Privately-held Raffles United has, on June 19, issued a mandatory unconditional cash offer for Kian Ho Bearings, the Mainboard-listed company which stocks, distributes and retails bearings, seals, and power transmission belts. Raffles United is offering 23.5 cents in cash for each share it does not own, with the offer price representing a premium of 6.82% to the last transacted price of 22 cents per share on the SGX on the last trading day of June 3. It does not intend to increase the offer price, and will not extend the offer beyond the closing date of July 17. Raffles United added that the offer was made to comply with the Singapore code on take-overs and mergers, and intends to carry on the existing business and maintain Kian Ho’s listing status. Raffles United owns 52.65% of the listed entity together with its concerted parties.
Thursday, June 19, 2014
Kian Ho Bearings receives mandatory unconditional cash offer from Raffles United
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