Ban Leong Technologies privatisation offer closes with 96.6% valid acceptances

[SINGAPORE] The voluntary unconditional cash offer by video game distributor Epicsoft Asia to take technology products distributor Ban Leong Technologies private closed at 5.30 pm on Wednesday (Jul 2).

The offeror, an indirect wholly owned subsidiary of Nasdaq-listed GCL Global, received valid acceptances of about 96.6 per cent or 104.1 million of the company’s shares.

These include an aggregate of 30.3 million shares or around 28.13 per cent of the total number of issued shares that were tendered in acceptance of the offer by Ronald Teng, the managing director of Ban Leong, and his wife, Teo Su Ching.

Epicsoft Asia now owns, controls or has agreed to acquire all the valid acceptances it has attained.

With the percentage of Ban Leong’s total issued shares held in public hands having fallen below the Singapore Exchange’s 10 per cent free float requirement, the counter will be suspended from trading as at 9 am on Thursday.

The offeror said that it does not intend to support action or take steps to lift any trading suspension of the group’s shares or restore its public float.

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Instead, it plans to compulsorily acquire all remaining shares of Ban Leong that it does not yet hold and will subsequently delist the company.

Shares of Ban Leong closed flat on Wednesday at S$0.595, before the announcement.