Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Hyundai G.F. Holdings will conduct a tender offer to Hyundai Green Food and Hyundai Dept Store shareholders. The tendering period is August 11-September 1.</li>
<li>The target volume is 10,125,700 (Hyundai Green Food) and 4,669,556 (Hyundai Dept Store), corresponding to 29.89% and 19.95% of the outstanding shares, respectively.</li>
<li>We should approach this event trading with caution, taking into account the risk of an unhedged setup while monitoring the potential widening of the spread opening during the tendering period.</li>
</ul>


Hyundai G.F. Holdings will conduct a tender offer to Hyundai Green Food and Hyundai Dept Store shareholders. The tendering period is August 11-September 1.
The target volume is 10,125,700 (Hyundai Green Food) and 4,669,556 (Hyundai Dept Store), corresponding to 29.89% and 19.95% of the outstanding shares, respectively.
We should approach this event trading with caution, taking into account the risk of an unhedged setup while monitoring the potential widening of the spread opening during the tendering period.


Hyundai G.F. Holdings' Stock Swap with Hyundai Green Food & Hyundai Dept Store

South Korea

SPC Samlip Ltd. manufactures variety of breads, snacks, frozen sweets, and noodles.

Harim Co., Ltd manufactures and distributes poultry products such as fresh and processed meat.  The Company's products inclulde canned chicken breasts, nuggets, frozen wings, chicken sticks, chicken sausages, and salad dressings.

Nong Shim Holdings Co., Ltd. is an investment holding company.  The Company, through its subsidiaries, produces foods, manufactures packaging materials, and provides engineering and advertising services.

Namyang Dairy Products Co., Ltd. produces dairy products, such as milk, baby formula, yogurt, cheese, and ice cream.  The Company provides its products mainly to domestic market.

Samyang Corporation operates as a diversify company. The Company focuses on chemicals including engineering plastics with products such as industrial fibers, plastic bottle, ion exchange resins and also foodstuffs sector, including sugar, flour, baking mixes, vegetable oils, margarine, and shortening. Samyang Corporation market its products throughout South Korea.

Samyang Holdings Corp manufactures a wide range of food, such as sugar, cooking oil, wheat flour, and livestock feed.  The Company also operates trading business and produces industrial fibers and chemical products, such as engineering plastics, PET bottles and ion exchange resin.

Pulmuone Co., Ltd. is an investment holding company.  The Company, through its subsidiaries, produces natural health food.

TS Corporation processes, manufactures and markets sugar, and animal feed.  The Company imports and distributes meat.  TS Corp in addition, develops and manufactures biomedicine.

Daehan Flour Mills Co., Ltd. processes, manufactures, and sells wheat flour under the brand name Gompyo.  The Company supplies its products to the baking goods, noodle, and animal feed manufacturers.  In addition, Daehan Flour Mills produces coffee cream, pasta, and baking mixes.

Sajodaerim Corporation specializes in deep sea fishing of pollack, cod, tuna, mackerel, and squid.  The Company's fishing territories cover domestic coastal areas, the North Pacific, South Atlantic, Western Africa, and Southeast Asia. Sajodaerim also manufactures, wholesales, and resells raw fish and processed frozen seafood.

Indofood Agri Resources Limited is an integrated agribusiness company. The Company and its subsidiaries are involved in research and development, oil palm seed breeding, oil palm cultivation and milling. Indofood Agri Resources also refines, brands and markets cooking oil, margarine, shortening and other palm oil products.

Kretam Holdings Berhad is an investment holding company. Through its subsidiaries, the Company cultivates oil palm, produces crude palm oil, and provides plantation and palm oil mill management services. Kretam also provides data processing services, operates as stock and share brokers, provides futures broking, develops and leases property, and runs a hydro-electric power station.

Key Coffee Inc. produces and sells coffee.  The Company produces mainly coffee for commercial use for coffee shops.  Key Coffee has nationwide sales network.

KYOKUYO CO., LTD. distributes seafood and salted fish.  The Company markets bonito, tuna, and other fish products.  Kyokuyo also produces canned seafood and frozen foods.

Shandong Delisi Food Co Ltd manufactures and sells frozen meat and low temperature meat products.  The Company also produces seasoned meat product, egg product, and frozen food.

Taisun Enterprise Co., Ltd. manufactures soy bean powder, cooking oils, animal feeds, snacks, soft drinks, and frozen food.  The Company also invests in real estate.

ADF Foods Ltd. manufactures and distributes Indian cuisine. The Company supplies its products to food retailers located in India and elsewhere throughout the world.

Frente Co, Ltd. is the holding company for a group of companies producing confectioneries. The Company also provides consulting services.

Hap Seng Plantations Holdings Berhad cultivates oil palm and processes fresh fruit bunches. The Company operates and manages their plantations and mills as well as the infrastructure to store and transport crude palm oil and palm kernel.

Rossell India Ltd. grows, processes and markets tea.  Through a subsidiary, the Company designs, develops and manufactures avionics, electronics and aviation equipment.

Hyundai Green Food operates as a food services company. The Company provides food and food material distribution and other related services. Hyundai Green Food markets its products throughout South Korea.

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Hyundai Green Food (453340 KS)

Hyundai G.F. Holdings' Stock Swap with Hyundai Green Food & Hyundai Dept Store

This post details Hyundai G.F. Holdings' two-way stock swap event with Hyundai Green Food and Hyundai Dept Store and assesses potential arbitrage...

Sanghyun Park

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