Notable Trade OCBC, Great Eastern emerge as JAKS' substantial shareholder

by **Cals** Fri 10 Jul 2015, 00:45

Notable Trade
OCBC, Great Eastern emerge as JAKS' substantial shareholder

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By Yimie Yong / theedgemarkets.com | July 9, 2015 : 11:23 PM MYT

KUALA LUMPUR (Jul 9): Singapore's [size=14]OCBC-Chinese Banking Corp Ltd (OCBC) ([You must be registered and logged in to see this image.] Financial Dashboard) and Great Eastern Holdings Ltd ([You must be registered and logged in to see this image.] Financial Dashboard) have emerged as a substantial shareholder in JAKS Resources Bhd([You must be registered and logged in to see this image.] Financial Dashboard), with an indirect stake of 5.147%.

A filing with Bursa Malaysia today showed that Great Eastern Life Assurance (M) Bhd (GELM), Overseas Assurance (Malaysia) Bhd (OACM) and Pacific Mutual Fund Bhd (PMFB) had on July 7, 2015 acquired a total of 22.56 million shares in JAKS (fundamental: 0.65; valuation: 1.5).

By virtue of their interests in GELM, OACM and PMFB, both OCBC and Great Eastern have emerged with indirect stakes in the company.

On Monday, JAKS said it had teamed up with China Power Engineering Consulting Group Co Ltd to jointly build and run an US$1.87 billion (RM7.12 billion) 1,200MW power plant in Vietnam under a 25-year concession.

JAKS and China Power would each own a 50% stake in the project.

JAKS shares closed 4.5 sen or 6.34% higher at 75.5 sen today, giving it a market capitalisation of RM330.96 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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