Source: The Star [Kuchai Development Berhad]

HIGH 57.500 (06-Dec-06)
LOW 1.480 (13-Dec-06)

Why is the change so drastic? Anyone knows what happened? I can't seem to find any news about it.

ahaha i just wan to ask dis. but surprisingly from the star the price shown 78 sen hike although the price today is 1.92. yesterday's price was 52.50

According to the news, the share is splitted 1:45... I try to verify further.

I just found this link

Yes, seems like a split.

1:45

So it is actually earning. Went up to 2.48, which is about 30% gain in one day.

This post has been edited by vic7or: Dec 14 2006, 12:55 PM

http://www.bursamalaysia.com/website/bm/li...ments/index.jsp

haizzz...did not notice this counter...coz all the while is a sky high price. Miss a chance to get my hand on it.

bonus issue only nothing much actually..... this happen to a few Plantation stocks last year and this year

up 25% today

Final Dividend of 0.2% less 25% income tax and Bonus Dividend of 2.3% less 25% income tax.

EX-date 04/12/2013
Entitlement date 06/12/2013
Payment date 26/12/2013

Next month

7 may 2024

Tuesday
10am

EGM

Sungei bagan want to buy kuchai stock...


1.30pm same venue

Ramada meridin johor bahtu

Kuchai bhd EGM

Want to disposed

SINGAPORE - OCBC Bank has made a $1.4 billion bid to take its insurance arm Great Eastern Holdings private following recent shareholder unhappiness over falling returns. The voluntary unconditional general offer is for the remaining 11.56 per cent stake in Great Eastern that it does not already own.



Sg Bagan shares jump 15% to record high on Great Eastern privatisation bid

Sg Bagan shares jump 15% to record high on Great Eastern privatisation bid

10 May 2024, 05:28 pm

main news image


KUALA LUMPUR (May 10): Shares of Sungei Bagan Rubber Co (Malaya) Bhd (KL:SBAGAN) rose as much as 76 sen or 15.29% to a new record high on Friday, following news a privatisation bid for Great Eastern Holdings Ltd, in which it owns a 1% stake.

Earlier on Friday, Oversea-Chinese Banking Corp (OCBC) announced a voluntary offer for a 11.56% stake it does not own in Great Eastern for S$1.4 billion (RM4.9 billion) or S$25.60 per share.

Sg Bagan owns 4.763 million shares in Great Eastern, which has a value of S$121.93 million or RM426.88 million, based on OCBC’s offer price.

Sg Bagan's shares rose to its new record high of RM5.73 on the news.


At 5pm, shares of Sg Bagan pared some gains to close at RM5.60, still up 63 sen or 12.68%.

Should Sg Bagan take up the offer, the estimated proceeds of RM426.88 million is more than its existing market capitalisation of RM371.46 million, based on its last trading price of RM5.60.

The cash proceeds would amount to RM4.556 per Sg Bagan share, based on its outstanding share base of 93.7 million shares.

Sg Bagan’s stake in Great Eastern was initially just 1.73 million shares. However, it acquired another 3.03 million shares in the insurer from sister company Kuchai Development Bhd (KDB)(KL: KUCHAI) this year.

The acquisition was part of a restructuring involving the two companies, where KDB divested RM275.47 million worth of assets and liabilities to Sg Bagan in return for 27.51 million new Sg Bagan shares.

At RM5.60, Sg Bagan trades at a discount of 43.34% to its net book value of RM9.88 per share at end-December.


Great Eastern's share price averaged at just S$17.08 in 2023, which, for Sg Bagan shareholders, amounted to a carrying value of RM4.29 per share.

This year, Great Eastern shares saw a gradual climb to S$18.70 prior to OCBC’s privatisation offer.






Great Eastern shares soar 37% after OCBC makes $1.4 billion offer to take it private

OCBC's bid to take Great Eastern private follows recent shareholder unhappiness over falling returns.



UPDATED MAY 10, 2024, 05:23 PM



SINGAPORE - OCBC Bank has made a $1.4 billion bid to take its insurance arm Great Eastern Holdings private following recent shareholder unhappiness over falling returns.

The voluntary unconditional general offer is for the remaining 11.56 per cent stake in Great Eastern that it does not already own.

The offer price of $25.60 represents a 36.9 per cent premium over Great Eastern’s closing price of $18.70 on May 9.


The shares shot up after trading resumed around 1.10pm following a morning halt.

