【JTINTER 2615 交流专区】JT国际

Mexicools

jcching0706 发表于 17-5-2014 08:48 PM
应该不再升了。

难讲咯，现在他们收购的时间延长了！

Rhino

如果选择不卖掉(不接受献购), 那它在收购完市场上90多巴仙后决定下市, 对我们持续持有它的股份有没有什么影响?

还是它在持有90多巴仙后有权力可以强制收购剩余的持股?

类是之前私有化下市的Bernas, 好像也有些股民没有接受献购.

@williamnkk81

jcching0706

奇怪，怎么今天升这么多？如果我同意收购价了，已转票了，为什么还拿不到钱〉

williamnkk81

Rhino 发表于 21-5-2014 12:59 PM
如果选择不卖掉(不接受献购), 那它在收购完市场上90多巴仙后决定下市, 对我们持续持有它的股份有没有什么影 ...

如果你有看公司去計劃。。你就知道。。。 一就是收購成功。。。 下市。。 不會給你拿着下市的股票。。。

如果沒有這個計劃。。。 你是可以擁有像BERNAS那樣。。。

公司大股東已經表明的如果沒有拿到全面強制收購的比例。。就會失敗。。。會把拿到的股票退回。。。。

Mexicools

jcching0706 发表于 21-5-2014 06:31 PM
奇怪，怎么今天升这么多？如果我同意收购价了，已转票了，为什么还拿不到钱〉

拿到钱也没用，今天起那么多，亏死了！早知道不要给他收购回去

icy97

日本烟草国际献购价上调至8.20令吉

财经 2014年5月21日
（吉隆坡21日讯）日本烟草国际（JTINTER，2615，主板消费股）发文告指出，献购方日本日本烟草国际控股（JT International Holding BV）將早前提出的全面献购价从7.80令吉，调高至8.20令吉。        

隨著上调献购价，已接受原献购价7.80令吉的持股人，依然有权享有修订后的献购价。

JTI国际控股是於4月1日，提出私有化日本烟草国际献议，以每股7.80令吉，或相等於总值8.08亿令吉，收购在日本烟草国际剩余的39.63%股权，或相等於1亿零364万9131股股票。

该献购截止日期为6月5日下午5点。【东方网财经】

Type	Announcement
Subject	TAKE-OVERS & MERGERS (CHAPTER 11 OF LISTING REQUIREMENTS)
Description	JT International Berhad ("JTI Malaysia" or "the Company") Notice of Revised Offer in relation to the Conditional Take-Over Offer by JT International Holding B.V. ("Offeror") through CIMB Investment Bank Berhad ("CIMB") to acquire all the remaining ordinary shares of RM0.25 each in JTI Malaysia ("Shares") which are not already held by the Offeror ("Offer Shares") ("Offer")
We refer to the Company's announcements dated 31 March 2014, 7 April 2014, 21 April 2014, 2 May 2014 and 9 May 2014. We wish to inform that the Company has today, 21 May 2014, received the attached Notice of Revised Offer from CIMB, on behalf of the Offeror, informing that the offer price for the Offer Shares has been revised to RM8.20 per Offer Share ("Revised Offer").  Holders of the Offer Shares who have accepted the Offer at the original offer price of RM7.80 per Offer Share will be entitled to receive the revised cash consideration of RM8.20 per Offer Share under the Revised Offer. The Revised Offer shall remain open for acceptances up to 5.00 p.m. (Malaysian time) on 5 June 2014. Up to 21 May 2014, CIMB has received the following irrevocable undertakings to accept the Revised Offer:- (a) from the Employees Provident Fund Board for 21,265,800 Shares, representing 8.13% of the issued and paid-up capital of JTI Malaysia; (b) from Kumpulan Wang Persaraan (Diperbadankan) for 17,881,800 Shares, representing 6.84% of the issued and paid-up capital of JTI Malaysia; (c) from Great Eastern Life Assurance (Malaysia) Berhad for 12,362,870 Shares, representing 4.73% of the issued and paid-up capital of JTI Malaysia; and (d) from Permodalan Nasional Berhad for 10,300,585 Shares, representing 3.94% of the issued and paid-up capital of JTI Malaysia. The level of acceptances of the Revised Offer in respect of shares of JTI Malaysia as at 5.00 p.m. (Malaysian time) on 21 May 2014 is set out in the attached press notice. This announcement is dated 21 May 2014. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1629289

Attachments Notice of Revised Offer.pdf Press Notice_Revised Offer (210514).pdf

jie2003

Mexicools 发表于 21-5-2014 11:00 PM
拿到钱也没用，今天起那么多，亏死了！早知道不要给他收购回去

別擔心, 沒虧. 因為收購價調高至8.20, 之前賣回去的也一起調高了...

