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Halcyon Agri makes offer for GMG; RHB Securities named GMG's independent financial adviser

RUBBER producer Halcyon Agri Corporation has made a voluntary conditional general offer for shares of GMG Global.

Meanwhile, RHB Securities Singapore has been appointed as the independent financial adviser to advise GMG's directors, GMG said in an announcement on Tuesday evening.

Halcyon Agri's offer for GMG shares is part of a multi-part deal between Halcyon Agri, Sinochem International and GMG that will merge Halcyon Agri and Sinochem's rubber assets, creating the world's largest rubber supply chain manager.

Sinochem, a Chinese state-owned conglomerate, is making a mandatory offer for all the shares in Halcyon Agri for 75 Singapore cents each. Halcyon Agri will, in turn, make a voluntary general offer for GMG - majority owned by Sinochem - involving a share swap of 0.9333 Halcyon share for each GMG share.

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Halcyon Agri is also set to acquire Sinochem's rubber processing assets in China and Malaysia, and the latter's trading business.

Minority shareholders for GMG have complained that the firm has been under-valued and the offer to them, unfair.