Privatisation offer for Advanced Integrated Manufacturing closes

THE voluntary offer for all issued ordinary shares in Advanced Integrated Manufacturing Corp has closed, with the founder of the group receiving acceptances that bring his stake to 96.01 per cent.

Group founder, chairman and chief executive officer Tan Kim Yong had in November last year offered 21 cents per share in cash for shares that he did not already own, through Hao Corp Pte Ltd, in order to take the group private.

Hao Corp had cited low liquidity in the group's shares and compliance costs of maintaining a listing as the reasons for the offer.