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

Merger Arb Mondays (30 Mar) - ENN, Skyworth, Nippon Sheet, Solasto, Gunma, MCJ, Sankei, Qoria

ENN Energy (2688 HK) Tactical Outlook: Downside Exhaustion Zone Reached, Position for LONG Reversion

ENN Natural Gas (600803) Tactical Outlook: Oversold - Ready to Bounce?

IJM Corp (IJM MK): Risk/Reward as Sunway’s EGM Set for 26 March

IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

IJM Corp (IJM MK): Sunway’s Cash/Scrip Conditional Voluntary Offer

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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>As expected, the <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> EGM vote on the <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a> offer passed. The results showed that neither EPF nor PNB cast a NO vote.</li>
<li>As of 26 March, Sunway has received acceptances representing 13.63% of IJM’s outstanding shares. As PNB will not accept, the required minority acceptance rate to meet the minimum is 50%.</li>
<li>If EPF and KWAP intentions align with PNB, the required minority acceptance rate rises to 84%. Therefore, the satisfaction of the 50% minimum acceptance condition remains a long shot.</li>
</ul>


As expected, the Sunway Bhd (SWB MK) EGM vote on the Ijm Corp Bhd (IJM MK) offer passed. The results showed that neither EPF nor PNB cast a NO vote.
As of 26 March, Sunway has received acceptances representing 13.63% of IJM’s outstanding shares. As PNB will not accept, the required minority acceptance rate to meet the minimum is 50%.
If EPF and KWAP intentions align with PNB, the required minority acceptance rate rises to 84%. Therefore, the satisfaction of the 50% minimum acceptance condition remains a long shot.


IJM Corp (IJM MK): Takeaways from the Sunway EGM and Latest Acceptances