SHC Capital tweaks RTO terms with Chinese firm

CATALIST-LISTED SHC Capital Asia said on Tuesday it has amended several key terms of a proposed reverse takeover (RTO) of Chinese medical equipment maker Tong Da Medical Device.

The acquisition price of Tong Da has been fixed at S$120 million and is no longer subject to further adjustments.

The number of SHC Capital shares to be issued to pay for all the shares Tong Da's owners have has also been fixed at 1.72 billion on a pre-share consolidation exercise basis at a revised price of 6.99 Singapore cents per share from seven Singapore cents per share earlier.

Tong Da's owners include Labuan-incorporated trusts held for the benefit of Tong Da's group CEO Cui Keshan, its group head of research and development Meng Guangshou and his wife, and other individuals.