need to protect minority shareholders like Singapore haha
SINGAPORE: Singapore’s move to shift the power on delistings in favor of minority shareholders means bidders will need to pay higher premiums to get deals done.
That’s according to analysts at United First Partners and RHB Securities after the Singapore exchange announced two changes on Thursday to the rules on voluntary delistings.
Analysts at both firms said the new guidelines will now make the delisting process more onerous and therefore lead to higher offer prices in comparison to the past.
Taking listed firms private has been a key theme in Singapore’s stock market over the past few years as persistent low valuations in the city state have prodded major shareholders to consider buying the rest of the company.
Some 14 companies are undergoing privatisation or in the process of being bought out this year, the highest such count since 2016, according to a report from DBS Group Holdings Ltd. on July 2.
The Singapore Exchange barred offeror and parties acting in concert from voting on voluntary delistings. It has mandated the offers must not only be reasonable but also fair, and kept the approval threshold at 75% of shares held by independent shareholders, according to a statement.
"Exit offers must now be equal or more than the intrinsic value of the securities,” said Justin Tang, head of Asian research at United First. "Given that only independent shareholders are allowed to vote, there is a greater certainty of minorities being better able to determine the outcome of the vote,” he said.
The bourse will separately announce the bases for determining "fairness and reasonableness” of offers and will work with relevant industry bodies to develop standards for independent financial advisers, according to the statement.
Below is average premiums for privatisations and takeovers in Singapore, according to DBS.
This year’s deal flow adds to a busy five-year streak when delistings outnumbered listings. Swedish buyout firm EQT Partners made an offer for Health Management International Ltd, while Japanese consumer electronics retailer Nojima Corp. bought Courts Asia Ltd.
Meanwhile, investors have also speculated that Singapore Airlines Ltd. may take its maintenance unit SIA Engineering Co. private, spurring a surge in the latter’s shares.
United First’s Tang, who makes a living from advising clients on equity special situations including delistings and mergers, said such deals would continue across sectors but minority investors will now have "greater protection.”
Jarick Seet, who was ranked as Singapore’s top researcher of small-cap shares by Asiamoney Brokers Poll every year since 2015, agrees with Tang.
The new proposal will make it harder for privatizations to occur at low premiums as it will give minority holders’ votes greater power, the head of small and mid-cap research at RHB Securities said.
"It will take a higher premium or offer to achieve the same results,” Seet said.- Bloomberg
Malaysia Bursa not like western ,we cannot see only qr net profit , Currenlty Ivan profit taken a super super net loss company + = Iklmas
In Bursa Malaysia we cannot see loss profit then sold Like Knm And Iklmas is a good point Ivan got buy Iklmas but no knm
as my comment on Iklams
ivan9511 congratulations all this is the most untung for me recently And This is the most good example why Ivan alwasys keep saying no need to scare loss qr
as below :
ivan9511 [转贴] [IKHMAS JAYA GROUP BHD,总订单金额约为9亿令吉提供了良好的盈利前景展望] - James的股票投资James Share Investing 01/11/2018 4:58 PM ivan9511 if base on constr like Zelan wct , or other from lowest ik not up too much some is up 100% ik still need add oil\ ipo and now loss until no pant s now is nothiung up too slow not like Zelan up limit upppppppppppppppppppppppp
take profit is a must \thanks Iklams really Easy easy esy easy Money Bye bye see you iklmas next round 11/07/2019 2:35 PM
Bjland and Bjc is pitty Bjland very hard try so many years finally get a super net profit Plus the Boss give a very good confidence he said Bjland is undervalued , after the Boss said Bjland undervalued and We all know Bjland is a super Gold diamond wuth a lot of gold land asset toto car , then Bjland give a oustanding super super good net profit but share drop
Who do we see in the list? Bossku? T. Adnan? & The UMNO list goes on...
"Present low price could also be due to proxies selling their shares in BJGroup to raise cash pay for legal costs in their corruption cases? Survival is more important than keeping shares in profit making assets? "
Ever head of the famous adage..."Boss wants Cash not Goods" ? so buy while there is still a cheap supply...once dried up u won't get such fire sales anymore...
