（吉隆坡26日訊）澄心亞洲（JERNEH，6394，主板金融組）完成全面獻購和私有化計劃，將從1月31日（週二）起正式除牌。
澄心亞洲大股東郭兄弟私人有限公司（KBSB）是在去年11月，分別以每股1令吉45仙與45仙，全面獻購尚未持有的澄心亞洲的股票與憑單，並在全面獻購後將之除牌。（星洲日報／財經）
[星洲日報]
Showing posts with label JERNEH 澄心亚洲 (6394). Show all posts
Showing posts with label JERNEH 澄心亚洲 (6394). Show all posts
Friday, January 27, 2012
Saturday, December 24, 2011
澄心亞洲私有化‧每股1.45令吉太少
和豐讀者何先生問：
澄心亞洲（JERNEH，6394，主板金融組）最近建議私有化計劃，每股1令吉45仙，未免太少，資產現金都有1令吉87仙。
答：澄心亞洲大股東全購澄心亞洲的其餘股權並將它私有化，每股1令吉45仙的獻購定價，主要是以其市值平均價作為計算基礎而得，即比該公司資本回退每股約1令吉42仙，溢價3仙或是2.41%。或是其截至10月28日止5天加權平均價1令吉35仙溢價10仙，或是7.41%。
大股東的出價可能顯得太少，不過，它還是比市價來得高一點。截至今年11月8日止，以1令吉42仙掛收。若認為獻購價偏低或不合理，相信小股東還是有權力拒絕獻議。（星洲日報／投資致富‧投資問診室）
[星洲日報／投資致富]
澄心亞洲（JERNEH，6394，主板金融組）最近建議私有化計劃，每股1令吉45仙，未免太少，資產現金都有1令吉87仙。
答：澄心亞洲大股東全購澄心亞洲的其餘股權並將它私有化，每股1令吉45仙的獻購定價，主要是以其市值平均價作為計算基礎而得，即比該公司資本回退每股約1令吉42仙，溢價3仙或是2.41%。或是其截至10月28日止5天加權平均價1令吉35仙溢價10仙，或是7.41%。
大股東的出價可能顯得太少，不過，它還是比市價來得高一點。截至今年11月8日止，以1令吉42仙掛收。若認為獻購價偏低或不合理，相信小股東還是有權力拒絕獻議。（星洲日報／投資致富‧投資問診室）
[星洲日報／投資致富]
Friday, November 25, 2011
JERNEH posted Nine-month net profit 10.005 million (decreased 77.15%)
JERNEH posted Nine-month net profit 10.005 million (decreased 77.15%)
Tuesday, November 22, 2011
Jerneh Asia posts RM1.36m losses in 3Q
KUALA LUMPUR (Nov 21): JERNEH ASIA BHD [] posted net losses of RM1.36 million in the third quarter ended Sept 30, 2011 compared with net profit of RM21.33 million a year ago, mainly due to the poor equities market and provision for losses in an associate due to the severe floods in Thailand.
It said on Monday its revenue rose 65% to RM42.87 million from RM25.93 million. Its loss per share was 0.56 sen compared with earnings per share of 11.81 sen.
“The increase in revenue was mainly contributed by the sale of held-for-trading investments and interest income from the placement of proceeds from the disposal of Jerneh Insurance Bhd to an approved financial institution,” it said.
For the nine-month period, its earnings fell 77.1% to RM10 million from RM43.79 million in the previous corresponding period. Its revenue fell 156% to RM109.51 million from RM42.71 million.
Jerneh Asia said the group’s revenue for continuing operations for the period ended Sept 30 increased by RM66.79 million to RM109.51 million from RM42.72 million in the corresponding period in 2010.
The group recorded a profit before tax from continuing operations of RM13.92 million compared with RM13.34 million profit a year ago due to improved returns from the sale of held-for-trading investments.
When compared with the preceding quarter ended June 30, it recorded a loss before tax of RM310,000 compared to profit before tax of RM8.50 million in the preceding quarter. It said this was mainly due to the poor performance in the equities market in the current quarter and provision for losses in an associated company as a result of floods in Thailand.
To recap, on Oct 31, Jerneh Asia announced it had received a notice of voluntary conditional take-over offer from Kuok Brothers Sdn Bhd to acquire Jerneh Asia.
It said on Monday its revenue rose 65% to RM42.87 million from RM25.93 million. Its loss per share was 0.56 sen compared with earnings per share of 11.81 sen.
“The increase in revenue was mainly contributed by the sale of held-for-trading investments and interest income from the placement of proceeds from the disposal of Jerneh Insurance Bhd to an approved financial institution,” it said.