Rhino

williamnkk81 发表于 21-5-2014 08:16 PM
如果你有看公司去計劃。。你就知道。。。 一就是收購成功。。。 下市。。 不會給你拿着下市的股票。。。
...

就公司抱着不成功, 便成仁的心来个收购/私有化.  

会不会公司收购/私有化不成功, 然后将公司罢烂继续经营?  

Mexicools

jie2003 发表于 21-5-2014 11:42 PM
別擔心, 沒虧. 因為收購價調高至8.20, 之前賣回去的也一起調高了...

哦，看到icy97发布他们的新消息，我现在也开心了！

williamnkk81

Mexicools 发表于 22-5-2014 02:03 PM
哦，看到icy97发布他们的新消息，我现在也开心了！

你是新手的咯。。。。

這個教訓你什麼 。。。 要了解這是什麼收購案。。。要什麼條件的。。。還有為何要那麼急給回。。。

尤其是好公司。。。 拿。。守到不可以守為止咯。。。還有要了解公司價值。。。。

你要小心咯。。萬一收購不成功。。。你也是在不利條件。。。因為不可以賣給市場。。。。

williamnkk81

Rhino 发表于 22-5-2014 01:53 AM
就公司抱着不成功, 便成仁的心来个收购/私有化.  

会不会公司收购/私有化不成功, 然后将公司罢烂继续 ...

不會的。。。。 因為無論。。哪位股東還是大股的。。。 所以公司盈利還是他們要的。。。

Mexicools

williamnkk81 发表于 22-5-2014 09:27 PM
你是新手的咯。。。。

這個教訓你什麼 。。。 要了解這是什麼收購案。。。要什麼條件的。。。還有為何 ...

他们那时收购时间是五月头截止，哪里懂他过后一直拖延截止收购时间。。。。在那里玩野

icy97

新獻購價誘人‧日本煙草現套現良機

2014-05-22 17:00      
（吉隆坡22日訊）日本煙草國際（JTINTER，2615,主板消費品組）宣佈將全面獻購價從7令吉80仙調高至8令吉20仙。

分析
聯昌研究指出，原本的7令吉80仙獻購價已很良好，最新出價更佳，給予小股東無法抗拒的套現機會。

由於管制條例嚴格和走私煙猖獗，大馬煙草商面對艱辛營運局面，此獻購為小股東帶來難得機會以減少涉足此夕陽工業。

MIDF研究表示，截至5月21日，目前接受率已達到95.37%，高於所設定的90%接受率。

調高後的8令吉20仙獻購價相等於日本煙草國際每股淨資產值1令吉37仙的6倍溢價、合理價7令吉13仙至7令吉33仙的11.9%至14.7%溢價以及本益比處於吸引人的17.7倍。8令吉20仙價格也是該股有史以來最高價位。

由於股價已走高和超越之前的7令吉80仙，該行持中和評級。

馬銀行研究指出，新獻售價比首次獻議前的股價高30%，相等於2014年本益比16.7倍，略低於過去7年的17倍本益比高峰。該行認為這是股東套現的良好機會。（星洲日報／財經）


大股东上调献购价 JT国际盘中再创新高

财经新闻 财经  2014-05-23 10:06
（吉隆坡22日讯）JT国际（JTINTER，2615，主板消费产品股）大股东上调献购价后，激励该股今日再创新高，一度超越新献购价水平。

分析员均建议股东接受献议，因烟草领域前景充满挑战，这提供股东不错的获利机会。

由于股价超越私有化献购价，JT国际大股东JT国际控股BV昨天将出价从每股7.80令吉，上调至8.20令吉。

该股今日继续攀升，一度扬至全日最高的8.21令吉，闭市收窄至8.17令吉，起3仙，或0.37%，成交量有52万7400股。

艾芬投行研究和丰隆投行研究对献购价上调感到意外，建议股东接受献议，因本地烟草领域的短期展望依然严峻，JT国际前景亦是，预计未来几个季度的盈利不会出现显著改进。

分析员说，鉴于烟草领域充满挑战和现有具吸引的献购，小股东没有第二次拒绝的理由。

JT国际昨日表示，雇员公积金局、大马退休基金、大马大东方寿险和国民投资机构（PNB），都已同意接受献购，四者共持23.64%股权。

马银行投行指出，上述四方接受新献议后，大股东累积的股权从60.37%，增至84%，还有6%就成为无条件交易。

分析员说，以8.20令吉计算，周息率只有2.7%，预计当每股现金达1令吉时，JT国际会在2016年才会派发特别股息。

因此，这是一个好机会，让股东将股票套现。

独立顾问：股东应接受

另一方面，独立顾问大众投行研究认为，大股东提出的新献购价，依然是“公平且合理”，建议小股东接受献议。

大众投行研究指出，每股8.20令吉的新献购价，比JT国际每股7.15至7.33令吉的合理价，分别高出11.87%至14.69%，相比原本的6.41%至9.09%。

