Wolf Money(SPH received a higher offer from OBS JV)

-

 


OBS JV came out with a higher offer for SPH, effectively putting an end to the takeover tug of war with Keppel. There is still a small technical possibility Keppel may still win if IMDA refuse approval for OBS JV acquisition of M1 which SPH has 16 percent. The new offer of $2.36 in cash or $2.40 in cash and sph reit share are both slightly superior than Keppel’s bid. 

It will be interesting to see what the new acquirer will be doing to the 40% stake in Genting data centre and 16 % M1 which Keppel are the majority owner of both assets. 

All in all I am not particularly disappointed with the failed bid. There are plenty of divestments initiatives at Keppel Corporation to keep them busy. Over the weekend they had announced two divestment which will add 87m around 4.8c to their profit over 2021/22 FY. They will be given 34m around 1.8c per share in break up fee arise from superior offer for SPH. There are also Keppel O&M merger with Sembmarine to work for. There are plenty of play left in Keppel. Close to 1B cash around 55c per Keppel share are lying around burning a hole in the pocket after the failed bid for SPH which could potentially be given out as special dividend. 




1.)DIVESTMENT OF INTEREST IN WUHU SANSHAN PORT CO., LTD.

Keppel Corporation Limited (the “Company”) wishes to announce that Keppel Telecommunications & Transportation Limited (“Keppel T&T”) is divesting its entire 50% equity interest (the “Sale Shares”) in Wuhu Sanshan Port Co., Ltd. (“Wuhu Sanshan Port”) to Sinotrans Limited (“Sinotrans”) (the “Proposed Transaction”).

2.)DIVESTMENT OF ENTIRE INTEREST IN KEPPEL SMIT TOWAGE PRIVATE LIMITED AND MAJU MARITIME PTE LTD

Keppel Corporation Limited (“Company” or “KCL”, and together with its subsidiaries, the “Group”) wishes to announce that KS Investments Pte. Ltd. (“KSI”), a wholly owned subsidiary of Keppel Offshore & Marine Ltd, is divesting its entire 51% shareholding interest (“Sale Shares”) in each of Keppel Smit Towage Private Limited (“KST”) and Maju Maritime Pte Ltd (“Maju”) (together the “Sale Companies”) to Rimorchiatori Mediterranei Spa for an aggregate cash consideration of approximately S$133 million (the “Divestments”). Completion of the Divestments is conditional upon the receipt of approval from regulatory authorities in Singapore.


Please follow us on telegram for the latest update on Lone Wolf investor by clicking on the link below 

https://t.me/joinchat/oCgkD3sQFRMzMWM1



Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for information only. Buyer beware,do you own due diligence.

Comments

Post a Comment

Popular posts from this blog

Wolf Money(Portfolio update for end April 2024)part 1

-
Image
  (Image credit The Star Media) (Swamp of people going into Shenzhen) Bye Singapore! Hi Malaysia, 2026 This write-up was inspired by a video posted on YouTube. The video talks about Hong Kong hollowing out by Shenzhen. The recent phenomenon of Hong Kongers going to Shenzhen to play, eat and stay is gathering pace with close to 2 millions making the crossing to Shenzhen during the recent Easter Holiday. That is close to 30% of the current HK population leaving for Shenzhen. With deflation taking root in China, things are much cheaper in Shenzhen. The poor economy in HK is another push factor with Hong Kongers trading down their consumption. One traveller from HK mentions his spending in the mainland only cost him 1/3 of the usual price he paid in Hong Kong. Hong Kongers are shopping at Sam’s Club in Shenzhen buying everything from groceries to electronics. The commentator interviewed restaurants and shop owners in HK, most experienced a 30% drop in sales during the holiday.  *T...
Read more

Wolf Money(The death of the Singapore Stock Market-My view on the final offer for Great Eastern Holdings)

-
Image
(The Death of the Singapore Stock Market) Great Eastern Holdings(extract from end of month portfolio update) Today we are here to attend the funeral of the Singapore stock market. Besides the low valuation suffered by our market participants, investors of our market have to navigate the complexity of low ball offers from majority shareholders. One would expect a local banking giant to lead as a beacon for good corporate governance. Unfortunately, they have decided to turn a blind eye and join the dark side of the forces, blatantly ignoring the IFA report to pay a fair price for GEH. I could have walked away quietly by accepting the offer for a gain in excess of 40% in 3 months, but I can’t walk away without my conscience pushing me to express my thoughts on this whole takeover saga. I started the journey by supporting Chin Woo. His leadership is top-notch. I think most minority shareholders will agreed, without Chin Woo’s effort, the minority would have been in a much inferior position...
Read more

Wolf Money(My views on Great Eastern offer)

-
Image
   (Image credit: NLB archive: Singapore Press Holdings; An old article on OCBC previous takeover of GEH in 2006. Is the end game near for the longest takeover exercise in Singapore corporate history that stretches across two decades?) Great Eastern Holdings(extract from end May portfolio update) First of all before I go further, the views shared are mine, alone. It doesn’t reflect anybody views and it is also not to undermine the good work of the independent financial advisors which are been tasked to assess the fairness of this voluntary unconditional general offer by OCBC. Kindly do take my commentary with a pinch of salt given my vested interest in GEH. My view shouldn’t be taken as cardinal truth on what you should do with your GEH shares. Kindly do your own due diligence and seek professional advice. I praise and thank OCBC for starting the ball rolling with this privatisation offer. I believe the bank is capable of doing more for Great Eastern’s minorities. The offer of...
Read more