Across the Causeway, Sungei Bagan Rubber Company owns 4.765 million shares according to GEH’s 2024 annual report. With the 1-for-1 bonus issue as part of the relisting effort, Sungei Bagan will probably hold 9.53 million shares. These shares are entitled to GEH’s full 1HFY2025 dividend payout, giving the Malaysian entity a further $2.383 million.
The ephemeral nature of daily share prices notwithstanding, Sungei Bagan has, as of Sept 16, made a net gain on its net asset value per share of 42 cents or RM1.38 excluding the dividend.
Sungei Bagan’s net asset per share was RM11.37 as of June 30 and it closed at RM5.82 on Sept 16. As a result of GEH's price rise, Sungei Bagan's theoretical, temporary P/NAV falls to 0.45x. Of course, the impact could evaporate by Sept 17 or it may be more pronounced. That is the nature of fluctuating stock prices.
