AFP

AFP will be quoted ex entitilement to the distribution-in-specie of 1 BCI share for every 2 AFP shares held today. Applying an industry norm of 45% discount to BCI’s NAV of $0.72, the China-based property stock should be worth $0.40 or $0.20 for every AFP share. Hence, we expect a $0.20 downward adjustment to AFP’s share price on an ex basis. BCI is expected to commence trading on SGX on 30 Jun.