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Stock With Momentum: Cocoaland Holdings
by Cals Tue 09 Jun 2015, 08:21
Stock With Momentum: Cocoaland Holdings
Cocoaland Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (-ve)
SHARES of snacks and candy maker Cocoaland (Fundamental: 2.8/3, Valuation: 2/3) have risen by 22.6% to RM2.50 since it received a takeover offer from Hong Kong-listed First Pacific Co Ltd for RM463.32 million or RM2.70 per share last Tuesday.
This came after it rejected Navis Asia’s offer to acquire its assets and liabilities for RM377.52 million or RM2.20 per share.
Under the proposal, First Pacific intends to undertake the takeover through a special purpose vehicle (SPV). Cocoaland’s substantial shareholders Liew Fook Meng and Leverage Success Sdn Bhd, who collectively hold a 40.07% stake, will acquire an equity stake in the SPV to continue to benefit from Cocoaland’s future growth.
For the deal to go through, it would require the support of its second largest shareholder Fraser & Neave (F&N) as the disposal requires at least 75% shareholders’ approval. F&N owns a strategic stake of 27.19% in Cocoaland, which it bought back in 2010 and 2011.
[You must be registered and logged in to see this image.]
This article first appeared in The Edge Financial Daily, on June 8, 2015.
Cocoaland Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) (-ve)
SHARES of snacks and candy maker Cocoaland (Fundamental: 2.8/3, Valuation: 2/3) have risen by 22.6% to RM2.50 since it received a takeover offer from Hong Kong-listed First Pacific Co Ltd for RM463.32 million or RM2.70 per share last Tuesday.
This came after it rejected Navis Asia’s offer to acquire its assets and liabilities for RM377.52 million or RM2.20 per share.
Under the proposal, First Pacific intends to undertake the takeover through a special purpose vehicle (SPV). Cocoaland’s substantial shareholders Liew Fook Meng and Leverage Success Sdn Bhd, who collectively hold a 40.07% stake, will acquire an equity stake in the SPV to continue to benefit from Cocoaland’s future growth.
For the deal to go through, it would require the support of its second largest shareholder Fraser & Neave (F&N) as the disposal requires at least 75% shareholders’ approval. F&N owns a strategic stake of 27.19% in Cocoaland, which it bought back in 2010 and 2011.
[You must be registered and logged in to see this image.]
This article first appeared in The Edge Financial Daily, on June 8, 2015.
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