Aier Eye International to make pre-conditional offer for ISEC Healthcare shares

CATALIST-LISTED ISEC Healthcare said on Monday evening that Aier Eye International has agreed to buy about 186.3 million ISEC Healthcare shares in a sale and purchase agreement which, when completed, will trigger a mandatory general offer for the remaining shares at the same price.

Aier Eye International, a direct wholly owned subsidiary of Aier Eye Hospital Group which is incorporated in China, on Monday entered into the conditional sale and purchase agreement to purchase the shares at S$0.36 apiece in a deal valued at S$67.1 million.

The agreement will be completed on the fifth business day after the last pre-condition is fulfilled, at which point Aier Eye International will own 35 per cent of ISEC Healthcare's total number of issued shares.

Aier Eye International cited ISEC Healthcare's low historical trading liquidity as a reason for the offer. The offer price is a 5.88 per cent premium over the closing price of S$0.34 on June 28, the last trading day before a trading halt was called.