China International Marine Containers raises offer for Pteris Global

CHINA International Marine Containers (CIMC) has raised its takeover offer price for Catalist-listed airport support equipment provider Pteris Global to S$0.85 from S$0.735 per share, it said in a Singapore Exchange filing on Sunday evening.

This revision was after several shareholders undertook to sell their shares to the offeror at no less than S$0.85, CIMC said. It added that it does not intend to revise its offer price anymore.

CIMC and its concert parties had owned, controlled or agreed to acquire a total of 291.3 million shares or about 75.6 per cent of Pteris, as at the offer announcement date. This includes 81.9 million shares or roughly 21.26 per cent held by a substantial holder, SZ TGM, which has irrevocably undertaken to reject CIMC's offer.

As at July 1, CIMC's takeover vehicle Sharp Vision Holdings had received valid acceptances amounting to 20.3 million shares representing just 5.27 per cent of the total shares of Pteris.

The undertaking shareholders collectively hold about 9.63 per cent of Pteris. After their shares are validly tendered to the offeror, the offeror and its concert parties will hold just over 90 per cent of Pteris.

CIMC said that if the minimum 10 per cent free float requirement is not satisfied for Pteris at the close of the offer and trading in the stock is suspended, CIMC does not intend to take any actions for the suspension to be listed "or support any actions by the company to maintain its listing status".

It added that the offer closing date would be extended to 5.30pm on July 25.