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Lum Chang MD and sons launch mandatory cash offer for Ellipsiz

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Members of the family that controls construction company Lum Chang Holdings have launched a takeover offer for Ellipsiz, a semiconductor equipment provider.

MEMBERS of the family that controls construction company Lum Chang Holdings have launched a takeover offer for Ellipsiz, a semiconductor equipment provider.

They are offering S$0.38 for each share of the mainboard-listed firm which it does not already own, it said in a Singapore Exchange filing released on Thursday evening.

The offer price values Ellipsiz, which offers products and services to the semiconductor industry, at about S$63.5 million.

Lum Chang managing director David Lum Kok Seng and his two sons, Kelvin Lum Wen-Sum and Adrian Lum Wen Hong, are launching the mandatory cash offer via their vehicle Bevrian Pte Ltd.

Prior to Thursday's acquisition, Bevrian held about 29.35 per cent of Ellipsiz's shares.

The takeover offer was triggered after Bevrian purchased about 7.93 million shares at S$0.38 apiece that resulted in them controlling about 34.10 per cent of Ellipsiz.

Mr Kelvin Lum has been an executive director of Ellipsiz since March 1, 2016.

Bevrian said it intends for Ellipsiz to continue with its existing business activities and maintain its listing status, with no present plans for any major changes to the company businesses.

Ellipsiz shares closed S$0.01 higher at S$0.37 on Thursday.