Aussino Group

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#11
I actually kind of like their bed linen and fabrics - too bad it was loss-making!

The Straits Times
www.straitstimes.com
Published on Apr 30, 2013
Aussino shares dive as backdoor listing slams shut


By Goh Eng Yeow Senior Correspondent

AUSSINO Group, which had set its sights on Myanmar, provides a chilling object lesson in what can go wrong if a reverse takeover turns sour.

The counter plunged 40.48 per cent to 10 cents yesterday on heavy volume of 176.43 million shares, after nose-diving as much as 58 per cent at one point.

The freefall came after the Singapore Exchange (SGX) effectively rejected the bid for a reverse takeover of a petrol kiosk business in Myanmar owned by controversial tycoon U Zaw Zaw.

Mr Zaw Zaw is on a US sanctions list and his Max Myanmar Group is at the centre of human rights allegations.

Aussino's share price dive means it is now trading back at levels last seen in June when the takeover idea was first mooted.

The company had earlier been advised by its financial adviser PrimePartners Corporate Finance to withdraw the reverse takeover application, rather than have it knocked back by the SGX.

PrimePartners had also said that the concerns raised by the SGX could not be satisfactorily addressed by Friday - the deadline to get the deal approved before new SGX mainboard rules kicked in.

But Aussino's board announced last Friday that it would not withdraw the application. This prompted the SGX's move yesterday.

In a statement before trading resumed after two days of suspension, Aussino said the SGX "is unable to proceed with the review of the application as major issues have not been adequately resolved".

The statement was accompanied by a cautionary note in bold saying that "shareholders are advised to exercise caution in trading of shares" in Aussino.

The reasons given by the SGX were essentially the same as those listed by PrimePartners when it urged the board to withdraw its reverse takeover application.

SGX cited concerns over Mr Zaw Zaw's presence on a US sanctions list and claims of human rights violations, related to forced land acquisitions by the former Myanmar government, and tax investigations by the Myanmar authorities against the businessman's Max Myanmar Group.

Meanwhile, Best World International, which specialises in the distribution of its proprietary health and lifestyle products, said that it has been in Myanmar since 2007.

The company said that it three lifestyle centres has been set up in the cities of Yangon, Mandalay and Taunggyi, selling food and health-care products.

The firm's chief executive officer, Dr Dora Hoan, said

that it expects Myanmar to contribute to the company's export volume in financial year 2013.

"We shall set aside more resources to expand our presence in this market and continue to understand the market until such time when there are clearer regulations governing direct selling companies."

engyeow@sph.com.sg
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#12
There is a cover story in The Edge on Aussino Group RTO. Lots of history and inside story for the RTO.

For those interested.

(not vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#13
More details about AusGroup relisting on ASX from OSK-DMG

AusGroup has revealed the details of the next key step towards its relisting onto the ASX. The RTO companies will be Kebun Sedenak Sdn Bhd and Tropik Sentosa Sdn Bhd (Target Group), whose assets include freehold land and a golf resort in Malaysia. "As insufficient information was disclosed, our valuation of $0.66 is for AusGroup only, and we leave as potential upside any incremental value arising from the RTO," says OSK DMG in a note.

The Target Group owns about 1,015 acres of freehold land in Iskandar Malaysia and intends to acquire another 47 acres for a total of 1,062 acres. They also own The Legends Golf & Country Resort, which is a master-planned resort comprising one 18-hole Jack Nicklaus-designed championship course, one 9-hole Arnold Palmer-designed course and other assets. The main business of the Target Group after the RTO will be property development and management.

http://www.theedgesingapore.com/the-dail...4-mil.html
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#14
(08-05-2013, 10:02 AM)CityFarmer Wrote: More details about AusGroup relisting on ASX from OSK-DMG

AusGroup has revealed the details of the next key step towards its relisting onto the ASX. The RTO companies will be Kebun Sedenak Sdn Bhd and Tropik Sentosa Sdn Bhd (Target Group), whose assets include freehold land and a golf resort in Malaysia. "As insufficient information was disclosed, our valuation of $0.66 is for AusGroup only, and we leave as potential upside any incremental value arising from the RTO," says OSK DMG in a note.

The Target Group owns about 1,015 acres of freehold land in Iskandar Malaysia and intends to acquire another 47 acres for a total of 1,062 acres. They also own The Legends Golf & Country Resort, which is a master-planned resort comprising one 18-hole Jack Nicklaus-designed championship course, one 9-hole Arnold Palmer-designed course and other assets. The main business of the Target Group after the RTO will be property development and management.

http://www.theedgesingapore.com/the-dail...4-mil.html

Hi wrong thread. This is about Ausgroup not Aussino. Thanks.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#15
(08-05-2013, 10:16 AM)Musicwhiz Wrote:
(08-05-2013, 10:02 AM)CityFarmer Wrote: More details about AusGroup relisting on ASX from OSK-DMG

AusGroup has revealed the details of the next key step towards its relisting onto the ASX. The RTO companies will be Kebun Sedenak Sdn Bhd and Tropik Sentosa Sdn Bhd (Target Group), whose assets include freehold land and a golf resort in Malaysia. "As insufficient information was disclosed, our valuation of $0.66 is for AusGroup only, and we leave as potential upside any incremental value arising from the RTO," says OSK DMG in a note.

The Target Group owns about 1,015 acres of freehold land in Iskandar Malaysia and intends to acquire another 47 acres for a total of 1,062 acres. They also own The Legends Golf & Country Resort, which is a master-planned resort comprising one 18-hole Jack Nicklaus-designed championship course, one 9-hole Arnold Palmer-designed course and other assets. The main business of the Target Group after the RTO will be property development and management.

http://www.theedgesingapore.com/the-dail...4-mil.html

Hi wrong thread. This is about Ausgroup not Aussino. Thanks.

ops my apologies, should i delete it?
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#16
Nah it's OK. Maybe just re-post the article in Ausgroup, please? Thanks.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/
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#17
This morning's (30Jul13) announcement.....
http://infopub.sgx.com/FileOpen/Aussino_...eID=249745
basically means that this watch-listed - and grossly over-priced and over-speculated - counter is now back to square one!
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