Corporate digest

mm2 Asia

REPLYING to a Singapore Exchange (SGX) query, the entertainment group said it is of the opinion that there is no need to suspend trading of its shares pursuant to Listing Rule 1303(3), in a clarification announcement on Thursday night. The rule provides for suspension of trading when an issuer is unable to continue as a going concern, or unable to demonstrate to SGX and its shareholders it is able to do so.

SGX's query referred to mm2 Asia's July 13 announcement that its independent auditor had noted a material uncertainty "that may cast significant doubt" on the mainboard-listed firm's ability to continue as a going concern, in its report on mm2 Asia's audited financial statements for the year ended March 31, 2021.

In its reply, mm2 Asia said that neither the company nor any of the subsidiaries are planning or have filed with a court to place the company under judicial management; nor has mm2 Asia received any notification from creditors pertaining to liquidation. It added that the company is able to reasonably assess its financial position to-date.

"The board further confirms that all available information in addressing the issue of a going concern have been disclosed in the company's announcements dated 13 July 2021 and 15 July 2021, and the information (is) sufficient to enable trading of the company's shares to continue in an orderly manner," said mm2 Asia.

In view of the above, its board is of the opinion that there is no need to suspend trading of its shares pursuant to Listing Rule 1303(3), it said.

Dutech Holdings

THE offer price in mainboard-listed Dutech Holdings' privatisation bid has been raised to S$0.435 per share, up from the original S$0.40, with the closing date also being extended by two weeks, the offeror said on Thursday night.

The voluntary unconditional cash offer is being made by Dutech's chief executive officer, via investment holding company TSI Metals HK, for all of 356.54 million issued and paid-up ordinary shares of Dutech, with a view to delisting the firm.

Shareholders who have earlier accepted the offer are entitled to this revised and final offer price, with the offeror not intending to revise it further.

The final offer price of S$0.435 represents a premium of 74 per cent over the last transacted share price of S$0.25 on May 28, up from the 60 per cent premium represented by the original offer price. It also represents a 73.3 per cent premium over the volume weighted average price for the one month up to and including the last trading day, which was S$0.251.

The close of the offer has been extended from 5.30pm on July 16 to 5.30pm on Aug 2, or at such later dates as may be announced.

As at 6pm on July 15, the offeror has received valid acceptances amounting to about 281.8 million shares, representing 79 per cent of the total number of shares. This includes 208.7 million shares held by concert parties, representing about 58.5 per cent of the total.