该行也维持上一份通告给予的意见，包括JT国际流通量相对低，小股东要在公开市场以献购价脱售持股权的机会可能有限，此献议提供小股东一个迅速有效和溢价将股票套现的机会。



【南洋网财经】

icy97

Type	Announcement
Subject	TAKE-OVERS & MERGERS (CHAPTER 11 OF LISTING REQUIREMENTS)
Description	JT INTERNATIONAL BERHAD ("JTI") OR THE "COMPANY") REVISED OFFER IN RELATION TO THE CONDITIONAL TAKE-OVER OFFER BY JT INTERNATIONAL HOLDING B.V. ("OFFEROR") TO ACQUIRE ALL THE REMAINING ORDINARY SHARES OF RM0.25 EACH IN JTI WHICH ARE NOT ALREADY HELD BY THE OFFEROR ("OFFER SHARES") ("REVISED OFFER")
All definitions used herein shall have the same meanings as defined in the Definitions section of the Independent Advice Circular to the holders of the Offer Shares dated 2 May 2014, except where the context otherwise requires or where otherwise defined herein. We refer to the Company’s announcements dated 31 March 2014, 7 April 2014, 21 April 2014, 2 May 2014, 9 May 2014 and 21 May 2014. The Board of Directors of JTI wishes to announce that pertaining to the Notice of Revised Offer from CIMB, on behalf of the Offeror dated 21 May 2014, wherein the cash offer price for the Offer Shares had been revised from RM7.80 per Offer Share (“Original Offer Price”) to RM8.20 per Offer Share (“Revised Offer Price”), the Independent Adviser, Public Investment Bank Berhad (“PIVB”), had advised that the Revised Offer Price represents a premium of between 11.87% and 14.69% to the range of the indicative fair value of the Group based on the DCF valuation methodology of RM7.15 to RM7.33 per JTI Share (“DCF Range”) (compared to a premium of between 6.41% and 9.09% to the DCF Range pursuant to the Original Offer Price). Premised on the above, and the information contained in the IAC dated 2 May 2014, PIVB is of the opinion that the Revised Offer is FAIR and REASONABLE. Save for the above, the comments, opinions and recommendation by PIVB as contained in their IAL remains unchanged, and accordingly, PIVB had advised and recommended that the Holders ACCEPT the Revised Offer. The Non-Interested Directors, after due deliberation, concurs with the recommendation of PIVB. Accordingly, the Non-Interested Directors’ comments, opinions and recommendation as contained in the IAC remains unchanged. Please refer to the attached press notice received from PIVB in relation to the Revised Offer for further details. This announcement is dated 22 May 2014. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1629881

Attachments JTI - Notice from the Independent Adviser.pdf JTI Press Release.pdf

williamnkk81

Mexicools 发表于 22-5-2014 10:36 PM
他们那时收购时间是五月头截止，哪里懂他过后一直拖延截止收购时间。。。。在那里玩野

不是玩野。。。你是沒有看清楚。。遊戲規則咯。。。 每個股東都是收到IA（獨立審查）報告。。裡面有寫 。。。。

icy97

私有化的楷模

2014-05-25 19:50      
今年3月杪獲日本母公司日本煙草國際控股以每股7令吉80仙出價展開全面獻購並私有化的日本煙草國際（JTINTER，2615，主板消費品組），絕對是馬股這些年來少數讓市場滿意的全購獻議之一。

以7令吉80仙計算，日本煙草的全購出價，比最後6令吉30仙掛價高出23.8%，亦相等於2013財政年16.77倍本益比，及每股淨資產的5.7倍，難怪各證券行都異口同聲呼吁股東們接受獻購。

不僅如此，獻購方上週三（21日）在未表明原因的情況下，再次宣佈調高全購出價至每股8令吉20仙，讓市場二度驚喜，因有關出價已是日本煙草的歷史新高，而且比各證券行給予的合理價高出11至14%，相等於17.7倍本益比，出價確實讓人難以抗拒。

