Potential housekeeping at Jardines prompts relook at its listed units

Singapore

WHETHER prompted by pandemic-hit valuations or some other internal factors, it appears that some housekeeping could be happening within the Jardines empire. Analysts see more of such activity if valuations stay compelling.

Earlier this month, Jardine Matheson (JM) announced plans to acquire the 15 per cent of Jardine Strategic (JS) it does not own at US$33 per share, to simplify a decades-old cross-holding structure. The offer price was more than 40 per cent below the book value of JS, but represented a 20.2 per cent premium over the US$27.45 closing price before the deal was announced.