VARD Holdings - OCBC Investment 2017-05-30: Fincantieri Continues To Buy Shares

VARD Holdings - OCBC Investment 2017-05-30: Fincantieri Continues To Buy Shares VARD HOLDINGS LIMITED MS7.SI

VARD Holdings - Fincantieri Continues To Buy Shares

  • Following the close of Fincantieri’s offer on 24 Mar 2017, the company held 878.5m shares of VARD Holdings, representing 74.45% of the total share capital. 
  • Since then, Fincantieri has continued to absorb VARD shares via market transactions, buying 19.1m shares on 12 May 2017 for S$4.6m and another 14.1m shares on 24 May 2017 for S$3.4m. 
  • The acquisition price for both instances was S$0.24/share, same as the offer price earlier. These moves bring Fincantieri’s stake in VARD to 77.95%. Should VARD’s share price remain range-bound, we do not exclude the possibility of further purchases by Fincantieri, which had earlier sought to delist VARD. 
  • Maintain HOLD with S$0.23 fair value estimate on VARD.




Low Pei Han CFA OCBC Investment | http://www.ocbcresearch.com/ 2017-05-30
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 0.230 Same 0.230



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