Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>Subsequent to contentious allegations over a land lease agreement (LLA), on the 8 December, government-backed FELDA announced a possible <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3112207" target="_blank" rel="noopener">mandatory takeover</a> (MTO) of <a href="https://www.smartkarma.com/entities/fgv-holdings-bhd" target="_blank" data-smartkarma-citation="entities:2200:1" rel="noopener">FGV Holdings Bhd (FGV MK)</a> at RM1.30/share, a 2.36% premium to last close. </p>
<p>FELDA, holding a 36.61% stake in FGV, additionally entered into conditional SPAs to buy the 6.10% and 7.78% stakes held by Kumpulan Wang Persaraan (Retirement Fund - a statutory body which manages the pension scheme for Malaysia's public employees) and Urusharta Jamaah (an investment holding company owned by the Ministry of Finance) for RM658mn.  Those SPAs were completed on the 22 December, <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3115981" target="_blank" rel="noopener">triggering</a> an unconditional MTO. This Offer was unconditional as FELDA held 50.49% when taking into account Parties Acting in Concert (PACs).</p>
<p>The Offer Document was despatched on the <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3120407" target="_blank" rel="noopener">12 January</a>, with the First Closing Date on the 2 February.</p>
<p>The Independent Advice Circular (IAC) has now been <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3123307" target="_blank" rel="noopener">despatched</a>. Not surprisingly, the independent advisor (RHB) considers the Offer is Not Fair, <em>but</em> Reasonable, and therefore recommends shareholders to accept the Offer.</p>
<p>Irrespective, this deal is done, and is currently trading at terms.  </p>
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<p>More below the fold.</p>
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Subsequent to contentious allegations over a land lease agreement (LLA), on the 8 December, government-backed FELDA announced a possible mandatory takeover (MTO) of FGV Holdings Bhd (FGV MK) at RM1.30/share, a 2.36% premium to last close. 
FELDA, holding a 36.61% stake in FGV, additionally entered into conditional SPAs to buy the 6.10% and 7.78% stakes held by Kumpulan Wang Persaraan (Retirement Fund - a statutory body which manages the pension scheme for Malaysia's public employees) and Urusharta Jamaah (an investment holding company owned by the Ministry of Finance) for RM658mn.  Those SPAs were completed on the 22 December, triggering an unconditional MTO. This Offer was unconditional as FELDA held 50.49% when taking into account Parties Acting in Concert (PACs).
The Offer Document was despatched on the 12 January, with the First Closing Date on the 2 February.
The Independent Advice Circular (IAC) has now been despatched. Not surprisingly, the independent advisor (RHB) considers the Offer is Not Fair, but Reasonable, and therefore recommends shareholders to accept the Offer.
Irrespective, this deal is done, and is currently trading at terms.  


More below the fold.


Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<p>Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption contributed 4.1 percentage point (ppt) to GDP largely driven by private consumption while fixed capital formation contributed 1.7 ppt. Change in inventories and net exports detracted 1.2 ppt and 0.7 ppt respectively from GDP. Net exports detracted from overall GDP as imports grew at a faster pace than exports.</p><p>On the supply side, growth continued to be driven…</p>

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption contributed 4.1 percentage point (ppt) to GDP largely driven by private consumption while fixed capital formation contributed 1.7 ppt. Change in inventories and net exports detracted 1.2 ppt and 0.7 ppt respectively from GDP. Net exports detracted from overall GDP as imports grew at a faster pace than exports.On the supply side, growth continued to be driven…

Malaysia: Manufacturing and Services Drive GDP

Malaysia

Tasco Berhad provides logistics services. The Company offers supply, warehousing, and haulage services to airports and automobile manufacturers. The Company also provides land transportation services.

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Tasco Bhd (TASCO MK)

FGV (FGB MK): IFA Says Offer Not Fair

The Offer is opportunistic, however, the MTO is unconditional. Currently trading to terms - it was 2.4%/34.2% gross/annualised return, at the time...

David Blennerhassett

Malaysia: Manufacturing and Services Drive GDP

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption...

Rajan Govil

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