PublicInvest Research
Yee Lee Corporation Berhad- Ceasing Coverage
PublicInvest
Publish date: Tue, 30 Jun 2020, 12:28 PM
PublicInvest
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An official blog in I3investor to publish research reports provided by PublicInvest Research team.
All materials published here are prepared by Public Investment Bank Berhad. For latest offers on Public Invest trading products and news, please refer to: https://www.publicinvestbank.com.my/pbswecos/default.asp
PUBLIC INVESTMENT BANK BERHAD (20027-W)
9th Floor, Bangunan Public Bank
6, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
T 603 2031 3011 | F 603 2272 3704 | Dealing Line 603 2260 6718
All materials published here are prepared by Public Investment Bank Berhad. For latest offers on Public Invest trading products and news, please refer to: https://www.publicinvestbank.com.my/pbswecos/default.asp
PUBLIC INVESTMENT BANK BERHAD (20027-W)
9th Floor, Bangunan Public Bank
6, Jalan Sultan Sulaiman, 50000 Kuala Lumpur
T 603 2031 3011 | F 603 2272 3704 | Dealing Line 603 2260 6718
Following a mandatory general offer, Yee Lee Organisation, together with Dato’ Lim A Heng, Datin Chua Shok Tim, Lim Ee Young and Langit Makmur Sdn Bhd (Joint Offerors) are collectively holding more than 95% of Yee Lee Corporation (Yee Lee). As the Joint Offerors do not intend to maintain the listing status of Yee Lee, we are ceasing our coverage on Yee Lee. Our last valuation for the stock was Neutral with a TP of RM1.96 based on a sum-of parts valuation. The stock will be suspended from 1st July 2020 onwards.
- To recap. Yee Lee first announced a take-over offer on 26 April 2019 to acquire 79.6m shares for a price consideration of RM2.33 (including a 4 sen dividend). Despite extending the offer twice to 3 July 2019, the Joint Offers was just shy of collecting 90% of Yee Lee’s total issued shares. The previous takeover offer price represents a 20% upside from its last traded price of RM1.94. On 12 May 2020, Yee Lee announced a second take-over offer at RM2.06 to acquire the remaining 19.3m shares. The takeover bid was deemed as ‘not fair but reasonable’ by the independent adviser as the offer price represents a discount of 41-42.8% to the estimated fair value of Yee Lee shares between RM3.49 to RM3.60.
- Challenging operating environment remains as the Covid-19 pandemic has resulted in a steep decline in economic activities which further weakened consumer spending. Nevertheless, the group has taken precautionary measures by reorganising its resources to weather through the uncertainties and will also increase its presence on digital platforms in order to adapt to the changes in the market.
Source: PublicInvest Research - 30 Jun 2020
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We should punish major shareholder, boycott all Yee Lee products, such as Red Eagle (Helang Oil), Vesawit, SunLico, NeuVida, Vecorn, Vesoya, Sabah Tea, Sabah Tea Tarik, Red Bull. Then only they will learn their lesson, not dare to treat minority shareholders unfairly.
2020-07-02 12:17
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Let’s reciprocate to Yee Lee Major Shareholder Unfair Privatization
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These cunning fellow first trying to buy out minority shareholders’ shares, in big discount to net asset value. After minority shareholders have been supporting the company for so long, it immorally kicks out minority shareholders, so it can enjoy the large valuable asset in the company by themselves. Then, taking advantage of the Covid-19 outbreak, using Bursa rules loophole to further lower the privatization price, squeeze the last drop out of dissenting minority shareholders.
Well, we all lose out in this battle to protect our interest, but we can at least do something to reciprocate to our selfish and disgraceful major shareholders, who are Dato' Lim A Heng @ Lim Kok Cheong, Datin Chua Shok Tim @ Chua Siok Hoon, Lim Ee Young and Langit Makmur Sdn Bhd.
From now on, lets reciprocate to their unfair privatization:
(1) Make sure don’t invest in any company that these people owned or involved in, else you may end up in same story, being forced to sell your shares in lost.
(2) Boycott all Yee Lee products, such as Red Eagle (Helang Oil), Vesawit, SunLico, NeuVida, Vecorn, Vesoya, Sabah Tea, Sabah Tea Tarik, Red Bull. Anyway, in the first place I also think these products are of low quality, mainly targeting low and cheap market.
(3) Make their business conduct difficult, by voting against any resolutions, if they purposely not sending annual report, circular, complain to company commission, make them trouble to needing to answer to authority.
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2020-07-02 12:13