SLJB audit delay linked to a possible buyout? According to Reuter’s news source Emaar obtains CitiGroup $1 BILLION dollar financing for property and building expansion abroad.
Emaar already bought John Laing homes in California and needs building supplies to furnish its growth, and of particular interest is its US growth through newly acquired John Laing Home Builders a large California based builder. As a back door entry play, investors are buying up shares of Sulja Bros Building Supplies which has been a supplier for Emaar Properties construction projects and other projects in the middle east. The versatility of SLJB is its ability to supply both the US and Middle East with building supplies due to its strategic locations and in-place supply arrangemenets with countries around the world.
Investors in Sulja Bros Building Supplies (SLJB)PK are contemplating two things: A possible buyout at a premium by Emaar and a delay in stamped audited results from internationally known KPMG and Price Waterhouse auditors.
Sulja already posted and announced its in-house auditor’s results for year end 2006 which was in May 2006 as being net earnings (pre-tax) of over $26 million dollars or .052 cents per share. The stock is currently trading at only a multiple of around 2x those earnings until the KPMG stamp is announced and more is known about the buyout possibility by Emaar.
Reuters news source report dated today 11/16/06:
UAE news source report 11/16/06:
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