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SINGAPORE, May 24 (Reuters) - Shares of Singapore-listed Allgreen Properties jumped 37.4 percent on Tuesday after Brookvale, a firm linked to Malaysian tycoon Robert Kuok, offered to take the company private in a transaction that values the property firm at S$2.54 billion ($2.1 billion).
At 0101 GMT, Allgreen shares were traded at S$1.58 with over 3.6 million shares changing hands. Brookvale will pay S$1.60 per Allgreen share, or 39 percent more than Allgreen's last traded price of S$1.15 on Friday. The offer price is also about 20 percent above Allgreen's highest traded price in the past three years.
" Overall, we see this as a win-win proposition," said CIMB Research. CIMB, which upgraded Allgreen to outperform from underperform following the takeover bid, said the offer was compelling at 0.96 times the company's price-to-book value.
The company had a price-to-book of 0.71 times before the offer, according to Thomson Reuters data.
Heng ah......this is the only stock in recent time I recommended to my parents, in-laws, wife to buy.
In recent XD they even want to cash in. Lucky, I told them abt the rumour in SJ again.......heeee
It is also probably the SGX query that give them away...... And those MFT too......less than 15% margin still buy call.....hahahahaha
Huat Ah!!!
BUT with only 56% on hand........hmmmmm.....R we all sure the deal will get through ??
In recent time, I was screwed by Kingboard.....NB
| Kuok-linked group to take Allgreen private in $2.54 deal: Update |
| Written by Thomson Reuters |
| Monday, 23 May 2011 17:58 |
Brookvale, a firm linked to Malaysian tycoon Robert Kuok, on Monday offered to take Singapore property firm Allgreen (AGRN.SI) private in a transaction that values the property firm at $2.54 billion.
Brookvale will pay $1.60 per Allgreen share, or 39% more than Allgreen’s last traded price of $1.15 on Friday. The offer price is also about 20% above Allgreen’s highest traded price in the past three years.
Firms linked to the Kuok family that together hold 55.58% of Allgreen have already agreed to sell their shares to Brookvale. It is not clear how much would it cost for the Kuok Group to take Allgreen private because of the complex shareholding.
Allgreen halted trading in its shares on Monday.
“The offerer believes that the privatisation of Allgreen will provide Allgreen with the necessary management flexibility to explore alternative opportunties... without the attendant costs, regulations and regulatory restrictions and compliance issues associated with its listed status,” Brookvale said in a filing to the Singapore Exchange.
The Kuok family owns several large businesses across Asia including Singapore-listed Wilmar International (WLIL.SI), the world’s largest palm oil firm, and Hong Kong-listed Kerry Properties (0683.HK) and Shangri-la Asia (0069.HK).
DBS (DBSM.SI) is the financial advisor to Brookvale.
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Kuok-linked group to take Allgreen private in $2.54 deal: Update
Brookvale, a firm linked to Malaysian tycoon Robert Kuok, on Monday offered to take Singapore property firm Allgreen (AGRN.SI) private in a transaction that values the property firm at $2.54 billion.
Brookvale will pay $1.60 per Allgreen share, or 39% more than Allgreen’s last traded price of $1.15 on Friday. The offer price is also about 20% above Allgreen’s highest traded price in the past three years.
Firms linked to the Kuok family that together hold 55.58% of Allgreen have already agreed to sell their shares to Brookvale. It is not clear how much would it cost for the Kuok Group to take Allgreen private because of the complex shareholding.
Allgreen halted trading in its shares on Monday.
“The offerer believes that the privatisation of Allgreen will provide Allgreen with the necessary management flexibility to explore alternative opportunties... without the attendant costs, regulations and regulatory restrictions and compliance issues associated with its listed status,” Brookvale said in a filing to the Singapore Exchange.
The Kuok family owns several large businesses across Asia including Singapore-listed Wilmar International (WLIL.SI), the world’s largest palm oil firm, and Hong Kong-listed Kerry Properties (0683.HK) and Shangri-la Asia (0069.HK).
DBS (DBSM.SI) is the financial advisor to Brookvale
| Written by Thomson Reuters |
| Monday, 23 May 2011 17:58 |
Brookvale, a firm linked to Malaysian tycoon Robert Kuok, on Monday offered to take Singapore property firm Allgreen (AGRN.SI) private in a transaction that values the property firm at $2.54 billion.
Brookvale will pay $1.60 per Allgreen share, or 39% more than Allgreen’s last traded price of $1.15 on Friday. The offer price is also about 20% above Allgreen’s highest traded price in the past three years.
Firms linked to the Kuok family that together hold 55.58% of Allgreen have already agreed to sell their shares to Brookvale. It is not clear how much would it cost for the Kuok Group to take Allgreen private because of the complex shareholding.
Allgreen halted trading in its shares on Monday.
“The offerer believes that the privatisation of Allgreen will provide Allgreen with the necessary management flexibility to explore alternative opportunties... without the attendant costs, regulations and regulatory restrictions and compliance issues associated with its listed status,” Brookvale said in a filing to the Singapore Exchange.
