ACTION ASIA last done 11.2 cents. Just announced voluntary delisting at 19 cents. It looks fair considering at close to book value. Illiquid stock all these years and not appreciated by mrket. It had lousy investor relations to start with, and earnings were volatile.
ACTION ASIA, since its announcement of a delisting @ 19 cents, has shot up higher than I expected. 18.6 cents closing yesterday. Surprisingly, no announcement regarding the buyer whom I expected to be the privatising party. Could it be another unknown investor seeking arbitrage?
Rising some more -- Sinarmas Land now 81.5 cents. Warrant only 51.5 cents (exercise price 10 cents).
Bloomberg report is the trigger:
Sinarmas Land, the Indonesian developer backed by billionaire Eka Tjipta Widjaja, has restarted talks on a $300 million initial public offering of an industrial property arm, people with knowledge of the matter said.
Sinarmas Land unit Puradelta Lestari, which is part-owned by Japanese trading house Sojitz, may sell shares in Indonesia this year after shelving the offering in 2013, the people said. They asked not to be identified as the discussions are private.
Puradelta Lestari is seeking a listing after shares of industrial real estate companies in Indonesia surged. It is the developer of the Kota Delta Mas project in Cikarang, located 37 kilometers east of Jakarta, which includes commercial, industrial and residential facilities spanning an area of about 3,000 hectares, according to its website.
“We are still looking for a good time, so I don’t want to comment on the IPO,” Ishak Chandra, managing director of corporate strategy and service at Sinarmas Land, said by phone on Thursday.
Puradelta Lestari delayed its $191 million initial public offering in August 2013 due to poor market conditions, people with knowledge of the matter said at the time. It was planning to use the proceeds from the sale to fund capital expenditures and land acquisitions.
Shares of Kawasan Industri Jababeka, another industrial estate developer based in Jakarta, have risen 64 percent in the past year while rival Surya Semesta Internusa jumped 59 percent. The benchmark Jakarta Composite Index rose 17 percent over the same period.
Sinarmas Land is part of the unlisted Sinar Mas Group, whose interests include pulp and paper products, food and financial services. The diversified company was founded by Widjaja, who is the country’s fourth-richest man with a net worth of $6 billion, according to the Bloomberg Billionaires Index.
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