With the recent possible IPO news of ayondo Holding AG (ayonda), there were some request on IN for me to write a post after I inform them to look at GRP Ltd (GRP) and Starland Holdings Ltd (Starland) instead.

Do note that I am vested in the 2 counters, but have only very very small holdings.

Short Background of the 3 Parties:

Very long long time ago, GRP was in the business of providing hose supplies for the marine, oil and gas industry. In fact, I believe, many years ago, it was a Net Current Asset Value (NCAV) counter.

Then in the last few years, it went into property development and acquired 83.17% of Starland Holdings Ltd in Jan 2016 (The shareholding structure changed a lot during the year. But to summarized, 83.17% is the current ownership.).

Then in June 2017, ayondo Holding AG wanted to …