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Fragrance's Koh Wee Meng to bid for New Wave at S$0.013/share
REAL estate tycoon Koh Wee Meng plans to make a voluntary conditional cash offer for all the issued ordinary shares in electronic component supplier New Wave Holdings at S$0.013 apiece.
The offer represents a 44.4 per cent premium over the company's closing price of S$0.009 as of Oct 19. Mr Koh does not intend to revise this offer price.
Mr Koh, who is chief executive of Fragrance Group, is seeking majority control of the company, but intends to keep New Wave listed. His offer will be conditional upon obtaining a majority stake in New Wave.
As of 8.13am on Friday, New Wave requested for a trading halt, pending the release of an announcement.
Should the acquisition be successful, he intends for the company to continue with its existing activities and has no intention to introduce major changes, redeploy fixed assets, or terminate any existing employees. However, he retains the flexibility to consider options in relation to the group at any time.
Mr Koh first emerged as a substantial shareholder of New Wave in 2013, and has steadily built up his shareholding through open-market purchases over the years. He currently holds an 11.26 per cent stake in the firm, although his direct and deemed interest stands at 14.87 per cent when concert parties are included.
OCBC bank is financial adviser to Mr Koh, and investment company JK Global Assets is the vehicle through which Mr Koh is presenting this offer.