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It is my belief that, on average, our holdings trade at a discount of at least 50% to what any independent buyer would pay for them. We own DKSH Malaysia, the No1 distributor of fast-moving consumer goods and medical supplies in the country. Its Swiss parent, which owns 74% of the shares, has just offered to buy us and other minorities out at RM6.15 a share. Before the offer was announced DKSH(M) was trading a bit below RM5.00.