Avarga (formerly: UPP Holdings)

[weijian]

Selling something in Myanmar at 30% above NAV to a unrelated company incorporated in May2024. Sounds about too good to be true but it is true that the Purchaser has paid a booking fee.

Let's see how the O&M termination with the local partner (operating and maintaining the power plant) pans out and all the terms/conditions attached to the agreement, pans out in due time.

PROPOSED DISPOSAL OF THE COMPANY’S ENTIRE SHAREHOLDING INTEREST IN UPP GREENTECH PTE. LTD.

Based on the latest audited consolidated financial statements of the Group for FY2023, the book value and net tangible asset value of the Target Companies is approximately S$10.5 million.

The net proceeds from the Proposed Disposal (assuming that no Monetary Compensation is payable and there is no set off against the Deposit) are expected to amount to approximately S$13.5 million and is intended to be utilised for settlement of the power plant’s potential O&M expenses or claims (if any), repayment of bank borrowings and/or working capital requirements.

https://links.sgx.com/FileOpen/Announcem...eID=807212

[mslee888]

Another fair but unreasonable offer on the table?

https://links.sgx.com/FileOpen/Annc_Unco...eID=824784

[weijian]

Another fair but unreasonable offer on the table?

https://links.sgx.com/FileOpen/Annc_Unco...eID=824784

hi mslee888,

It seems like this is a mandatory offer triggered because one Msian tycoon decide to buy another Sporean tycoon's share. God knows what's going between both of them

Anyways, Chairman Ooi has an intention to restore the free float, if it was ever lost. It does fit into their theme with Avarga as a holding company of businesses and they have nothing to lose. Their million-dollar salaries will continue to flow from Taiga.

Avarga receives S$0.25 per share offer from its executive chairman

PAPER manufacturing and building materials distributor Avarga : U09 +4.26% has received an unconditional mandatory general cash offer of S$0.25 per share, it announced in a bourse filing on Monday (Nov 11).

The offeror does not intend to preserve the listing status of Avarga following the completion of the offer, and will exercise its rights of compulsory acquisition

However, if TKO is unable to acquire all the shares or seek a voluntary delisting with the total issued shares held by the public under 10 per cent, it will undertake actions to lift any trading suspensions.

https://www.businesstimes.com.sg/compani...e-chairman