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Abundance to make mandatory offer at S$0.05 a share
A MANDATORY unconditional cash offer for the shares of chemicals trader Abundance International has been triggered such that the offeror, executive chairman Shi Jiangang, will buy out minority shareholders at a final offer price of S$0.05 a share.
However, Mr Shi intends to keep the firm listed and can place out new shares to maintain the 10 per cent public float level if the need arises.
Abundance was the former loss-making printing firm Craft Print International. The printing business is being shut down.
The mandatory cash offer arose after the conversion of all outstanding convertible bonds such that Mr Shi and concert party Sam Kok Yin ended up holding 62.05 per cent of the company.
Abundance last traded at S$0.029 a share.