Pan United Corporation

[edragon]

Hi Valerene,

I sold my Xing Hua Shares through Pan United Corp.

I got my cheque on 12th April 2018

The price per share was SGD $0.205

April 2018: S$0.205 (approx. HK$1.22) per share
30 July 2020: HK$2.597 (S$0.461) for each offer share

The two dividends paid HK$0.095 per share.

.

[weijian]

Just listed a while ago so fast wanna delist it, the listing fees are become kapok not well spent

Here is a rough estimate of how CXP (or Xinghua when it accquired CCIP in 2014) over the years:

2005: MIIF purchases a 38% effective interest in CXP for 106.4mil (implied valuation of whole of CXP: 280mil sgd)
2013: MIIF sells 38% stake back to PanUnited for 112.2mil (implied valuation of whole of CXP: 295mil sgd)
2017: Splits into Xinghua (CXP + CCIP) and Xinghua Management subscribed for 35650k shares (4.5%) at 1.45HKD/0.259sgd at HKEX listing (implied valuation of whole of CXP: 205mil sgd)
2020: Receives buy out offer of 2.11bil (or 377mil sgd)

For the record, Xinghua spent 20mil RMB (or ~5mil sgd) to list on HKEX by way of introduction. If we could argue that this 5mil sgd allowed Xinghua Group's profile to be elevated and accounts published in the open for suitors, then we could probably argue that it was well spent since the valuation of Xinghua increased ~30% from 295mil sgd (2013) to 377mil sgd (2020)?

[edragon]

For the record!

ZHUHAI PORT (HONG KONG) CO., LIMITED
(Incorporated in Hong Kong with limited liability)
XINGHUA PORT HOLDINGS LTD.
(Incorporated in the Republic of Singapore with limited liability)
(Stock Code: 01990)

JOINT ANNOUNCEMENT
VOLUNTARY CONDITIONAL GENERAL CASH OFFER BY
ESSENCE INTERNATIONAL SECURITIES (HONG KONG) LIMITED
FOR AND ON BEHALF OF
ZHUHAI PORT (HONG KONG) CO., LIMITED
TO ACQUIRE ALL THE ISSUED SHARES OF
XINGHUA PORT HOLDINGS LTD.

(1) ACCEPTANCES OF THE OFFER AND THE OFFER HAS
BECOME UNCONDITIONAL IN ALL RESPECTS;
(2) THE OFFER REMAINS OPEN FOR ACCEPTANCE FOR 14 DAYS; AND
(3) COMPULSORY ACQUISITION AND WITHDRAWAL OF LISTING

ACCEPTANCES OF THE OFFER AND THE OFFER HAS BECOME UNCONDITIONAL
IN ALL RESPECTS

Level of acceptances

As at 4:00 p.m. on 16 September 2020, the Offeror has received valid acceptances in respect of
781,096,152 Offer Shares under the Offer, representing approximately 95.91% of the total issued
share capital of the Company as at the date of this joint announcement.
-

[pianist]

For the record!

ZHUHAI PORT (HONG KONG) CO., LIMITED
(Incorporated in Hong Kong with limited liability)
XINGHUA PORT HOLDINGS LTD.
(Incorporated in the Republic of Singapore with limited liability)
(Stock Code: 01990)

JOINT ANNOUNCEMENT
VOLUNTARY CONDITIONAL GENERAL CASH OFFER BY
ESSENCE INTERNATIONAL SECURITIES (HONG KONG) LIMITED
FOR AND ON BEHALF OF
ZHUHAI PORT (HONG KONG) CO., LIMITED
TO ACQUIRE ALL THE ISSUED SHARES OF
XINGHUA PORT HOLDINGS LTD.

(1) ACCEPTANCES OF THE OFFER AND THE OFFER HAS
BECOME UNCONDITIONAL IN ALL RESPECTS;
(2) THE OFFER REMAINS OPEN FOR ACCEPTANCE FOR 14 DAYS; AND
(3) COMPULSORY ACQUISITION AND WITHDRAWAL OF LISTING

ACCEPTANCES OF THE OFFER AND THE OFFER HAS BECOME UNCONDITIONAL
IN ALL RESPECTS

Level of acceptances

As at 4:00 p.m. on 16 September 2020, the Offeror has received valid acceptances in respect of
781,096,152 Offer Shares under the Offer, representing approximately 95.91% of the total issued
share capital of the Company as at the date of this joint announcement.
-

Mine are kept with fsmone, anyone same with fsmone, how to proceed, didn't received any letter from fsmone leh?

