Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 26th June 2023, <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">MUFG (8306 JP)</a> and 92.7%-held <a href="https://www.smartkarma.com/entities/adira-dinamika-multi-finance-tbk-pt" target="_blank" data-smartkarma-citation="entities:3245:1" rel="noopener">Adira Dinamika (ADMF IJ)</a> entered into SPAs with key shareholders to acquire an 80.6% stake in <a href="https://www.smartkarma.com/entities/mandala-multifinance-tbk-pt" target="_blank" data-smartkarma-citation="entities:12756:1" rel="noopener">Mandala Multifinance (MFIN IJ)</a>.</li>
<li>Although not explicit in various company announcements, MUFG/Adira are paying an estimated IDR 3,297/share. The SPAs are subject to regulatory approvals, primarily Indonesia's OJK.</li>
<li>An EGM for MFIN's shareholders has now been tabled for 13th Feb to vote on this change of control. Presumably, you wouldn't progress to the EGM without OJK's conditional approval. </li>
</ul>


On the 26th June 2023, MUFG (8306 JP) and 92.7%-held Adira Dinamika (ADMF IJ) entered into SPAs with key shareholders to acquire an 80.6% stake in Mandala Multifinance (MFIN IJ).
Although not explicit in various company announcements, MUFG/Adira are paying an estimated IDR 3,297/share. The SPAs are subject to regulatory approvals, primarily Indonesia's OJK.
An EGM for MFIN's shareholders has now been tabled for 13th Feb to vote on this change of control. Presumably, you wouldn't progress to the EGM without OJK's conditional approval. 


Mandala Multifinance (MFIN IJ): 13th Feb Change Of Control Vote

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-ufj-finl-spon-adr" target="_blank" data-smartkarma-citation="entities:8619:1" rel="noopener">Mitsubishi UFJ Financial (MUFG US)</a> and 92.7%-held <a href="https://www.smartkarma.com/entities/adira-dinamika-multi-finance-tbk-pt" target="_blank" data-smartkarma-citation="entities:3245:1" rel="noopener">Adira Dinamika Multi Finance (ADMF IJ)</a> have entered into SPAs with key shareholders to acquire an 80.6% stake in <a href="https://www.smartkarma.com/entities/mandala-multifinance-tbk-pt" target="_blank" data-smartkarma-citation="entities:12756:1" rel="noopener">Mandala Multifinance (MFIN IJ)</a>.</li>
<li>MUFG and Adira appear to be paying IDR 3,297/share or IDR 7tn all-in. The SPAs are subject to regulatory approvals with completion expected in early 2024. </li>
<li>Upon completion, MUFG will hold 70.6% in Mandala and Adira 10% in the Indo car/motorcycle loan lender. This will trigger a Mandatory Tender Offer for the remaining 19.4%.</li>
</ul>



Mitsubishi UFJ Financial (MUFG US) and 92.7%-held Adira Dinamika Multi Finance (ADMF IJ) have entered into SPAs with key shareholders to acquire an 80.6% stake in Mandala Multifinance (MFIN IJ).
MUFG and Adira appear to be paying IDR 3,297/share or IDR 7tn all-in. The SPAs are subject to regulatory approvals with completion expected in early 2024. 
Upon completion, MUFG will hold 70.6% in Mandala and Adira 10% in the Indo car/motorcycle loan lender. This will trigger a Mandatory Tender Offer for the remaining 19.4%.


<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a>'s Scheme, and VTOs for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>.</li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada (AND AU)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">TCM (570 HK)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC  (906 HK)</a>, <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>,and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week on Smartkarma: Samson Holding (531 HK)'s Scheme, and VTOs for Advanced Info Service (ADVANC TB) and Thaicom Pcl (THCOM TB).
Key updates took place on Capitol Health (CAJ AU), Alumina (AWC AU), Ansarada (AND AU), TCM (570 HK), CPMC  (906 HK), Fancl (4921 JP),and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac M&A: AIS/Thaicom, Capitol Health, Alumina, Ansarada, TCM, CPMC, Fancl, Hollysys