For the nine-month period, its earnings fell 77.1% to RM10 million from RM43.79 million in the previous corresponding period. Its revenue fell 156% to RM109.51 million from RM42.71 million.
Jerneh Asia said the group’s revenue for continuing operations for the period ended Sept 30 increased by RM66.79 million to RM109.51 million from RM42.72 million in the corresponding period in 2010.
The group recorded a profit before tax from continuing operations of RM13.92 million compared with RM13.34 million profit a year ago due to improved returns from the sale of held-for-trading investments.
When compared with the preceding quarter ended June 30, it recorded a loss before tax of RM310,000 compared to profit before tax of RM8.50 million in the preceding quarter. It said this was mainly due to the poor performance in the equities market in the current quarter and provision for losses in an associated company as a result of floods in Thailand.
To recap, on Oct 31, Jerneh Asia announced it had received a notice of voluntary conditional take-over offer from Kuok Brothers Sdn Bhd to acquire Jerneh Asia.
Wednesday, November 2, 2011
Kuok Brothers to buy out Jerneh Asia
KUALA LUMPUR: Jerneh Asia Bhd’s major shareholder, Kuok Brothers Sdn Bhd, has launched a conditional takeover offer of the former in a move that could provide a quicker way to wind up matters at the cash-rich company that has been without a core business since last year.
In a filing with Bursa Malaysia yesterday, AmInvestment Bank Bhd said Kuok Brothers is offering RM1.45 cash per share for all remaining Jerneh Asia shares it does not own and for all new Jerneh Asia shares which may be issued arising from the exercise of the outstanding warrants.
Kuok Brothers, which holds a direct 37.71% stake in Jerneh Asia, is also looking to acquire the remaining 2.96 million warrants for 45 sen apiece.
According to the announcement, Kuok Brothers and persons acting in concert (PACs) hold a combined 41.81% equity interest in Jerneh Asia, comprising 102.02 million shares.
Kuok Brothers and PACs, however, do not hold any warrants.
The PACs are Ophir Holdings Bhd, PPB Group Bhd, Dalex Investments Ltd, Jerneh Asia chairman Datuk Lim Chee Wah, former Jerneh Asia executive director Tan Yew Jin, TYJ Sdn Bhd and Datuk Musa @ Ayob Saad.
Based on a back-of-the-envelope calculation, Kuok Brothers — the family vehicle of tycoon Tan Sri Robert Kuok — will have to fork out about RM207.19 million for the deal.
To boost its offer, Kuok Brothers affirmed that its offer would not fail due to insufficient financial capacity, adding that each shareholder who wishes to accept the offer will be fully paid in cash.
Kuok Brothers’ directors include Kuok Khoon Chen, Kuok Khoon Ho, Kuok Khoon Ean and Kuok Oon Kwong.
The substantial shareholders of Kuok Brothers include PPB Corporate Services Sdn Bhd (10.72%), Kuok Hock Swee and Sons Sdn Bhd (8.84%), Kuok Foundation Bhd (8.4%), Nicka Enterprise Sdn Bhd (8.4%) and Kota Johore Realty Sdn Bhd (6.26%).
Kuok Brothers also noted Jerneh Asia shareholders may face delays in receiving the proceeds from Jerneh Asia’s proposed disposal of its major assets, capital distribution exercise and subsequent winding-up exercise.
“Hence, the offeror intends to undertake the offer to provide Jerneh Asia shareholders and warrant-holders an opportunity to realise their investment earlier compared to the capital repayment and winding-up,” AmInvestment Bank said.
Kuok Brothers also said it does not intend to maintain Jerneh Asia’s listing status.
To recap, Jerneh Asia has been without a core business after selling its 80% equity interest in Jerneh Insurance Bhd to ACE INA International Holdings Ltd last December for RM523.2 million cash.
Jerneh Asia was earlier in talks to acquire Sabah-based property developer Sagajuta (Sabah) Sdn Bhd, whose flagship project is the massive 1Borneo mixed development in Kota Kinabalu.
However, the deal recently fell through after Jerneh Asia and Sagajuta’s 60% shareholder, Generasi Cipta Sdn Bhd, failed to reach a consensus on the terms of the proposed acquisition.
Shortly after the discussions ceased, Sagajuta’s managing director Datuk Raymond Chan Boon Siew surfaced in timber manufacturing firm Harvest Court Industries Bhd after acquiring a substantial 13.85% stake.
