Creative Elite launches general offer for Jacks International

CREATIVE Elite Holdings has launched a general offer for health-food retailer Jacks International.

In an announcement to Singapore Exchange on Tuesday, Creative Elite said it has entered into a sales and purchase agreement under which it is buying 19.83 million shares, or 66.08 per cent of the company, at S$0.80 per share from Abacus Pacific, Jacks' immediate holding company. As such, it is also launching a general offer for the remaining 10.17 million shares in mainboard-listed Jacks at S$0.80 per share.

The last traded price of Jacks shares as at Sept 8 was 42 Singapore cents. As such, the offer price is a premium of nearly 90.5 per cent over the benchmark price.

Creative Elite is an investment holding company incorporated in the British Virgin Islands. Its sole shareholder and sole director is Hong Kong resident Lo Ching. Ms Lo is the executive chairman and owner of China-based Guangzhou Camsing.

The offer document said: "Although (Creative Elite) has no current intention to make substantial changes to the existing business and operations of (Jacks), it will review the existing business and operations of the group to consider and evaluate the potential of rationalising the existing business and/or an expansion and diversification of the group's existing business activities so as to enhance the performance."