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

<ul>
<li>I tally 46 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Four new deals discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/second-chance-properties-ltd" target="_blank" data-smartkarma-citation="entities:20342:1" rel="noopener">Second Chance Properties (SCE SP)</a>'s VGO,<a href="https://www.smartkarma.com/entities/shinsung-tongsang-co-ltd" target="_blank" data-smartkarma-citation="entities:4107:1" rel="noopener">Shinsung Tongsang (005390 KS)</a>'s Tender, <a href="https://www.smartkarma.com/entities/rex-minerals-ltd" target="_blank" data-smartkarma-citation="entities:13845:1" rel="noopener">Rex Minerals (RXM AU)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest (1381 HK)</a>'s possible Offer.</li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, and <a href="https://www.smartkarma.com/entities/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a>.</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week on Smartkarma: Second Chance Properties (SCE SP)'s VGO,Shinsung Tongsang (005390 KS)'s Tender, Rex Minerals (RXM AU)'s Scheme, and Canvest (1381 HK)'s possible Offer.
Key updates took place on Altium Ltd (ALU AU), Pacific Smiles (PSQ AU), Asia Cement China (743 HK), Shanghai Henlius Biotech (2696 HK), and Kfc Holdings Japan (9873 JP).


(Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium

Indonesia

PT Adira Dinamika Multi Finance Tbk provides consumer financing services.

PT BFI Finance Indonesia Tbk provides financial services such as leasing, consumer financing, and factoring.

PT Clipan Finance Indonesia Tbk provides leasing and consumer financing services.

PT Wahana Ottomitra Multiartha Tbk provides consumer financing services.

PT Indomobil Multi Jasa, Tbk. operates as a holding company. The Company through its subsidiaries, provides motor vehicle and heavy equipment financing, transportation, and car rental services. Indomobil Multi Jasa serves clients in Indonesia.

PT Danasupra Erapacific Tbk provides financial services such as consumer financing, leasing, and factoring.

PT Buana Finance Tbk provides financial services such as leasing, factoring, and consumer financing.

PT Tifa Finance Tbk offers financial services.  The Company offers lease financing, consumer loans, and factoring services.

PT Batavia Prosperindo Finance Tbk offers vehicle purchase financing services.

PT Radana Bhaskara Finance Tbk provides financing for motorcycles and cars. The Company has been operating since 2005 and is based in Java and Sumatra, Indonesia.

FleetPartners Group Limited provides vehicle fleet leasing, fleet management, and diversified financial services. The Company offers consumers and businesses access to funding solutions including fleet leasing, vehicle sales, commercial equipment finance, and consumer motor vehicle finance. FleetPartners Group serves customers in Australia and New Zealand.

RCE Capital Berhad is an investment holding company which provides management services. Through its subsidiaries, the Company invests in property, provides information technology, financial administrative, loan financing, broadcasting and advertising media services. RCE Capital is also involved in general trading, licensing and merchandising activities.

EZCORP, Inc. owns and operates pawn shops that serve as sources for consumer credit and retail previously-owned merchandise.  The Company operates in the United States.

Green Dot Corporation operates as a bank holding company that offers personal banking products and services. The Company provides prepaid debit card products, prepaid card reloading services, and mobile banking accounts. Green Dot offers its products and services to consumers across the United States via retail, online, and digital distribution channels.

Hoist Finance AB operates as a debt restructuring partner to international banks. The Company offers a range of solutions for the acquisition and management of non-performing unsecured consumer loans.

Equitas Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides financial services such as lending, housing finance, vehicle loan, and borrowing services. Equitas Holdings conducts its business in India.

Yixin Group Limited offers an online automobile finance transaction platform. The Company provides loan facilitation, car rental, and other services. Yixin Group operates in China.

Premium Group Co., Ltd. offers financing service. The Company provides automotive loans, credit and debit, consumer microlending, and other services. Premium Group provides its services throughout Japan.

Ratchthani Leasing Public Company Limited provides hire-purchase and leasing services for used automobiles to businesses and retail consumers in Thailand.

Xi'An Hongsheng Technology Co ltd distributes, designs and develops memory, home entertainment and personal computer products. The Company's products include RAM (Random Access Memory) products, DVD (Digital Versatile Disc) players, televisions, as well as personal computers and peripheral products.

PT Mandala Multifinance Tbk provides consumer finance services.  The Company leases motorcycles.

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Mandala Multifinance (MFIN IJ)