Ernst & Young to advise Poh Tiong Choon's directors on S$275.5m privatisation offer

MAINBOARD-LISTED Poh Tiong Choon Logistics has appointed Ernst & Young Corporate Finance as the independent financial adviser on a buy-out offer from the firm's chairman, the company announced before the market opened on Wednesday.

The firm has received in September a buy-out offer pegged at S$1.30 per share from Respond Logistics, a vehicle backed by the firm's chairman, Poh Choon Ann, and Tower Capital logistics, an affiliate of Tower Capital Logistics. The offer values the firm at S$275.5 million.

The offeror plans to delist the company.

Poh Tiong Choon last traded at S$1.295, up 0.5 cent.