Saturday, December 19, 2009

Cash Offer for Jurong Cement (J04)


Another company being taken over, Jurong Cement. A quick check at the news find 5 directors resigned recently, reported from the Business Times. Since it was announced over the weekend, there is an opportunity to look into more details.


Company Info:

Jurong Cement Limited (JCL) is an investment holding company. The operations of the Company and its subsidiaries are grouped mainly under property investment and investment holding, and manufacturing and dealing in cement. Jurong Readymix Concrete Pte Ltd is a core business of the Company, and delivers a range of concrete. JCL Drymix is a dry-mix mortar that includes render and skimcoat plasters, construction grouts and mortar, flooring compounds and screeds, waterproofing tile adhesives and protective coatings under the JURCEM brand. The Company's cementitious division receives imported ordinary portland cement and ground granulated blast furnace slag using bucket elevators and fluidslide distribution system that boost a capacity of 900 tons per hour (tph). Jurong Cement Bulk Terminal Pte Ltd is also designed with blending facilities of up to 120 tph to cater to blended cement, offering a range of cementitious materials for special concrete and dry mortar applications.


The current price now $1.28 and the offer price is $2.10. However, it is very very illiquid, with the last trade at 18th Nov(1 month ago) and only 5k. I guess the offer price is attractive to current shareholder and will probably see more volume. Will definitely take a look on the order queued up and prices.

References:

  1. Google Cache of Business Time - Conflict in Jurong Cement board
  2. Google Cache of Business Time - $2.10 a share offer for Jurong Cement
  3. SGX - Offer Docuemnt

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