Catalist-listed Hup Soon Global Corporation has received a mandatory unconditional cash offer of 10 cents each for all its issued and paid-up ordinary shares from Spei Holdings.
Spei is a special purpose vehicle incorporated in Singapore for the purpose of the acquisitions. The directors are Goh Swee Heng and Timothy Yong Wei Hsien. The shareholders are Timothy Chia Chee Ming, Timothy Yong Wei Hsien, Goh Swee Heng and Dr Patrick Yong Mian Thong. The shareholdings in the offeror are held as to 40% by Chia and 20% by each remaining shareholder respectively.
Spei has already acquired a total of 79.65% stake in Hup Soon through a few transactions. Under the code on takeovers and mergers, Spei is therefore required to make a mandatory general offer for the rest of the shares.
Similarly, Spei plans to make an offer of 60 sen for each share Hup Soon’s subsidiary, HSG Investments, holds in Yokohama Industries Berhad.
Spei says it will undertake a comprehensive review of the organisation, businesses and operations after the close of the offer. Spei does not intend to maintain the listing of Hup Soon on the Singapore Exchange.
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