IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (12 Jun): Thai Life, Link Admin, Ramsay, Link Net, China VAST, Suchuang Gas

Link Net MTO Set to Launch as Axiata Completes Stake Acquisition

Link Net’s MTO of IDR4,800 from Axiata Open from 30 August

Axiata’s EGM in Relation to the Link Net MTO Set for 26 May

Axiata Gains Approval for the Link Net MTO; Next up Is First Media’s EGM on 6 June

Link Net’s MTO from Axiata Investments and XL Axiata

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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>The <a href="https://www.smartkarma.com/entities/first-media-tbk-pt" target="_blank" data-smartkarma-citation="entities:11826:1" rel="noopener">First Media (KBLV IJ)</a> EGM on 8 June approved the sale of <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> shares to Axiata Investments and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>. </li>
<li>The conditions precedent for the sale purchase agreement (SPA) to sell 66.03% of Link Net shares to Axiata Investments and XL Axiata are satisfied. The completion date is 2Q.</li>
<li>The subsequent MTO completes in 3Q. At the last close, the gross and annualised spread of the MTO price for a 3Q completion is 5.3% and 16.8%, respectively.</li>
</ul>


The First Media (KBLV IJ) EGM on 8 June approved the sale of Link Net (LINK IJ) shares to Axiata Investments and XL Axiata (EXCL IJ). 
The conditions precedent for the sale purchase agreement (SPA) to sell 66.03% of Link Net shares to Axiata Investments and XL Axiata are satisfied. The completion date is 2Q.
The subsequent MTO completes in 3Q. At the last close, the gross and annualised spread of the MTO price for a 3Q completion is 5.3% and 16.8%, respectively.


Centratama Telekomuniks Indonesia (CENT IJ)

Converge Information and Commu (CNVRG PM)

First Media’s EGM Approval Paves the Way for the Link MTO at IDR4,800