The Kuok family owns several large businesses across Asia including Singapore-listed Wilmar International (WLIL.SI), the world’s largest palm oil firm, and Hong Kong-listed Kerry Properties (0683.HK) and Shangri-la Asia (0069.HK).
DBS (DBSM.SI) is the financial advisor to Brookvale.
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hehe hosay...loh
dcang84 ( Date: 23-May-2011 19:25) Posted:
This is a good one. Yee Ha!!!!!
| Malaysian billionaire Kuok offers to buy rest of Allgreen stock |
Tags: Allgreen Properties | Brookvale Investments | Dbs Group Holdings | Kerry Group |Kuok group | WRITTEN BY BLOOMBERG | | MONDAY, 23 MAY 2011 18:06 | Malaysian billionaire Robert Kuok offered to buy all the shares in Allgreen Properties through an investment holding firm, valuing the developer at $2.54 billion.
Brookvale Investments, owned by members of the Kuok group of companies, offered $1.60 in cash for each share in Singapore-based Allgreen, according to a filing by the developer to the Singapore exchange today. The stock last traded at $1.15.
Kuok (Singapore) and Kerry Group own about 55.7% of Allgreen, the developer said. The takeover will require that Brookvale receives acceptances for at least 75% of the voting rights in the company, it said.
The Kuok group aims to make Allgreen a wholly-owned subsidiary, the developer said. The shares have declined 2.5% this year. DBS Group Holdings is making the offer on behalf of Brookvale, Allgreen said. |
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If the authority choose to sit on their palm, we will hear of more delistings in the months to come.
Clearly undervaluing the counter....Actually feel sad for minorities as the stock shd perform better rather than waiting to be delisted
This is a good one. Yee Ha!!!!! | Malaysian billionaire Kuok offers to buy rest of Allgreen stock |
Tags: Allgreen Properties | Brookvale Investments | Dbs Group Holdings | Kerry Group |Kuok group
| WRITTEN BY BLOOMBERG |
| MONDAY, 23 MAY 2011 18:06 |
Malaysian billionaire Robert Kuok offered to buy all the shares in Allgreen Properties through an investment holding firm, valuing the developer at $2.54 billion.
Brookvale Investments, owned by members of the Kuok group of companies, offered $1.60 in cash for each share in Singapore-based Allgreen, according to a filing by the developer to the Singapore exchange today. The stock last traded at $1.15.
Kuok (Singapore) and Kerry Group own about 55.7% of Allgreen, the developer said. The takeover will require that Brookvale receives acceptances for at least 75% of the voting rights in the company, it said.
The Kuok group aims to make Allgreen a wholly-owned subsidiary, the developer said. The shares have declined 2.5% this year. DBS Group Holdings is making the offer on behalf of Brookvale, Allgreen said. |
Ka-ching!
Wonder when we can get the $$
HUAT AH !!!
VOLUNTARY CONDITIONAL CASH OFFER FOR ALLGREEN PROPERTIES LIMITED @ S$1.60
If they really get hit by fraud, then i think a lot more stocks will fall. If even these guys get hit, imagine who else is vulnerable.
Very low chance I hope. Only sometime back when BioT H I worried.
This is a rather solid company.
Anyone heard anything.........
SupremeA ( Date: 23-May-2011 14:20) Posted:
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Fraud?
I have looked at the last 6/12mth pricing. Only 128. If it is truly a delist offer, hope can get more.
If not, better do a delist for fun offer to popup the price.
OR is it something else we all missed..........
Um, can tell them announce faster not. Take too long looks bad wor.
Allgreen Request Trading Halt !!!
Really,.....it is a delist offer ?? Huat ah.....
Delisting offer....?
If that truth, than hosay liao.....
Cheers.
samloh28 ( Date: 11-May-2011 21:46) Posted:
Allgreen NAV is S$1.67. Read outside report that Allgreen is target to be delisted. If that happens, Allgreen will surge 50% to at least S$ 1.67.
Chairman Goh mentioned at AGM on 28 April 2011 that FY 2012, significant profits will start coming in from China operations.
Current landbank of 1.3 million will ensure land supply of at least 1.5 year to 2 years. Sky@Anson is best seller at average S$2200 psf, having bought it at very good price earlier on. Allgreen is hidden gem, waiting to be polished. |
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Sorry, I could not recall exactly where I saw the report from. It could be either from the investment magazines such as the Edge magazine or Straits Times some months back, I stand corrected. It mentioned that the stock is thinly traded and it may be better off delisted as claimed by the analysts, some other stocks were mentioned.
A few rumour have surfaced over these day few years but none materialize.
Where did you hear this from ?
samloh28 ( Date: 11-May-2011 21:46) Posted:
Allgreen NAV is S$1.67. Read outside report that Allgreen is target to be delisted. If that happens, Allgreen will surge 50% to at least S$ 1.67.
Chairman Goh mentioned at AGM on 28 April 2011 that FY 2012, significant profits will start coming in from China operations.
Current landbank of 1.3 million will ensure land supply of at least 1.5 year to 2 years. Sky@Anson is best seller at average S$2200 psf, having bought it at very good price earlier on. Allgreen is hidden gem, waiting to be polished. |
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