CGS-CIMB on Friday maintained its 'add' call on Wilmar International despite a short-term overhang from this week's share sale by major stakeholder Archer Daniels Midland (ADM), adding that it remains positive on the planned listing of Wilmar's Chinese unit, Yihai Kerry Arawana (YKA). Read more at The Business Times.
CGS-CIMB on Friday maintained its"add" call on Wilmar International despite a short-term overhang from this week's share sale by major stakeholder Archer Daniels Midland , adding that it remains positive on the planned listing of Wilmar's Chinese unit, Yihai Kerry Arawana .
CGS-CIMB also maintained its target price at S$5.53. Shares of the agri-food giant were trading at S$4.41 as at 10.53am on Friday, up S$0.05 or 1.2 per cent. ADM, Wilmar's second-largest shareholder, on Wednesday announced it had sold 170.5 million shares representing a 2.68 per cent stake in Wilmar, with the settlement of the block trade expected to occur on Aug 24.
The shares were sold at a placement price of S$4.40, a 9.5 per cent discount to Wilmar's closing price on Wednesday. Analysts Ivy Ng and Nagulan Ravi said they believe this was to allow ADM to unlock the value of its investments in Wilmar given the"strong" share price performance year to date, estimating that the transaction would raise around US$550 million in gross proceeds for ADM.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks to watch: SIA, SGX, Wilmar, Accordia Golf Trust, China Aviation, KeppelTHE following companies saw new developments that may affect trading of their securities on Friday: Read more at The Business Times.
Read more »
Wilmar shares sink after major shareholder says will cut stake with US$500m share saleSINGAPORE - Singapore-listed agribusiness giant Wilmar International saw its shares plunge on Thursday morning (Aug 20) after one of its largest shareholders said it plans to sell shares and bonds with a combined value of US$800 million (S$1.1 billion).. Read more at straitstimes.com.
Read more »
Hot stock: Wilmar sinks 10% after major shareholder reveals plans to cut stakeSHARES of agri-food giant Wilmar International fell 10 per cent on Thursday morning after one of its largest shareholders, Archer Daniels Midland (ADM), announced plans to sell off shares and bonds worth US$800 million. Read more at The Business Times.
Read more »
Archer Daniels Midland to cut stake in Wilmar, sell shares for US$500m[BENGALURU] Grain trader Archer Daniels Midland Co (ADM) said on Wednesday it plans to sell shares and bonds in Singapore-based Wilmar International with a combined value of US$800 million. Read more at The Business Times.
Read more »
Archer Daniels Midland to cut stake in Wilmar, sell shares for US$500 millionSINGAPORE: Grain trader Archer Daniels Midland Co (ADM) said on Wednesday (Aug 19) it plans to sell shares and bonds in Singapore-based Wilmar ...
Read more »