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Global Derivatives Articles

SALCON-WB – A Tool to Bet on Turn Around

The new warrant of Salcon Berhad (SALCON-WB) began trading in Bursa Malaysia on 27 July 2018.  The warrant’s price fluctuated between 10.5 sen to 18 sen in the first day of trading before ending the first day of trade at 11 sen. The warrant price has since traded within a narrower range of between 10.5 sen and 11.5 sen.  This new warrant was given free to shareholders as a bonus issue on the basis of 1 warrant for every 2 shares held.  The company concurrently completed a bonus issue of shares based on 1 bonus share for every 4 shares held.

PANSAR-WA: New Warrant for shareholders after sustained price run

The share price performance of Pansar Berhad has been very impressive this year with the price rising to a high of RM1.29 in late April from around 40 sen in the beginning of the year.  The share price has since fell to its current level of 84 sen.  It is worth noting that the share price surged after a private placement of 10% new share issue was done in February at an issue price of 42.7 sen.   The company warrant of Pansar (PANSAR-WA) made its debut at Bursa Malaysia on 14 June 2018.  This warrant was given free to shareholders based on 1 warrant for 2 shares held on the entitlement date of 5 June 2018.  The then slightly out-of-money PANSAR-WA opened trading at the limit up price of 30.5 sen on 14 June and moved up strongly to as high as 42 sen on the second day of trading before retreating substantially to as low as 24.5 sen in the early part of July.  PANSAR-WA closed at 29 sen on 24 July 2018 with the mother share being last traded at 84 sen on the same day.

 

STRAITS-WA – Leverage Exposure at No Premium

 

The share price of Straits Inter Logistics Berhad has been holding relative well in the last few months as the company is in the middle of undertaking a number of corporate exercises which include acquisition of a majority stake in a direct peer and private placements of new shares to raise fund for the company.  Amidst such exercises which would increase the share capital of the company, the company warrant of Straits Inter Logistics (STRAITS-WA) is currently trading at no premium at all. 

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Pre-listing takeover bid for PASDEC-WA

PASDEC-WA, the company warrant of Pasdec Holdings Berhad created history when the warrant received a takeover offer prior to it being listed on Bursa Malaysia.  PASDEC-WA was given as a free sweetener for shareholders of the company to take up the recently completed right issue of Pasdec.  Pasdec raised RM40 million in the recently completed rights issue undertaken on a two for five basis with each rights share attached with a free warrant at an issue price of 35 sen each.  However, Jasa Imani Sdn Bhd, a substantial shareholder of Padec, triggered a mandatory general offer (MGO) condition when it ended up with 38.6% of the company from 28% prior to the rights issue as a result of it taking up the excess rights following the failure of Pahang State Development Corporation to take up its entitlement of the rights issue.  Jasa Imani had earlier provided an undertaking to subscribe all rights share not taken up to ensure full subscription of the rights issue.  Jasa Imani offered 52.5 sen per offer share and 1 sen per offer warrant under the MGO.   PASDEC-WA ended the first day of trading on 11 July at 13 sen, far above the MGO price.

Be preferred to A for PANTECH-WA

The share price of Pantech Group Holdings Berhad (Pantech) had held up relatively well this year despite the weakness in the general equity market due to the uncertainty before and after the general election as well the lacklustre equity market performance worldwide.  This could be attributed to the recovery in oil price which has been instrumental in charting a significant recovery in earnings for the group.  While the price of mother share remained at about the same level compared with a year ago, the company warrants of Pantech had not been faring as well with both PANTECH-WA and PANTECH-WB suffering drops of 18% and 28% respectively over the last 52 weeks.

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Analysis

Warrant Ranking by Premium (7 Aug 2016)

The following is the list of Warrant Ranking by Premium

Warrant Ranking 7 Aug 2016 by Premium

MALAYSIA LOAN STOCK ANALYSIS 27 MAY 2015

The following is a list of loan stock listed on Bursa Malaysia as at (date).

Malaysia Loan Stock Analysis 270515

Change in Shareholdings (1/5/2015 - 31/5/2015)

The following is a list of change in shareholdings as at (date).

May 2015 (1 May 2015 - 31 May 2015)

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