Meanwhile, an analyst opined that Kuok Brothers’ offer price for the remaining shares in Jerneh Asia is a fair offer which offers shareholders the convenience of skipping Jerneh Asia’s proposed route of asset disposal and capital repayment, which would involve a lengthy company dissolution process.
Jerneh Asia’s shareholders’ funds stood at RM760.47 million as at June 30, 2011. Subsequent to that date, the company saw the conversion of 42.04 million warrants in July and the payment of RM443.65 million in dividends in August.
According to the analyst’s calculations, Jerneh Asia’s pro forma shareholders funds as at June 30, after incorporating the warrant conversion and deducting the dividend payment, would work out to be about RM384.07 million or RM1.55 per share.
However, the analyst noted that Jerneh Asia’s assets includes a sum of about RM63.86 million invested in associate companies, which works out to be about 25.9 sen per share.
“The investment in associates is less liquid and could take a while to sell. So, Jerneh Asia’s net asset value less its investments in associate works out to be RM1.29 which is below the offer price of RM1.45 per share,” said the analyst.
“There are also some residual assets which may be difficult or sell, as well as liquidation expenses in a winding-up process ... so the amount offered by Kuok Brothers is very fair,” he added.
“The Kuok family has been very transparent in its aim from the start to return Jerneh Asia’s cash back to shareholders as quickly as possible. This is the fastest option after the Sagajuta deal fell through,” he said, adding that the offer was slightly above the estimated capital repayment of between RM1.36 and RM1.41 per share as stated in Jerneh Asia’s circular to shareholders dated June 13.
AmInvestment Bank also noted that Kuok Brothers’ offer of RM1.45 per share was a 7.41% premium over Jerneh Asia’s five-day and one-month volume weighted average price (VWAP) of RM1.35 sen.
The offer price is also a 6.62% premium over Jerneh Asia’s closing price of RM1.36 yesterday, prior to the announcement of the Kuok Brothers’ offer.
As for the warrants, AmInvestment Bank noted that the 45 sen offer for the warrants was calculated based on the difference between the Kuok Brother’s RM1.45 per share offer and the warrants’ RM1 exercise price.
This puts the offer price for the warrants at a 9.76% premium over its five-day VWAP, 12.5% premium over the one-month VWAP and a 9.76% premium over the warrant’s last closing price of 41 sen yesterday.
In a filing with Bursa Malaysia yesterday, AmInvestment Bank Bhd said Kuok Brothers is offering RM1.45 cash per share for all remaining Jerneh Asia shares it does not own and for all new Jerneh Asia shares which may be issued arising from the exercise of the outstanding warrants.
Kuok Brothers, which holds a direct 37.71% stake in Jerneh Asia, is also looking to acquire the remaining 2.96 million warrants for 45 sen apiece.
According to the announcement, Kuok Brothers and persons acting in concert (PACs) hold a combined 41.81% equity interest in Jerneh Asia, comprising 102.02 million shares.
Kuok Brothers and PACs, however, do not hold any warrants.
The PACs are Ophir Holdings Bhd, PPB Group Bhd, Dalex Investments Ltd, Jerneh Asia chairman Datuk Lim Chee Wah, former Jerneh Asia executive director Tan Yew Jin, TYJ Sdn Bhd and Datuk Musa @ Ayob Saad.
Based on a back-of-the-envelope calculation, Kuok Brothers — the family vehicle of tycoon Tan Sri Robert Kuok — will have to fork out about RM207.19 million for the deal.
To boost its offer, Kuok Brothers affirmed that its offer would not fail due to insufficient financial capacity, adding that each shareholder who wishes to accept the offer will be fully paid in cash.
Kuok Brothers’ directors include Kuok Khoon Chen, Kuok Khoon Ho, Kuok Khoon Ean and Kuok Oon Kwong.
The substantial shareholders of Kuok Brothers include PPB Corporate Services Sdn Bhd (10.72%), Kuok Hock Swee and Sons Sdn Bhd (8.84%), Kuok Foundation Bhd (8.4%), Nicka Enterprise Sdn Bhd (8.4%) and Kota Johore Realty Sdn Bhd (6.26%).
Kuok Brothers also noted Jerneh Asia shareholders may face delays in receiving the proceeds from Jerneh Asia’s proposed disposal of its major assets, capital distribution exercise and subsequent winding-up exercise.
“Hence, the offeror intends to undertake the offer to provide Jerneh Asia shareholders and warrant-holders an opportunity to realise their investment earlier compared to the capital repayment and winding-up,” AmInvestment Bank said.
