rel="noopener">MKH Oil Palm (MKHOP MK)</a>.</li>
<li>Not quite. <a href="https://www.smartkarma.com/entities/batu-kawan-bhd" target="_blank" data-smartkarma-citation="entities:8276:1" rel="noopener">Batu Kawan Bhd (BAK MK)</a>, the controlling shareholder of palm oil giant <a href="https://www.smartkarma.com/entities/kuala-lumpur-kepong-bhd" target="_blank" data-smartkarma-citation="entities:17039:1" rel="noopener">Kuala Lumpur Kepong (KLK MK)</a>, is taking out the Chen family's controlling stake (47.7%) in  MKH. </li>
<li>Should (or when) the unconditional and conditional share sale agreements complete, BAK will launch a conditional MGO for MAK @RM2/share and MKHOP (likely) at RM0.6478.</li>
</ul>


In StubWorld: Batu Kawan &amp; MKH Share Suspensions Point To MKHOP Exit, I mused MKH (MKH MK)'s price movement suggested it was exiting MKH Oil Palm (MKHOP MK).
Not quite. Batu Kawan Bhd (BAK MK), the controlling shareholder of palm oil giant Kuala Lumpur Kepong (KLK MK), is taking out the Chen family's controlling stake (47.7%) in  MKH. 
Should (or when) the unconditional and conditional share sale agreements complete, BAK will launch a conditional MGO for MAK @RM2/share and MKHOP (likely) at RM0.6478.


Batu Kawan's Conditional MGOs For MKH AND MKHOP

<ul>
<li>For May 2026, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$15bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~57%, 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 May 2026, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$15bn.
The average premium for the new transactions announced (or first discussed) in May was ~57%, 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 [May 2026 Wrap]: Vault Minerals, Kakaku.com, Nippon Dry Chemical, Paltac Corporation

<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>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, <a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a>, and <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</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>, and <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>.</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.
Three new deals were discussed on Smartkarma this week: Tourism Holdings (THL NZ), Kodensha Co (1948 JP), and Nippon Dry Chemical (1909 JP).
Key updates/news also took place on: Atlas Arteria (ALX AU), Qoria (QOR AU), Magnetic Resources Nl (MAU AU), China Shengmu Organic Milk (1432 HK), and Guocoland Malaysia (GUOL MK).


Asia-Pac M&A Weekly Wrap: Atlas Arteria, Tourism Hold., Kodensha, Qoria, Shengmu, Guocoland Malaysia

<ul>
<li>I tally 25 - 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>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ju-teng-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:9998:1" rel="noopener">Ju Teng International (3336 HK)</a>'s takeunder and<a href="https://www.smartkarma.com/entities/mkh-bhd" target="_blank" data-smartkarma-citation="entities:6966:1" rel="noopener">MKH Bhd (MKH MK)</a>'s MGO. </li>
<li>Key updates/news also took place on: <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/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, and <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a>.</li>
</ul>


I tally 25 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were discussed on Smartkarma this week: Ju Teng International (3336 HK)'s takeunder andMKH Bhd (MKH MK)'s MGO. 
Key updates/news also took place on: Australian Strategic Materials (ASM AU), Atlas Arteria (ALX AU), oOh!Media Ltd (OML AU), and Webjet Group (WJL AU).


Asia-Pac M&A Weekly Wrap: Atlas Arteria , Ju Teng, MKH, Australian Strategic Mat, OOh!Media, Webjet

<ul>
<li>The <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> deal is good for <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> and <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial (8411 JP)</a>; bad for Bank shareholders. The favouritism is cleanly visible. This is a takeunder.</li>
<li>CSRC has approved <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s A-share listing of its renewable energy unit. Even assigning a large holding company discount, there is material upside to CRP's share price.</li>
<li>
<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> has a possible merger/arrangement on power semiconductors with Toshiba Storage and Device, and also with Mitsubishi Electric. That would be big.</li>
</ul>


The Rakuten Bank (5838 JP) deal is good for Rakuten (4755 JP) and Mizuho Financial (8411 JP); bad for Bank shareholders. The favouritism is cleanly visible. This is a takeunder.
CSRC has approved China Resources Power (836 HK)'s A-share listing of its renewable energy unit. Even assigning a large holding company discount, there is material upside to CRP's share price.

ROHM Co Ltd (6963 JP) has a possible merger/arrangement on power semiconductors with Toshiba Storage and Device, and also with Mitsubishi Electric. That would be big.


Last Week In Event SPACE: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

Malaysia

MKH Berhad is a property development company. The Company's current portfolio comprises a range of developments across all property sectors which are mainly located in Kajang, Damansara, Semenyih, Serdang and Melawati. MKH is also involved in oil palm plantation, project management, property investment, construction and furniture manufacturing.

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Mkh Bhd (MKH MK)

Batu Kawan's Conditional MGOs For MKH AND MKHOP

If illiquid Malaysian arbs are your bag, pay up RM1.90/share in MKH, assuming late Sept completion, or 15% annualised return. I'd also be picking...

David Blennerhassett

Asia-Pac M&A [May 2026 Wrap]: Vault Minerals, Kakaku.com, Nippon Dry Chemical, Paltac Corporation

The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Atlas Arteria, Tourism Hold., Kodensha, Qoria, Shengmu, Guocoland Malaysia

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 M&A Weekly Wrap: Atlas Arteria , Ju Teng, MKH, Australian Strategic Mat, OOh!Media, Webjet

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

Last Week In Event SPACE: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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