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Mandatory offer for Lum Chang turns unconditional
THE mandatory offer for construction firm Lum Chang Holdings has turned unconditional, as the total shares owned, controlled or agreed to be acquired by the offeror and its concert parties amounted to around 51.8 per cent of total shares as at 10.31am on Wednesday, according to an exchange filing.
A mandatory conditional cash offer had been triggered after Lum Chang managing director David Lum's firm, Beverian Holdings Pte Ltd, purchased a 0.2 per cent stake in Lum Chang on the open market on Nov 17.
The offeror, RMDV Investments, is the bid vehicle for engineering solutions firm Ellipsiz, Mr Lum and his brother Raymond Lum, who is Lum Chang's executive chairman. The two each own 45 per cent of the offeror, and Ellipsiz holds 10 per cent.
The siblings are controlling shareholders of Lum Chang, with a combined 42.7 per cent stake as at Nov 17, and the offeror has said it will make an offer for the remaining 57.3 per cent of Lum Chang's shares at S$0.38 apiece, while keeping it listed.
The offer was declared unconditional in all respects on Wednesday, as the offeror and its concert parties now hold more than 50 per cent of the total number of shares in issue.
Lum Chang and Ellipsiz requested trading halts at around 9.30am on Wednesday, and asked for these to be lifted in the afternoon the same day.
Shares of Lum Chang closed unchanged at S$0.38; Ellipsiz's shares closed flat at S$0.34.