Closing date for Teckwah's privatisation offer extended to Oct 13

THE closing date for Clementine Investments' voluntary conditional cash offer of 65 Singapore cents per share to take Teckwah Industrial Corporation private has been extended to Oct 13, from Sept 30.

In a bourse filing on Tuesday, OCBC - which represents Clementine Investments - said the total number of shares owned, controlled or agreed to be acquired by Clementine Investments and its concert parties, including valid acceptances of the offer, was about 202.7 million shares, or 86.77 per cent of Teckwah's shares, as at 9pm on Sept 29.

This comprises a 61.06 per cent stake held by Clementine Investments and its concert parties since the offer announcement date on Aug 12, and valid acceptances of the offer, representing a 25.71 per cent stake, from shareholders other than the concert parties as at Sept 29.

In its offer letter in August, Clementine Investments - a consortium of Teckwah's three largest shareholders - said it is looking to delist the mainboard-listed packaging, printing and logistics company to enable "more flexibility to manage the business of the company and optimise the use of the company's management and resources during this time of economic uncertainty".

In a circular issued to shareholders earlier this month, Teckwah's independent directors recommended shareholders accept Clementine Investments' voluntary conditional cash offer.

RHT Capital has been appointed the independent financial adviser (IFA) to evaluate the deal and advise Teckwah's independent directors. In the circular, Teckwah said the IFA found that financial terms of the offer are both fair and reasonable.

Shares of Teckwah last traded at 64.5 Singapore cents on Sept 28.