Elec & Eltek privatisation bid turns unconditional

Published Thu, Jul 23, 2020 · 09:58 AM

PRINTED circuit board manufacturer Elec & Eltek International Holdings (E&E) is on its way to being delisted from the Singapore Exchange and the Hong Kong stock exchange, as the privatisation bid for it has turned unconditional.

This happened on Wednesday, with the offeror, Kingboard Holdings, having received valid acceptances from shareholders in Hong Kong and Singapore in respect of nearly 43.5 million offer shares, representing about 23.23 per cent of the total number of issued shares.

This pushed the stake controlled by Kingboard and parties acting in concert with it to 97.79 per cent.

The offeror can now acquire all the shares of shareholders who have not accepted the offer, at the same net consideration of HK$17.76 (S$3.17) per share.

The offer will remain open for acceptances until 4pm on Aug 6.