Kuok Brothers also said it does not intend to maintain Jerneh Asia’s listing status.
To recap, Jerneh Asia has been without a core business after selling its 80% equity interest in Jerneh Insurance Bhd to ACE INA International Holdings Ltd last December for RM523.2 million cash.
Jerneh Asia was earlier in talks to acquire Sabah-based property developer Sagajuta (Sabah) Sdn Bhd, whose flagship project is the massive 1Borneo mixed development in Kota Kinabalu.
However, the deal recently fell through after Jerneh Asia and Sagajuta’s 60% shareholder, Generasi Cipta Sdn Bhd, failed to reach a consensus on the terms of the proposed acquisition.
Shortly after the discussions ceased, Sagajuta’s managing director Datuk Raymond Chan Boon Siew surfaced in timber manufacturing firm Harvest Court Industries Bhd after acquiring a substantial 13.85% stake.
Meanwhile, an analyst opined that Kuok Brothers’ offer price for the remaining shares in Jerneh Asia is a fair offer which offers shareholders the convenience of skipping Jerneh Asia’s proposed route of asset disposal and capital repayment, which would involve a lengthy company dissolution process.
Jerneh Asia’s shareholders’ funds stood at RM760.47 million as at June 30, 2011. Subsequent to that date, the company saw the conversion of 42.04 million warrants in July and the payment of RM443.65 million in dividends in August.
According to the analyst’s calculations, Jerneh Asia’s pro forma shareholders funds as at June 30, after incorporating the warrant conversion and deducting the dividend payment, would work out to be about RM384.07 million or RM1.55 per share.
However, the analyst noted that Jerneh Asia’s assets includes a sum of about RM63.86 million invested in associate companies, which works out to be about 25.9 sen per share.
“The investment in associates is less liquid and could take a while to sell. So, Jerneh Asia’s net asset value less its investments in associate works out to be RM1.29 which is below the offer price of RM1.45 per share,” said the analyst.
“There are also some residual assets which may be difficult or sell, as well as liquidation expenses in a winding-up process ... so the amount offered by Kuok Brothers is very fair,” he added.
“The Kuok family has been very transparent in its aim from the start to return Jerneh Asia’s cash back to shareholders as quickly as possible. This is the fastest option after the Sagajuta deal fell through,” he said, adding that the offer was slightly above the estimated capital repayment of between RM1.36 and RM1.41 per share as stated in Jerneh Asia’s circular to shareholders dated June 13.
AmInvestment Bank also noted that Kuok Brothers’ offer of RM1.45 per share was a 7.41% premium over Jerneh Asia’s five-day and one-month volume weighted average price (VWAP) of RM1.35 sen.
The offer price is also a 6.62% premium over Jerneh Asia’s closing price of RM1.36 yesterday, prior to the announcement of the Kuok Brothers’ offer.
As for the warrants, AmInvestment Bank noted that the 45 sen offer for the warrants was calculated based on the difference between the Kuok Brother’s RM1.45 per share offer and the warrants’ RM1 exercise price.
This puts the offer price for the warrants at a 9.76% premium over its five-day VWAP, 12.5% premium over the one-month VWAP and a 9.76% premium over the warrant’s last closing price of 41 sen yesterday.
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Tuesday, November 1, 2011
JERNEH 澄心亚洲 (6394)
JERNEH ASIA BERHAD
16th Floor, Wisma Jerneh
38 Jalan Sultan Ismail
50250 Kuala Lumpur
Tel: 603-2145 0485
Fax: 603-2143 2817
Listing Date: 23.09.1996
Par Value: 1.00
Market: MAIN
Sector: FINANCE
Major Industry: INSURANCE
JERNEH ASIA BERHAD is a Malaysia-based investment holding company. JAB operates in six segments: underwriting general insurance business; insurance brokerage; credit and leasing; trading in marketable securities; administration and management services, and investment holding. The general insurance division offers risk management services and has about 1,357 agents and 19 branches located in cities and towns in Peninsular Malaysia, Sabah and Sarawak. The insurance brokerage division provides insurance solutions for its corporate clients in Hong Kong, China and the Philippines. As of December 31, 2009, JAB's subsidiaries were Jerneh Insurance Berhad, Jerneh Credit Leasing Sdn Bhd, Jerneh Healthcare Services Sdn Bhd, Minsec Management Services Sdn Bhd, Jerneh Asia Reinsurance Limited, Jerneh Investment (HK) Limited, Taishan Insurance Brokers Limited, Taishan Insurance Brokers Philippines, Inc. and KRM Reinsurance Brokers Phils., Inc.
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