Viz Branz

Viz Branz: Group’s managing director has through his special purpose vehicle, Pluto Rising, made a 78c per share mandatory unconditional cash offer for the Singapore-listed manufacturer and exporter of instant beverages. While Mr Chng does not hold any shares in Viz Branz directly, he is deemed to have an interest in all the shares held by Pluto Rising. At 78 cents apiece, the offer represents a 9.09% premium over Thursday's last transacted price of 71.5c. The offer comes after Pluto Rising raised its stake in Viz Branz by 38.25% to 58.09%, triggering an obligation to make a mandatory unconditional cash offer for all the shares. Pluto Rising intends to have Viz Branz continue with its existing activities. However, it intends to make the co its wholly owned subsidiary and to delist it. Viz Branz has manufacturing operations in Singapore, China, Myanmar, Thailand and Vietnam. Its products are sold under various brands in markets such as China, South-east Asia, Indochina, Iran, Japan, Africa, the Middle East and the US. The offer represents 2.6x P/B and 15x Forward P/E, while we note that Super Group currently trades at 24.9x Forward P/E and 5.8x P/B.