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Global Derivatives Articles

GFM-WC: Steady gain on debut on positive news

GFM-WC, the new warrant of GFM Services Berhad (GFM), began trading in Bursa Malaysia on 7 February.  This warrant was issued to shareholders of GFM as a bonus issue based on one free warrant for every two shares held on the entitlement date.  A total of 235.46 million warrants were issued.  GFM-WC has gradually climbed up ever since it made its debut at 16 sen last week as GFM announced it has secured contracts worth RM69 million from Bank Negara Malaysia.  At the end of trading on 12 February 2019, GFM-WC closed at 20.5 sen while the mother share closed at 50 sen.

EG-WC: Bank on shares buyback?

The volume traded on EG Industries Berhad has been increasing over the last couple of months as the company began to buy back its own shares since 19 December 2018.  Nevertheless, the share price movement fluctuated in a relatively narrow range between 45 sen and 50 sen during this period.  EG Industries share closed at 45.5 sen just prior to the Chinese New Year while the company warrant (EG-WC) ended trading in the year of dog at 14 sen.  The company has bought a total of 13.84 million shares representing 5.1% of its own share capital as at the end of January 2019.

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Sweetener wins the deal for MFM's funding drive

Focus MalaysiaMalayan Flour Mills Berhad (MFM) has recently completed a massive cash call comprising a rights issue of Redeemable Convertible Unsecured Loan Stocks (RCULS) and rights issue of ordinary shares.  The rights issues exercise comprised the issuance of 165.09 million RCULS at its nominal value and issue price of RM1.00 and 220.11 million shares at subscription price of 50 sen per share.  As a sweetener to shareholders, subscribers of RCULS will receive one bonus share and one free warrant for every two RCULS subscribed.  Investors who took up the rights issue of shares will receive one bonus share and one free warrant for every four right shares subscribed.  MFM’s RCULS (MFLOUR-LA) and new warrant (MFLOUR-WC) made their debut at Bursa Malaysia on 28 January 2019.  MFLOUR-LA and MFLOUR-WC ended trading on 29 January at 99.5 sen and 16 sen respectively.

Aturmju-pa: Another discount trap

Bursa Malaysia recently witnessed two rights issues exercise involving the issuance of quasi-warrant instruments in the form of ICPS (Irredeemable Convertible Preference Shares).  The number of ICPS issued in these exercises are far larger than the number of ordinary shares outstanding prior to the conversion of these ICPS.  Another feature of these ICPS is that they can be converted to mother share either via exchange of equivalent value of ICPS according to conversion ratio or by tendering at least a unit of ICPS and topping up the balance via cash to “exercise” into the mother share.  As oppose to warrants issuance where a listed company can only issue up to 50% of the outstanding mother share, there is no restriction placed on convertible securities such as ICPS or ICULS even though these instruments can have warrants-like characteristics.

ORION-WA Price May be Capped Ahead of Placement

The share price of Orion IXL Berhad (Orion) has attracted investors’ interest ever since the company announced its entry into the fintech area late last year.  Orion announced on 21 December 2018 that its wholly owned subsidiary Ganda Integrasi Sdn Bhd (GISB) entered into a sale and purchase agreement with THO Travel & Tours Sdn Bhd (THO Travel) to acquire 10,000 ordinary shares, representing 10% equity interest in Sukaniaga Sdn Bhd (Sukaniaga) from THO Travel for a cash consideration of RM10 million.  Sukaniaga and MyAngkasa Holdings Sdn Bhd (Angkasa) had signed a service level agreement for the development of a fintech system, called Angkasa Az-Zahara, which provides online digital end-to-end solutions from the stage of the loan application to the loan approval process, including its operation and maintenance.

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Analysis

Warrant Ranking by Premium (7 Aug 2016)

The following is the list of Warrant Ranking by Premium

Warrant Ranking 7 Aug 2016 by Premium

MALAYSIA LOAN STOCK ANALYSIS 27 MAY 2015

The following is a list of loan stock listed on Bursa Malaysia as at (date).

Malaysia Loan Stock Analysis 270515

Change in Shareholdings (1/5/2015 - 31/5/2015)

The following is a list of change in shareholdings as at (date).

May 2015 (1 May 2015 - 31 May 2015)

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