In today’s briefing:
- Rex: Diversification or Deworsification?
- Creative Technology: After the Passing of Founder, Is the Company’s Independence at Stake?
Rex: Diversification or Deworsification?
- Rex International Holding (REXI SP) has announced further investments outside of its core oil&gas portfolio both related to its major shareholder. A major red flag.
- It is unclear whether these investments will bring real value to Rex as minority investors generally hate related party transactions without clear justification.
- The latest drilling campaign in Oman again encountered operational issues giving fuel to the bears that Rex is not capable of successfully operating its own fields.
Creative Technology: After the Passing of Founder, Is the Company’s Independence at Stake?
- Sim Wong Hoo, founder, and CEO of Creative Technology (CREAF SP), passed away last week.
- Sim Wong Hoo controls 33% of Creative. He has two children but they are not involved in the company. What will happen to his stake is a big unknown.
- The IP portfolio of Creative Technology (CREAF SP) could be appealing to other technology companies. Given its large cash position, the Enterprise Value is only 34M USD.
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