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Just to remind you that later kenal charge like Malaysia Sexblogger !
des_khor ( Date: 02-Sep-2013 12:51) Posted:
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If it opens ard 80c,there is not much meat left.
Is it halal ?
Peter_Pan ( Date: 02-Sep-2013 12:28) Posted:
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Thank you... So kind of you!!!!
Peter_Pan ( Date: 02-Sep-2013 12:28) Posted:
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Indonesia's Indofood may make offer for embattled China Minzhong
* Indofood could make an announcement later on Monday
* China Minzhong value down almost 50 pct since Glaucus
report
* China Minzhong rejects any accounting irregularities
(Adding Minzhong's defence, analyst quote)
By Anshuman Daga
SINGAPORE, Sept 2 (Reuters) - Indonesia's Indofood Sukses
Makmur Tbk PTis considering making a takeover offer
for Singapore-listed China Minzhong Food Corp Ltd
after an attack by a short-seller wiped off almost half of the
Chinese firm's market value.
Indofood, the biggest shareholder in Minzhong with a 29.3
percent stake, told the firm in a letter that it would make an
announcement later on Monday if an offer is to be
made.[ID:nSNZ2Dp5Nd]
The move comes after the food producer saw its stock market
value plunge to $273 million following a 49-page report by
California-based Glaucus Research on accounting issues at the
company. Minzhong, whose shares have been suspended since last
week, has strongly rejected any irregularities.[ID:nL4N0GR0I8]
" I think Indofood sees some form of synergistic value
because Minzhong is more in the upstream raw materials business
and Indofood makes noodles," said Roger Tan, CEO of Voyage
Research in Singapore.
" Thanks to Glaucus the price is a lot cheaper and Indofood
can make a takeover at a much lower price. By taking it private,
Indofood will also have more flexibility to integrate it into
their business."
It was the first short-seller attack on a Singapore-listed
Chinese firm, although in recent years short-sellers have
targeted Chinese companies listed in Hong Kong, Canada and the
United States, citing irregularities.
However, short-sellers have begun to focus on Singapore,
with Muddy Waters attacking commodities firm Olam International
Ltdlast year on its business practices, which damaged
its shares.
Bowing to investor pressure, Olam said it would reduce its
spending and trim its businesses, while Singapore state investor
Temasek stepped in to support the company, raising its stake to
nearly 24 percent from 16 percent.
STRONG DEFENCE
On Sunday, Minzhong issued a strong defence of its business
in a 19-page statement, saying it had completed its review of
the report released by Glaucus and strongly rejected what it
viewed as " reckless opinions" and " inferences" drawn by the
short-seller.
" We reiterate that most of the issues raised by Glaucus with
regard to the financials of the company arose out of a complete
lack of understanding of the way we conduct our business as well
as the operating environment in the People's Republic of China,"
it said.
China Minzhong said it had not fabricated its sales or
accounts as alleged by Glaucus. In its defence, Minzhong showed
tax filings, and said it had documents and photographs to
confirm capital expenditures.
Glaucus did not respond to an email from Reuters on Sunday.
Under Singapore law, a single shareholder needs to make a
mandatory takeover offer for the target company if its stake
increases to 30 percent.
China Minzhong said it was taking legal advice on its next
move. " We view the report as damaging the value that we have
created for shareholders over the years and are consulting our
legal advisers on possible recourse."
Indofood said last week that it would conduct further study
into China Minzhong but that it remained committed to the
company.
China Minzhong listed in Singapore in 2010 and has attracted
several big-name investors, including Singapore sovereign wealth
fund GIC, which sold its 14.4 percent stake in February to
Indofood.
Other large investors include Franklin Templeton Investments
Corp, which holds just under 11 percent of the food producer,
according to Thomson Reuters data.
* Indofood could make an announcement later on Monday
* China Minzhong value down almost 50 pct since Glaucus
report
* China Minzhong rejects any accounting irregularities
(Adding Minzhong's defence, analyst quote)
By Anshuman Daga
SINGAPORE, Sept 2 (Reuters) - Indonesia's Indofood Sukses
Makmur Tbk PT
for Singapore-listed China Minzhong Food Corp Ltd
after an attack by a short-seller wiped off almost half of the
Chinese firm's market value.
Indofood, the biggest shareholder in Minzhong with a 29.3
percent stake, told the firm in a letter that it would make an
announcement later on Monday if an offer is to be
made.[ID:nSNZ2Dp5Nd]
The move comes after the food producer saw its stock market
value plunge to $273 million following a 49-page report by
California-based Glaucus Research on accounting issues at the
company. Minzhong, whose shares have been suspended since last
week, has strongly rejected any irregularities.[ID:nL4N0GR0I8]
" I think Indofood sees some form of synergistic value
because Minzhong is more in the upstream raw materials business
and Indofood makes noodles," said Roger Tan, CEO of Voyage
Research in Singapore.
" Thanks to Glaucus the price is a lot cheaper and Indofood
can make a takeover at a much lower price. By taking it private,
Indofood will also have more flexibility to integrate it into
their business."
It was the first short-seller attack on a Singapore-listed
Chinese firm, although in recent years short-sellers have
targeted Chinese companies listed in Hong Kong, Canada and the
United States, citing irregularities.
However, short-sellers have begun to focus on Singapore,
with Muddy Waters attacking commodities firm Olam International
Ltd
its shares.
Bowing to investor pressure, Olam said it would reduce its
spending and trim its businesses, while Singapore state investor
Temasek stepped in to support the company, raising its stake to
nearly 24 percent from 16 percent.
STRONG DEFENCE
On Sunday, Minzhong issued a strong defence of its business
in a 19-page statement, saying it had completed its review of
the report released by Glaucus and strongly rejected what it
viewed as " reckless opinions" and " inferences" drawn by the
short-seller.
" We reiterate that most of the issues raised by Glaucus with
regard to the financials of the company arose out of a complete
lack of understanding of the way we conduct our business as well
as the operating environment in the People's Republic of China,"
it said.
China Minzhong said it had not fabricated its sales or
accounts as alleged by Glaucus. In its defence, Minzhong showed
tax filings, and said it had documents and photographs to
confirm capital expenditures.
Glaucus did not respond to an email from Reuters on Sunday.
Under Singapore law, a single shareholder needs to make a
mandatory takeover offer for the target company if its stake
increases to 30 percent.
China Minzhong said it was taking legal advice on its next
move. " We view the report as damaging the value that we have
created for shareholders over the years and are consulting our
legal advisers on possible recourse."
Indofood said last week that it would conduct further study
into China Minzhong but that it remained committed to the
company.
China Minzhong listed in Singapore in 2010 and has attracted
several big-name investors, including Singapore sovereign wealth
fund GIC, which sold its 14.4 percent stake in February to
Indofood.
Other large investors include Franklin Templeton Investments
Corp, which holds just under 11 percent of the food producer,
according to Thomson Reuters data.
Enjoy...
GorgeousOng ( Date: 02-Sep-2013 12:25) Posted:
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Pls help me to tak bao lunch yah!!!!
🙈 🙊 🙉 🙉 🙊 🙈
Business collaboration, business strategy, u name it. Perfectly alrite from business pt of view.
Peter_Pan ( Date: 02-Sep-2013 12:07) Posted:
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Ewwwww.....yucks!!!
GorgeousOng ( Date: 02-Sep-2013 12:23) Posted:
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They should quickly announce and lift halt to catch Glaucus. If after market closed release...Glaucus have time to think of counter again.
Dreaming of you and I ...heheeeee!
Peter_Pan ( Date: 02-Sep-2013 12:17) Posted:
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Logically shortist wld have covered a portion of it if not all after announcing its intention.
Glaucus preparing short sell report on Indofood...for acquiring a company worth 'zero'!! Haha
Cmz queuing at 80 cts now.. Anyone of u q?
Dreaming of guyu?
GorgeousOng ( Date: 02-Sep-2013 12:16) Posted:
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Having sweet sweet dream....zzzzzz
Peter_Pan ( Date: 02-Sep-2013 12:09) Posted:
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Wonder what Glaucus is doing now...midnight already...must sleep well...
They will chut this kind of pattern meh?
BMW320 ( Date: 02-Sep-2013 11:57) Posted:
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Indofood can buy from open market. They already have confirm buyer - all the shortist.
They can take this opportunities to negotiate something from CMZ. I help you settle the shortist. You sell me CMZ stake at a discounted price. Win win situation, my frn.
In conclusion, Indofood is the big winner.
They can take this opportunities to negotiate something from CMZ. I help you settle the shortist. You sell me CMZ stake at a discounted price. Win win situation, my frn.
In conclusion, Indofood is the big winner.
Peter_Pan ( Date: 02-Sep-2013 11:51) Posted:
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Btw, the major shareholders will want to sell their stakes meh if company is a golden hen???