News Formal

Broker's take: CGS-CIMB keeps 'add' on Wilmar, says Chinese unit's value underestimated

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 51%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

CGS-CIMB on Friday maintained its 'add' call on Wilmar International despite a short-term overhang from this week's share sale by major stakeholder Archer Daniels Midland (ADM), adding that it remains positive on the planned listing of Wilmar's Chinese unit, Yihai Kerry Arawana (YKA). Read more at The Business Times.

CGS-CIMB on Friday maintained its"add" call on Wilmar International despite a short-term overhang from this week's share sale by major stakeholder Archer Daniels Midland , adding that it remains positive on the planned listing of Wilmar's Chinese unit, Yihai Kerry Arawana .

CGS-CIMB also maintained its target price at S$5.53. Shares of the agri-food giant were trading at S$4.41 as at 10.53am on Friday, up S$0.05 or 1.2 per cent. ADM, Wilmar's second-largest shareholder, on Wednesday announced it had sold 170.5 million shares representing a 2.68 per cent stake in Wilmar, with the settlement of the block trade expected to occur on Aug 24.

The shares were sold at a placement price of S$4.40, a 9.5 per cent discount to Wilmar's closing price on Wednesday. Analysts Ivy Ng and Nagulan Ravi said they believe this was to allow ADM to unlock the value of its investments in Wilmar given the"strong" share price performance year to date, estimating that the transaction would raise around US$550 million in gross proceeds for ADM.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 15. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks to watch: SIA, SGX, Wilmar, Accordia Golf Trust, China Aviation, KeppelTHE following companies saw new developments that may affect trading of their securities on Friday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Hot stock: Wilmar sinks 10% after major shareholder reveals plans to cut stakeSHARES of agri-food giant Wilmar International fell 10 per cent on Thursday morning after one of its largest shareholders, Archer Daniels Midland (ADM), announced plans to sell off shares and bonds worth US$800 million. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Archer Daniels Midland to cut stake in Wilmar, sell shares for US$500m[BENGALURU] Grain trader Archer Daniels Midland Co (ADM) said on Wednesday it plans to sell shares and bonds in Singapore-based Wilmar International with a combined value of US$800 million. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »