DeClout receives unsolicited indication of interest to buy its shares in Procurri

MAINBOARD-listed enterprise hardware supplier Procurri Corp said on Friday that it has received an unsolicited, non-binding indication of interest from a third party to acquire shares of the company by way of a possible voluntary general offer.

No definitive agreements have been entered into yet and the possible offer is subject to due diligence, among other things. 

In a separate statement, Catalist-listed DeClout, which owns a 47 per cent stake in Procurri, said that it is in the process of evaluating indications of interests from various third parties relating to its stake in Procurri.

Procurri said it would update shareholders as and when there are any material developments on the possible transaction. 

Lloyd Moffatt, director of fund advisor Wickams Hill Capital and a small shareholder in Procurri, told BT: "We think Procurri will generate S$20 million in Ebitda (earnings before interest, taxes, depreciation and amortisation) this year and has a lot of potential beyond that." 

Trading in shares of both Procurri and DeClout was halted on Friday, pending the announcement. Trading resumes on Monday.

Procurri shares last changed hands at S$0.26 on Thursday. DeClout shares last changed hands at S$0.08 on Thursday.