平心而論，8令吉20仙是否算是“高價”，外人實在很難斷言，相信只有大股東和管理層等人士才能看得透徹。無可否認的是，從本益比和每股資產角度來看，全購出價確實非常“合理”，至少看不出有任何剝削小股東的成份。

然而，環看馬股私有化情況，會發現像日本煙草般獲市場正面迴響的私有化案例，實在少之又少，許多私有化獻議更是在一片激烈爭議聲浪中完成。箇中原因，往往離不開大股東出價吝嗇，無法讓投資者信服。

你看一些私有化的出價，不僅完全無法反映有關公司的價值，更顯示大股東們“殺價”的膽量，比起巴剎買菜阿嬸有過之無不及。

拿早前獲霹靂州政府出價每股3令吉90仙展開全購的霹靂機構（PRKCORP，8346，主板貿服組）來說，有關出價比霹靂機構每股有型資產折價25%，加上霹靂機構擁有許多不曾重估的土地，3令吉90仙出價顯然佔盡小股東便宜，也難怪不少小股東第一時間站出來抗議。

合理的私有化提案，在於小股東會因有機會以合理價格套現而竊喜，大股東則為順利完成私有化而高興，所有人都會從相關投資中賺到不錯的回酬，構成“雙贏”結局。這些，日本煙草做到了。

然而經過這次後，馬股小股東還要再盼多久，才能再次盼來另一宗“雙贏”的私有化提案呢？（星洲日報／投資致富‧投資茶室：李三宇）

icy97

日本煙草6月4日起停牌

企業財經27 May 2014 23:15
（吉隆坡27日訊）日本煙草（JTINTER，2615，主要板消費）宣布私有化計劃獲大部分股東通過，獻購將轉換為無條件收購獻議，股項將從6月4日（週三）上午9時起暫停交易。

該公司向馬證交所報備，截至今日下午5時，獻購方已持有獻購股權總面值十分之九，獻議轉無條件，將從即日起2個月內強制收購未持有股權。

日本煙草大股東以每股7.80令吉全面獻購未持有股權，計劃完成后無意保留上市地位，今日閉市價8.19令吉已超越獻購價39仙或5%。

早前文告指出，目前持股30.37%的大股東將以總值8億846萬令吉，收購1億365萬股或39.63%股權。【中国报财经】

Type	Announcement
Subject	TAKE-OVERS & MERGERS (CHAPTER 11 OF LISTING REQUIREMENTS)
Description	JT International Berhad ("JTI" or "the Company") Revised Take-Over Offer by JT International Holding B.V. ("Offeror") through CIMB Investment Bank Berhad ("CIMB") to acquire all the remaining ordinary shares of RM0.25 each in JTI which are not already held by the Offeror ("Offer Shares") at RM8.20 per Offer Share ("Revised Offer")
We refer to the Company's announcements dated 31 March 2014, 7 April 2014, 21 April 2014, 2 May 2014, 9 May 2014, 21 May 2014 and 22 May 2014. We wish to inform that the Company has today received the attached press notice from CIMB, on behalf of the Offeror, informing that the Offeror has received valid acceptances in respect of the Revised Offer resulting in the Offeror holding not less than nine-tenths (9/10) in the nominal value of the Offer Shares as at 5.00 p.m. (Malaysian time) on 27 May 2014. As such, the acceptance condition of the Revised Offer has been fulfilled and the Revised Offer has become unconditional on 27 May 2014 ("Unconditional Date"). In accordance with Paragraph 16.02(3) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements"), as the Offeror currently holds more than 90% of the listed JTI shares as a result of the Revised Offer, Bursa Securities will suspend the trading of JTI shares from 9.00 a.m. on Wednesday, 4 June 2014 i.e. upon the expiry of five (5) market days from the date of this announcement, which is made pursuant to Paragraph 9.19(48) of the Listing Requirements. As set out in Section 4.1 of the offer document dated 21 April 2014 which sets out the details of the take-over offer by the Offeror, the Offeror does not intend to maintain the listing status of JTI on Bursa Securities in the event JTI cannot meet its public shareholding spread under the Listing Requirements as a result of the Revised Offer.  Accordingly, the Offeror will procure JTI to withdraw its listing status from the Official List of Bursa Securities in accordance with the Listing Requirements. In addition, the Offeror will, within two (2) months from 27 May 2014, proceed to exercise its rights to compulsorily acquire any remaining Offer Shares for which acceptances have not been received, in accordance with the provisions of the Capital Markets and Services Act, 2007. The Revised Offer shall remain open for acceptances up to 5.00 p.m. (Malaysian time) on Tuesday, 10 June 2014.  No further extension of the closing date for the Revised Offer will be made. This announcement is dated 27 May 2014. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1636425