*********They were up $7 or 37.1 per cent to $25.70 as at 4.18pm.**********

Great Eastern shareholders will still receive their 2023 final dividend of 40 cents a share if they are entitled to it, and OCBC will not make any deductions from the offer price for the dividend.

Analysts told The Straits Times that OCBC’s dry powder puts it in a good position to make the deal, especially given its lack of major acquisitions compared with local peers.


The bank recently paid $191 million for Indonesia’s Bank Commonwealth.


********* OCBC tried unsuccessfully to privatise Great Eastern back in 2004 and 2006 ***********



In a bourse filing on May 10, OCBC said the offer is in line with the bank’s corporate strategy and strengthens its business pillars of banking, wealth management and insurance.

“In a fast-growing region that has seen rising demand for products and solutions to enhance and preserve wealth, bringing (Great Eastern) even closer to the (bank) reinforces its long-term vision of becoming the leading wealth management player,” OCBC said.

It added that the offer is expected to be earnings accretive to the bank, with Great Eastern contributing an average of about $700 million annually in net profit to the bank over the past 10 years.

This translates to an average of about 15 per cent of the bank’s annual net profit over this period.

Asked about the timing of the offer, group chief executive Helen Wong described the bid as a “natural move” as the bank strengthens its wealth business.

“We’re not just looking at Great Eastern. We have been investing in Bank of Singapore, we have been investing in the way we provide our products, we’ve been looking at digitalising our channel. So that’s why we continue to grow net new money and AUM (assets under management),” she said at a May 10 briefing on OCBC’s results.

“As we looked at our capital position, (we decided that) this is the right time,” said Ms Wong.

OCBC reported a 5 per cent increase in first-quarter net profit to a new high of $1.98 billion, up from $1.88 billion a year ago.

Great Eastern was listed on the Singapore Exchange’s mainboard in November 1999. It has 16 million policyholders in Singapore and Malaysia, and it also operates in Indonesia and Brunei. The insurer had over $100 billion in total assets as at 2023.

Great Eastern provides insurance solutions to customers through three distribution channels – a tied agency force, bancassurance and financial advisory firm Great Eastern Financial Advisers.

The company said at its annual general meeting in April that its board has heard shareholders’ concerns and will look into their suggestions, in response to their repeated comments on the decline in the insurer’s total shareholder returns.

Several shareholders questioned what Great Eastern was doing to improve its returns, especially its share price, which one investor called “a disaster”.

Another question was raised about how the group’s 88.4 per cent stake in Great Eastern may have contributed to the low trading liquidity and weak market value of the insurer’s shares.

OCBC chairman Andrew Lee said then that Great Eastern’s public float has been low for a long time.

“OCBC is not in the business of providing liquidity for another company,” he said.

The Securities Investors Association (Singapore), or Sias, said on May 10 that it commends OCBC for its proactive response to feedback from Great Eastern’s (GE) minority shareholders, who raised concerns with the insurer’s performance and potential misalignment between GE shareholders and management.

“GE’s recently announced (first quarter) results showed good growth and earnings, adding on to its embedded value of $36.59 per share as at FY23,” it said.

Sias advised shareholders to exercise patience and due diligence before making any decision, and to wait for guidance from an independent financial adviser.

“While (OCBC) intends to seek a delisting of GE if the free float falls below 10 per cent, Sias would like to advise all shareholders to exercise patience and due diligence before making any decision,” added the association.

It also advised all minority shareholders of GE to wait for guidance from an independent financial adviser before making any decision.

Phillip Securities research analyst Glenn Thum said that while OCBC’s offer falls short of embedded value (EV), it might appeal to investors who bought GE in the last five years, when the stock also traded below embedded value. “Maybe these are the investors and shareholders that will sell.”

IG market analyst Yeap Jun Rong said that OCBC has been in a position where it has a higher capital position than its local peers, and a capital buffer that is significantly above the regulatory requirements.

“As such, OCBC has been trying to deploy its excess capital to good use, in line with the acquisition spree that we have witnessed among local banks lately, where the banks are tapping on their strong capital base to step up on their expansion plans to maintain earnings growth,” he said.

MORE ON THIS TOPIC


Great Eastern posts 26% rise in Q1 profit to $306.7 million


Rewarding CEO, senior executives with OCBC shares helps to foster group spirit: Great Eastern

This post has been edited by plouffle0789: May 10 2024, 05:53 PM

Now still can


https://forum.lowyat.net/index.php?showtopic=5543838&hl=



This post has been edited by plouffle0789: Oct 24 2025, 01:55 AM