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SIM Lian Group (SLG) announced on Tuesday that PricewaterhouseCoopers Corporate Finance has been appointed as the independent financial adviser (IFA) to advise the company's independent directors in connection with the voluntary conditional cash offer for the property and construction group announced on Aug 8.
A consortium led by the founder of SLG is seeking to take the company private.
Coronation 3G - a Singapore-incorporated investment holding company owned by the Kuik family and led by Kuik Ah Han, founder and executive chairman of SLG - is making the voluntary conditional cash offer of S$1.08 per share for all the outstanding shares in SLG that it doesn't already own or has agreed to acquire.
In its Tuesday filing with the Singapore Exchange, SLG said that a circular containing the advice of the IFA and the recommendation of the independent directors will be sent to shareholders within 14 days from the date of dispatch of the offer document.
"In the meantime, shareholders are advised to refrain from taking any action in relation to their shares which may be prejudicial to their interests until they or their advisers have considered the information and the recommendations of the independent directors as well as the advice of the IFA which will be set out in the offeree circular," it added.