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Arbitrage Opportunities for TAWIN-PA Holders

The share price of Ta Win Holdings Berhad has been fluctuating widely over the past one month rising to a high of 23.5 sen before tumbling down to reach a low of 13 sen recently.   The drop in share price may be due to the completion of massive cash call which involves a rights issue exercise which saw Ta Win issuing 238.84 million new shares and 477.68 million Irredeemable Convertible Preference Shares (ICPS) at an issue price of 10 sen per rights share and 2.5 sen per ICPS.  The rights issue was implemented on the basis of 3 rights shares and 6 ICPS with 2 free warrant for every 1 share held on the entitlement date of 12th July 2019.  This rights issue was oversubscribed by close to 55% after accounting for excess applications. 

SCH-WA: Diversification paying off

SCH Group Berhad attracted some interest in late July after the group posted a big jump in revenue and profit following the business diversification undertook by the company last year.  However, the interest was not sustainable as the equity market took a tumble following external events and domestic uncertainties.  The mother share and warrant of SCH Group closed at 11 sen and 3.5 sen respectively on 13th August 2019.

Cheaper exposure with PARAMON-WA

PARAMON-WA, the new company warrant of Paramount Corporation Berhad, made its debut at Bursa Malaysia on 5th August 2019.  This warrant was issued free to shareholders of Paramount Corporation in the company recently completed bonus warrants exercise.  Under the exercise, the company issued free warrants to shareholders on the basis of 2 warrant for every 5 shares held on the entitlement date of 25th July.  The share price of Paramount Corporation has been declining steadily from around an adjusted price of RM1.70 since the ex-date of the bonus warrants issue to a low of RM1.35 on 6th August.  The share price ended relatively strong on 6th August at RM1.43 while PARAMON-WA recovered to close at 29.5 sen on the same day after touching an intraday low of 20 sen earlier on that day.

SALCON-WB: Fairly priced, investor to seek gearing

The past week marked the first anniversary of the company warrant of Salcon Berhad (SALCON-WB).  Over the last one year, SALCON-WB have lost 32% from the first day of trading a year ago when it closed at 11 sen while the mother share lost just under 17%.  At the close of trading on 29th July 2019, Salcon and SALCON-WB closed at 25 sen and 7.5 sen respectively.

Revenue-wa: To lock in gains, go to warrants

Revenue Group Berhad has been one of the best performers in Bursa Malaysia over the last one year.  The company was only listed on the Ace Market of Bursa Malaysia in the middle of July last year at an IPO price of 37 sen.  In slightly more than a year, initial subscribers of the company share would have more than tripled their money with half a warrant to spare.  Revenue Group gave its shareholders a bonus issue of warrants on the basis of one free warrant for every two shares held in January earlier this year.  At the close of trading on 23rd July 2019, the mother share and the warrant REVENUE-WA closed at RM1.68 sen and 70 sen respectively.

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