Popular Holdings receives privatisation offer from Grand Apex
SINGAPORE'S beleaguered bookstore chain, Popular Holdings, could soon be privatised.
The mainboard-listed firm is expected to receive a voluntary conditional cash offer from Grand Apex Holdings, CIMB Bank Singapore announced on behalf of the latter on Wednesday. Grand Apex is jointly-owned by Popular Holdings' group CEO and executive director, Chou Cheng Ngok, and his wife, Hu Nan Lee.
The offer price for each share is S$0.32 in cash, a 39.1 per cent premium on Popular Holdings' last traded price on Tuesday, and a 37.3 per cent premium on the volume weighted average price for the three-month period to Tuesday.
Grand Apex believes that the privatisation of Popular Holdings will provide it with greater management flexibility to develop its business, optimise resources and facilitate any strategic initiatives or operational changes.
Popular Holdings is involved in book retail, distribution and publishing. Over the years, it has also diversified into the e-learning, property and food & beverage space.
Before news of the announcement on Wednesday, Popular Holdings' counter stood unchanged at S$0.23.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US: Nasdaq, S&P tumble as Netflix, chip stocks drag
Europe: L’Oreal gains cap third week of declines
Telegram messaging service to allow Tether stablecoin payments
Hong Kong regulator to probe PwC auditing role over Evergrande
US: S&P, Dow open flat as Middle East jitters ease, Netflix weighs on Nasdaq
DBS puts 46 retail units, HDB shops on market for S$210 million