GRP

GRP: On 2 Sep, substantial stakeholder and Executive Director, Kwan Chee Seng, acquired 6.1m shares over the market at $0.107 apiece, raising his stake from 28.34% to 29.38%. In the latest corporate development, the diverse investment company entered a JV with Kanbawza Group of Companies in Myanmar, to acquire land development rights with the intention to develop an integrated complex on a 4-acres plot situated in Yankin Township, Yangon. The move is in line with the group's diversification strategy to expand its core business to include property development, with an initial focus specifically in Myanmar. We opine that GRP may be supported at the current range between $0.10-$0.11/share, given the additional investment by Kwan, who also manages Van der Horst Holdings and private equity vehicle, Luminor Capital. At $0.108, GRP is valued at a 4% premium to its net assets.