Deadline for Singapore O&G takeover offer extended to May 4

THE closing date for the takeover offer of Singapore O&G : 1D8 0% has been extended from 5.30pm on Monday (Apr 18) till the same time on May 4, said the healthcare provider in a bourse filing on Monday (Apr 18).

The Catalist-listed company had announced in an earlier bourse filing on Mar 7 that it had received a voluntary unconditional cash offer at S$0.295 a share from special purpose vehicle NewMedCo Group.

As at 6pm on Apr 14, NewMedCo Group, which is a consortium consisting of the offer's sponsor and promoters, has received valid acceptances representing about 84.6 per cent of the total number of issued shares in Singapore O&G.

It has also acquired 4.38 per cent of the total number of issued shares after the takeover offer was announced.

Including the individuals who collectively own or control 74.8 per cent of Singapore O&G that are co-operating with NewMedCo to consolidate the company, the buyer is set to hold about 88.96 per cent of the total number of issued shares.

This amounts to about 424.6 million issued shares.

The offer sponsor, Hanaan Health Group, is majority-held by a special purpose vehicle that is in turn wholly-owned by Dymon Asia Private Equity (SE Asia) II, which main business is to invest in or acquire corporations in the healthcare sector.

Meanwhile, the promoters are Singapore O&G's executive chairman Beh Suan Tiong, its executive director Heng Tung Lan and 3 specialist medical practitioners employed by the group: Lee Keen Whye, Joyce Lim Teng Ee and Choo Wan Ling. In total, they own around 71.4 per cent of the issued shares in Singapore O&G.

NewMedCo had said earlier that it intends to make Singapore O&G its wholly-owned subsidiary and does not intend to preserve its listing status.

It expects privatisation will give it and the management of the company more flexibility in managing its business, and optimise the use of its management and capital resources and facilitate the implementation of any operational change.

At the time of the announcement, the offer price represents a premium of around 15.7 per cent over its Mar 3 transacted price of S$0.255. This was the last day of trading before the offer announcement.

Its share price has since shot up to S$0.30 on news of its takeover offer.