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China International Marine Containers launches privatisation bid for Pteris Global

Thursday, April 21, 2016 - 18:01

THE majority shareholder of Catalist-listed airport support equipment provider Pteris Global has launched a takeover bid for the company with the aim of delisting it.

China International Marine Containers (CIMC), which is listed in Hong Kong and Shenzhen, has offered S$0.735 per share for each share it does not already own in Pteris, CIMC said in a Singapore Exchange filing on Thursday.

The offer price is about 16 per cent higher than Pteris's last traded price of S$0.635 on April 20.

CIMC, which already holds 54.34 per cent of Pteris through its vehicle Sharp Vision Holdings, said it intends to take Pteris private.

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To have the right to do a compulsory acquisition, it will need to garner 90 per cent of the shares it does not already own. But it will most likely be unable to do that because a substantial shareholder, SZ TGM, has irrevocably undertaken to reject CIMC's offer, CIMC said.

SZ TGM holds about 21.26 per cent of Pteris, CIMC noted.

The name "SZ TGM" appears to refer to Shenzhen TGM, a company owned by the employees of Shenzhen CIMC-TianDa Airport Support.

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