Isnin, 31 Mac 2014

The Star Online: Business

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The Star Online: Business

Singapore's OCBC offers US$4.95bil for Wing Hang bank

Posted: 31 Mar 2014 05:38 PM PDT

SINGAPORE: Oversea-Chinese Banking Corp Ltd, Singapore's second-biggest lender, made a formal offer to buy Hong Kong's Wing Hang Bank Ltd for a slightly lower than expected HK$38.428bil (US$4.95bil).

It is offering HK$125 a share to buy all shares of Wing Hang, according to a joint announcement, after having reached a deal with the bank's biggest shareholder to purchase a nearly 45% stake.

The offer price is below earlier expectations, with sources previously estimating the deal could be worth US$5.3bil.

The offer price translates to a book value of 1.77 times for Wing Hang Bank based on its book as of Dec. 31.

The deal will give OCBC a much sought-after gateway to China and help bridge the gap with bigger Singapore rival DBS Group Holdings, which operates Hong Kong's fifth-biggest bank.

OCBC will purchase the stake from members of Wing Hang's founding Fung family, their affiliates and related family trusts, and BNY International Financing Corp.

Share trading in OCBC and Wing Hang was suspended on Friday ahead of the announcement. - Reuters

Golsta Synergy falls as takeover offer deadline nears

Posted: 31 Mar 2014 06:51 PM PDT

KUALA LUMPUR: Golsta Synergy Bhd shares fell to a month's low of RM2.50 on Tuesday ahead of the takeover deadline this Friday, April 4 for minority shareholders to accept the takeover offer of RM2.10.

At 9.39am, it was down 18 sen to RM2.50 - the lowest since March 3. There were 152,300 shares done.

It had surged to a high of RM3.94 on March 10.

The FBM KLCI fell 4.73 points to 1,844.48. There were 316.73 million shares done valued at RM161.56mil. There were 176 gainers, 200 losers and 246 counters unchanged.

Businessman Tan Sri Clement Hii Chii Kok had made a conditional mandatory general offer at RM2.10 a share after he emerged as a major shareholder in Golsta Synergy with a 36.69% stake on Feb 21.

Hii is group managing director of SEGI University Group.

Golsta's core business are industrial machinery (such as rubber-processing machinery) and engineering.

The company also owns a 17-level office tower in Kota Damansara, Selangor, which it bought about two years ago as part of the company's strategy to venture into property development-related businesses.

Cautious start for KLCI in April

Posted: 31 Mar 2014 06:26 PM PDT

KUALA LUMPUR: Malaysia's blue chips started off April on a cautious note, with the key FBM KLCI down more than two points on mild selling of plantations, Genting and BToto.

At 9.10am on Tuesday, the KLCI was down 2.69 points to 1,846.52. Turnover was 135.30 million shares valued at RM53.12mil. There were 130 gainers, 82 losers and 168 counters unchanged.

Hwang DBS Vickers Research (HDBSVR) said the firmer overnight close on Wall Street might have limited spillover effects on Malaysian equities due to its recent strong performance.

It said the KLCI, after rising 44.1 points or 2.4% since mid-March, could be consolidating with its immediate support line currently seen at 1,840.

PPB fell the most, down 24 sen to RM16.38 and KL Keping 22 sen to RM23.98 with just 100 shares done.

However, RHB Research is maintaining its bullish view of the plantation sector as the recent price pullback is a buying opportunity before the next upswing.

Petronas Chemicals and Genting Bhd fell 10 sen each to RM6.81 and RM9.90.

Infrastructure-property based Gamuda fell 10 sen to RM9.90 while BToto shed five sen to RM3.92.

However, JT International jumped RM1.20 to RM7.70 after its parents made a conditional takeover offer at RM7.80. BAT rose 54 sen to RM59.66.

CMSB rose 38 sen to RM10.18 after it proposed a one-into-two share split and a bonus share on the basis of one for two subdivided shares.

Public Bank rose eight sen to RM19.24. The bank is looking forward to achieving another year of growth by focusing on its local operations after the group exceeded the RM4bil mark in net profit for the financial year ended Dec 31, 2013.


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