[edragon]

Mine are kept with fsmone, anyone same with fsmone, how to proceed, didn't received any letter from fsmone leh?

Use your usual communication channels with fsmone to accept the offer. In my case I used email through my broker in Poems. Proceeds already settled on 26-Sept.

[pianist]

Tks have logged in and not yet see any corporate action election for xinghua shares. Emailed fsmone for clarification

[pianist]

Tks have logged in and not yet see any corporate action election for xinghua shares. Emailed fsmone for clarification

was informed that it was undergoing compulsory acquisition now and thus no action needed, just wait for monies to fall from the sky

[weijian]

The downturn in RMC prices in Spore has been deep and long, similar to that of global oil prices. In this period, PanUnited's local market share has increased from ~30% to 40% (achieved during the 2016-2017 trough of RMC prices). RMC has been running at slightly above 100 bucks since 2H21. Looking at the historical annual prices of RMC, it is the highest in the last 7 years. Is there a better sign of things to come?

BCA expects 2022 construction demand between S$27b and S$32b, supported by public sector projects

Currently, ready-mixed concrete demand is expected to increase to between 12.5 million and 14 million cubic metres, from 11.6 million cubic metres in 2021. Demand for precast concrete is also projected to rise to between 1.6 million and 1.8 million cubic metres, up from 1.1 million cubic metres in 2021, while steel rebar demand is expected to climb to between 1 million and 1.2 million tonnes, up from 0.9 million tonnes last year.

https://www.businesstimes.com.sg/governm...-by-public

historical RMC annual avg prices: https://www.statista.com/statistics/9945...singapore/
BCA info: https://www1.bca.gov.sg/e-services/key-c...nformation

[weijian]

As the market leader in Spore, Pan United will rise and fall by the sword of RMC prices.

The latest RMC prices show that 2Q22 is running at ~117sgd on average. It is ~10bucks higher than 1Q22 (105sgd) and about 20% higher YoY compared to 1H21 (~95sgd).

However, cost inflations from labor and raw materials are very real. BRC Asia's latest results update also shows risks like deadly workplace incidents and dengue spreads causing stop work orders. The risks are aplenty as well.

Finally, most of PanUnited's large CAPEX (largely funded through borrowings) have been completed before Covid-19. OPCAPEX has been kept low at ~5-6mil in the last 3FYs and it has made use of this improving FCF position to pay down a big portion of loans. Will this form the foundation for a better sign of things in the coming years?

BCA info: https://www1.bca.gov.sg/e-services/key-c...nformation

[weijian]

The Ngs signed up with CarbonCure in 2018 to retrofit some of their cement plants to use their technology to inject CO2 (produced from cement production) into the concrete process. Based on past usage from CarbonCure's own case study, the usage of CO2 mineralized concrete at Tua Port Phase1 is another 2x of the past usage. Increasing usage will probably proliferate further acceptance and finally bring their investments in the past few years to scale. There are surely many corporations who are eager to flesh their ESG credentials in their annual/sustainability reports.

PAN-UNITED BOOSTS DECARBONISATION AS SINGAPORE’S LARGEST SUPPLIER OF CO2 MINERALISED CONCRETE FOR TUAS PORT

The Tuas Port Phase One project will use 360,000m3 of low-carbon CO2 mineralised concrete, coupled with green cement, from Pan-United.

Pan-United Corporation Ltd (泛联集团, “Pan-United”) is driving sustainable change in Singapore’s built environment with the use of 360,000m3 of carbon dioxide (CO2) mineralised concrete over a 2.5-year period for Tuas Port. This specialised low-carbon concrete is a building material for the berths and stacking yards at the Phase One container berth project by PSA Corporation Ltd (“PSA”).

https://links.sgx.com/FileOpen/Pan-Unite...eID=747210

Carboncure's own case study: https://go.carboncure.com/rs/328-NGP-286...nU-3pg.pdf