Jardine Strategic Holdings

The bank’s JPMorgan Cazenove Ltd. unit was the lead financial adviser to Jardine Matheson during Jardine Strategic's privatisation

FLCT’s market capitalisation stands at $5.04 bil as of April 8.

Jardine Strategic Holdings, with limited liquidity because of a low free float is being taken private.

Shares in JMH closed 1.3% up at US$65.57, while shares in JSH closed 0.2% up at US$32.86 on March 11.

Some shareholders are asking Bermuda courts to assess Jardine Strategic's fair value.

CGS-CIMB has also continued its "hold" recommendation on Jardine Matheson, with an unchanged target price of US$54.68.

The proposed acquisition of Jardine Strategic is priced at USD$33 per strategic ordinary share.

While the group registered “some improvement” across its businesses q-o-q, net underlying profit declined y-o-y.

Jardine Matheson and Jardine Strategic both saw earnings for the half-year period decline 49% y-o-y to US$373 million ($513.2 million) and US$395 million respectively.

Jardine Matheson Holdings and Jardine Strategic Holdings have reported higher earnings for FY2019 ended December on the back of one-off gains, even as underlying net profit fell on lower revenue.