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Yinda makes mandatory offer for CMC Infocomm
YINDA Pte Ltd, a wholly-owned subsidiary of Shanghai Yinda Science and Technology Industrial Co Ltd, intends to make a mandatory unconditional cash offer for all the shares of Singapore-listed CMC Infocomm Limited it does not already own.
In a filing to the bourse operator on Sunday, CMC Infocomm said it would appoint an independent financial adviser (IFA) and a circular containing the advice of the IFA and the recommendation of the independent directors would be sent to shareholders.
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, said CMC Infocomm.
The mandatory offer comes after Yinda on Friday entered into a sale and purchase agreement with TEE International Limited and CMC Engineering Sdn Bhd to acquire some 113 million shares at S$0.095 apiece. This represented about 74.41 per cent of all the ordinary shares in the capital of the CMC Infocomm.
Based on the last transacted price per share on Friday, the offer price represents 18.8 per cent premium over the benchmark price of S$0.08.
Shanghai Yinda is held by Shanghai Yinda Technology Group, which is engaged in the information technology, telecommunications and related businesses.