China International Marine Containers launches privatisation bid for Pteris Global
THE majority shareholder of Catalist-listed airport support equipment provider Pteris Global has launched a takeover bid for the company with the aim of delisting it.
China International Marine Containers (CIMC), which is listed in Hong Kong and Shenzhen, has offered S$0.735 per share for each share it does not already own in Pteris, CIMC said in a Singapore Exchange filing on Thursday.
The offer price is about 16 per cent higher than Pteris's last traded price of S$0.635 on April 20.
CIMC, which already holds 54.34 per cent of Pteris through its vehicle Sharp Vision Holdings, said it intends to take Pteris private.
To have the right to do a compulsory acquisition, it will need to garner 90 per cent of the shares it does not already own. But it will most likely be unable to do that because a substantial shareholder, SZ TGM, has irrevocably undertaken to reject CIMC's offer, CIMC said.
SZ TGM holds about 21.26 per cent of Pteris, CIMC noted.
The name "SZ TGM" appears to refer to Shenzhen TGM, a company owned by the employees of Shenzhen CIMC-TianDa Airport Support.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Restaurant Brands tops estimates as Burger King overhaul pays off
Yen falls after suspected intervention on Monday; eyes on Fed
US: Wall St opens lower on labour costs data
TikTok shop tops 500,000 US sellers after 2023 e-commerce launch
Parkway Life Reit Q1 DPU up 4% to S$0.0379
Japfa posts US$12.4 million Q1 profit, reversing from year-ago loss of US$43 million