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JCET announces 'firm intention' to make offer for STATS ChipPAC
A CONSORTIUM led by China's Jiangsu Changjiang Electronics Technology Co (JCET) announced its "firm intention" to make an offer for Singapore's mainboard-listed STATS ChipPAC.
As part of the offer agreement, STATS ChipPAC on Friday announced a proposed offering of perpetual securities by way of a non-renounceable rights issue to raise gross proceeds of US$200 million.
The perpetual securities will be offered to shareholders on the basis of one perpetual security for every 11,011 shares held by shareholders as at the books' closure date.
Singapore Technologies Semiconductors Pte Ltd (STSPL) - a wholly owned subsidiary of Temasek Holdings - has, subject to certain conditions, undertaken to subscribe for both its pro rata share of the perpetual securities and all other perpetual securities not subscribed by the other shareholders, up to an aggregate maximum amount of US$200 million. As at Friday, STSPL holds about 83.8 per cent of all the issued shares.