Posted by Kevin Scully
Jaya Holdings has announced that it intends to sell all its subsidiaries, ie its entire business for S$625mn to Mermaid Marine of Australia. Including its cash of US$10mn, the sale consideration together with the US$10mn cash works out to an NAV or gross implied value per share of S$0.826. Significant shareholders who own 52.9% of the shares of Jaya have agreed to support the proposal which is still subject to shareholder approval at an EGM but given the support from this group of shareholders the transaction is likely to go through.
I have liked Jaya Holdings for some time as a value and yield play and its in both ...