Attachments JTI - CA press release (27May2014).pdf

icy97

日本煙草 首季收入增12%至3.5億

財經股市28 May 2014 23:00
（吉隆坡28日訊）香煙漲價推動日本煙草（JTINTER，2615，主要板消費）本財年截至3月底首季營業額按年增長12%至3億4588萬令吉，淨利微揚3%至4103萬令吉。

根據日本煙草發出的文告指出，隨著香煙稅上調煙價上漲，該公司營業額受推動走高，然而銷售量卻下跌6.4%。稅前盈利較去年同期高，主要因高淨賺幅抵銷銷量走跌、不利的產品組合、高市場營銷投資和高營運支出。

“儘管面臨顯著的外部挑戰，公司市佔率從去年首季的19.6%，成長了0.6%至20.4%。高級產品七星（Mevius）市佔率則從去年的4.4%增長至4.7%。”

雖然政府上調香煙稅措施以致非法香煙擴大，但日本煙草旗下的雲斯頓（Winston）市佔率則成長了0.4%至10.4%。

展望今年下半年，日本煙草認為經營環境仍備具挑戰，因香煙價格在去年10月上調了14%，非法香煙問題持續升溫。【中国报财经】

SUMMARY OF KEY FINANCIAL INFORMATION 31/03/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/03/2014	31/03/2013	31/03/2014	31/03/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	345,880	309,928	345,880	309,928
2	Profit/(loss) before tax	55,067	53,350	55,067	53,350
3	Profit/(loss) for the period	41,025	39,746	41,025	39,746
4	Profit/(loss) attributable to ordinary equity holders of the parent	41,025	39,746	41,025	39,746
5	Basic earnings/(loss) per share (Subunit)	15.69	15.20	15.69	15.20
6	Proposed/Declared dividend per share (Subunit)	0.00	21.00	0.00	21.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.5241		1.3672

icy97

機構投資者站起來

2014-05-30 11:26      
日本煙草國際（JTINTER，2615，主板消費品組）大股東最近將原本己極為優渥的7令吉80仙全面獻購價，進一步提高至更為“甜美”的8令吉20仙，出手之大方闊綽，成為了股市美談。

原本的7令吉80仙收購價原本已令不少小股東心動，願意交出手上股票，獨立顧問的建議也認為該價格即公平又合理。

但是這家煙草公司仍然決定再度調高收購價，究其因相信主要是擁有該公司不少股權的機構投資者發揮了作用，迫使該公司給出“好還要再好”的價格。

日本煙草國際的文告中就表示，在提高獻購價之後，公積金局（持8.13%股權）．退休基金局（6.84%）、大東方人壽保險（4.73%）和國投（3.94%）點頭接受了獻議。

這四大機構投資者共佔有23.64%股權，因此有更大的談判條件，要求大股東給予更高的退場費。

這或許是大馬股市近期成本最高的全面收購和私有化個案之一，但是如果大股東有能力付得起此價錢，令其它股東心滿意足，這無疑是雙贏的美好結局。

放眼大馬股市，不少的全購個案中，大股東的出價都極為寒酸，但小股東人微言輕，往往無法扳倒大股東的獻議，這時候就要靠擁有足夠財力和股票的機構投資者來“主持公道”。

證監會最近也計劃推出2014年大馬機構投資者法令”，要求機構投資者為所作投資負起責任，在企業監管中扮演更大角色。

展望未來，我們希望更多類似日本煙草國際的個案，由機機構投資者帶頭為廣大投資者爭取更佳的待遇和更高的權益。（星洲日報／財經小品：李勇堅）

icy97

Notice of Person Ceasing (29C)

JT INTERNATIONAL BERHAD

Particulars of substantial Securities Holder

Name	Employees Provident Fund Board
Address	Tingkat 19, Bangunan KWSP, Jalan Raja Laut, 50350 Kuala Lumpur
NRIC/Passport No/Company No.	EPF Act 1991
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary shares of RM0.25 each
Date of cessation	23/05/2014
Name & address of registered holder	Citigroup Nominees (Tempatan) Sdn Bhd Level 42, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur (held for Employees Provident Fund Board)
Currency	Malaysian Ringgit (MYR)
Number of securities disposed	21,265,800
Price Transacted ($$)
Circumstances by reason of which a person ceases to be a substantial securities Holder	Disposal of shares resulting from JT International Berhad's Takeover Offer
Nature of interest	Direct
Date of notice	26/05/2014