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Memtech to delist from SGX on Aug 22

MAINBOARD-LISTED Memtech International will be delisted from the Singapore Exchange (SGX) as of Aug 22 at 9am, the electronics components manufacturer said on Tuesday in a regulatory filing.

The move follows SGX’s approval of the proposed delisting as well as the close of the privatisation offer in July, followed by the suspension of the company’s shares.

A consortium led by company chairman Chuang Wen Fu had in May made a voluntary conditional offer for all Memtech shares in an attempt at delisting.

The offeror is M-Universe Investments, a special purpose vehicle which mixes the interests of the Chuang family, which owns Memtech, as well as investment holding firm Keytech, which is owned by the Chuang family and certain current and former members of Memtech's management team.

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M-Universe Investments offered S$1.35 in cash per share in a deal valuing the company at S$189 million. The offer price also represented a premium of 23.9 per cent over Memtech’s last transacted price of S$1.09 on May 10.

Independent financial adviser PwC Corporate Finance had said the offer was "fair and reasonable".