Fabchem China shareholders advised to reject general offer

Singapore

FABCHEM China's independent directors are recommending that shareholders reject the 15.8 cents a share mandatory conditional general offer by Singapore businessman Henry Wee for all the shares he does not already control, in a circular on Thursday after the market close.

This was after independent financial adviser CEL Impetus Corporate Finance said it was of the opinion that "on balance, the financial terms of the offer are not fair and not reasonable".