Let's not forget that the people in charge are also the largest shareholders. Even due they have made some serious mistakes in terms of financing, they still want the get rewarded. The carve out strategy is aimed to release shareholder value, value that is present at the balance sheet of Siaf but not in the market cap.
Every dollar of asset that you release from Siafs balance sheet and put into the balance sheet of a company trading on a real stock market with normal corporate governance standards (P/B = 1) will result in a gain of 25 $ (calculated by 1$ divided by 4% = 25$, where 4% represents P/B).
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