Mun Siong Engineering

[dydx]

I thought Mun Siong's proposed 4-for-10, 3-year warrant issue priced at a super-low $0.0015/warrant, and with the warrant exercise price fixed at a super-low $0.01 for each new share, first announced on 6May14…..
http://infopub.sgx.com/FileOpen/MSE-2014...eID=295674
is an ultra shareholder-friendly deal from the pricing angle.

As the warrant issue exercise is structured more to boost market liquidity of this counter - and much less to raise fresh capital - I just wonder whether it would really do the trick for this mid-size company but with a rather well-established business mainly engaged in providing essential repair and maintenance services to oil and gas, petrochemical and other process industries within Singapore and Asia Pacific regions. More info on Mun Siong…..
http://www.mun-siong.com/index.php

Based on the latest Q1 (ended 31Mar14) results…..
http://infopub.sgx.com/FileOpen/MSE-FY20...eID=295672 [result announcement]
http://infopub.sgx.com/FileOpen/MSE-FY20...eID=295673 [press release]
the business seems to be looking up a little, and the underlying profits seems to be recovering...

[dydx]

Today (2Jul14) SGX granted its usual approval-in-principle (“AIP”) for the listing and quotation of up to 166,683,200 Warrants and up to 166,683,200 New Shares to be issued by Mun Siong upon the exercise of the Warrants pursuant to the Warrants Issue…..
http://infopub.sgx.com/FileOpen/MSE-2014...eID=303974

So the deal of the proposed 4-for-10, 3-year warrant issue priced at a super-low $0.0015/warrant, and with the warrant exercise price fixed at a super-low $0.01 for each new share, is ON!

[dydx]

From the charts, buying and volume transacted have been on the rise since 3Jul14, immediately after the 2Jul14 announcement…..
https://sg.finance.yahoo.com/q/bc?t=1y&s...1&c=%5ESTI
Also, Mum Siong has out-performed the STI by close to 50% since Jan14. Not bad at all!

I guess whether the share price will continue to advance will depend on the strength of investors' interest and response to the coming 1-for-4 rights issue of 3-year warrants, as well as the further profit recovery and longer-term growth prospect of Mun Siong's business and its intrinsic value.

[dydx]

This afternoon Mun Siong has broken the psychologically important $0.12 mark….last done at $0.122.

[dydx]

Today Mun Siong again revisited the $0.12 mark - this is the 3rd attempt since 11Jul14. I suppose soon the company will announce the specific dates for the rights issue of warrants, and at that point existing shareholders and more new investors will know exactly how they can or should position themselves to take advantage of the rights issue - i.e. by buying shares (or more shares for the existing shareholders) before the ex-rights date, by buying the shares when or after the counter has gone ex-rights assuming the share prices would momentarily fall before the theoretical ex-rights price, or by buying the rights in the open-market during the usual short trading window to take advantage of any low prices.

I shall be watching closely how Mr Market would reward investors in Mun Siong and its recovering business.

[dydx]

Fellow forumers who are supporting Mun Siong's 4-for-10 rights issue of warrants priced at $0.0015/warrant should note that the "Ex Date" has been set on 13Aug14, and the Book Closure Date set on 15Aug14.

Mun Siong has just posted steady profit and a set of decent results for Q2…..
http://infopub.sgx.com/FileOpen/MSE-2014...eID=308884

[banker]

Fellow forumers who are supporting Mun Siong's 4-for-10 rights issue of warrants priced at $0.0015/warrant should note that the "Ex Date" has been set on 13Aug14, and the Book Closure Date set on 15Aug14.

Mun Siong has just posted steady profit and a set of decent results for Q2…..
http://infopub.sgx.com/FileOpen/MSE-2014...eID=308884

The last date and time to apply for the warrants thro ATM is 03 Sep, 930PM.... However, I was unable to apply thro POSB ATMs since 830PM... Anyone else faced the same problem?

[ghchua]

Can only use UOB ATM to apply, otherwise you would need to get a CO.

[hh488]

Although offer already closed, what I don't understand is why Mun Siong only used UOB at only ATM agent for the rights? Surely against minorities preference as well as going against green environment!

Checked with their secretarial agent, this was due to cost reason as the other banks (DBS & OCBC) fees do not justify using them as participating banks.

[banker]

Can only use UOB ATM to apply, otherwise you would need to get a CO.

Thanks ghchua...I missed it.