Xyec's controlling shareholder plans to take the firm private

THE controlling shareholder of Japanese integrated engineering and IT services provider Xyec Holdings is planning to take the company private.

Tokyo-listed Mamezou Holdings, which owns 59.92 per cent of Xyec, is offering 30 Singapore cents per share for all Xyec shares that it does not own. This represents a 50 per cent premium over Xyec's last traded price of 20 Singapore cents on March 22.

Mamezou intends to merge with Xyec within six months of the completion of the offer. Noting that the trading volume of Xyec's shares has been low, the offer would provide an exit option for shareholders, said both companies in a joint announcement.