FJB has recently announced the listing of its associate, St. James Power Station through a reverse takeover.
The RTO is targeted for completion by 1Q 2008. FJB’s 30.4% stake is valued between S$24.3m – S$32.8m, depending on the financial performance of St. James.
Post listing, FJB’s stake will be reduced to 25.2% with potential for further dilution upon a subsequent placement.
Current Price (as at 20/09/07) - S$0.85
Target Price given by DMG - S$1.03.
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