Read link below to see owns shares in VT's group...
Apart from some UMNO members holding this share possible to sell, others potential sellers also consists of: (some may have sold their shares) 3 Citigroup Nominees (Asing) Sdn Bhd Macquarie Bank Limited (London Branch) 246,000,000 4.93% 6 HSBC Nominees (Asing) Sdn Bhd CS Sec (Europe) Ltd For PCM Industrial L.P. 145,787,196 2.92%8 Citigroup Nominees (Asing) Sdn Bhd 8 Goldman Sachs International 129,404,924 2.60% 16 Maybank Nominees (Tempatan) Sdn Bhd Pledged Securities Account For Sublime Cartel Sdn Bhd (41408491163A) 78,000,000 1.56% 17 Citigroup Nominees (Asing) Sdn Bhd Pledged Securities Account For PCM Industrial L.P. 77,985,900 1.56% 19 RHB Nominees (Tempatan) Sdn Bhd Bank Of China (Malaysia) Berhad Pledged Securites Account For Inter-Pacific Capital Sdn. Bhd. 75,000,000 1.50% 30 HSBC Nominees (Asing) Sdn Bhd Exempt An For Credit Suisse Securities (Europe) Limited 48,050,000 0.96%
They were top 30 list of substantial shareholders in 2018.
Petition to gomen to adope new delisting rules like singapore to protect minority shareholder. Malaysia retail investor n minority hav been bullied for so lkng.
All Minority Shareholders at Bursa should unite & start a petition to adopt "delisting rules like Singapore" as a major way to push politicians towards positive change for Bursa/SC on protection of Minority Shareholders' Rights in New Malaysia?
We should get an activist oriented person like freetospeak or Good123? to start the ball rolling for all minority shareholders at Bursa...any volunteers?
I already said Bjland you only can start buying 18sen onward Last few comment ivan got mention q buy on 18sen then 15sen then if lower than 10sen just buy
why Ivan said like that because Ivan9511 just win a bg big jp on Iklmas Ivan just take profit on Iklmas
below is my comment On Iklmas
Iklmas go 7sen then up back to 29sen in just a short time only
Malaysia Bursa not like western ,we cannot see only qr net profit , Currenlty Ivan profit taken a super super net loss company + = Iklmas
In Bursa Malaysia we cannot see loss profit then sold Like Knm And Iklmas is a good point Ivan got buy Iklmas below 10sen but no buy knm ( Because Ivan promised a member stop view KNM so Ivan let KNM go even on 7sen Ivan also no buy keep my promise )
as my comment on Iklams
ivan9511 congratulations all this is the most untung for me recently And This is the most good example why Ivan alwasys keep saying no need to scare loss qr
as below :
ivan9511 [转贴] [IKHMAS JAYA GROUP BHD,总订单金额约为9亿令吉提供了良好的盈利前景展望] - James的股票投资James Share Investing 01/11/2018 4:58 PM ivan9511 if base on constr like Zelan wct , or other from lowest ik not up too much some is up 100% ik still need add oil\ ipo and now loss until no pant s now is nothiung up too slow not like Zelan up limit upppppppppppppppppppppppp
take profit is a must \thanks Iklams really Easy easy esy easy Money Bye bye see you iklmas next round 11/07/2019 2:35 PM
Bjland and Bjc is pitty Bjland very hard try so many years finally get a super net profit Plus the Boss give a very good confidence he said Bjland is undervalued , after the Boss said Bjland undervalued and We all know Bjland is a super Gold diamond wuth a lot of gold land asset toto car , then Bjland give a oustanding super super good net profit but share drop
Today many people will die They are selling with no mercy. Still the boss still relax only. If he not trying hard to do something. Cannot imagine this pitty loyal investors with buy at 50sen . Hope god is mercy to punishing those con people hard earn money guys
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Good123
25,698 posts
Posted by Good123 > 2019-07-11 16:47 | Report Abuse
brotherly dealkah? so orderly :)