Indonesian water treatment operator Moya Holdings Asia announced on Wednesday (Sep 14) plans to take the company private through a voluntary cash offer from Tamaris Infrastructure, a majority shareholder of the company, at the price of S$0.092 per share.
As at the date of announcement, the offerer holds about 72.8 per cent of shares in Moya. To delist, the company must attain approval from at least 75 per cent of the total number of issued shares and have its delisting resolution approved by shareholders at its extraordinary general meeting.
The offer price of S$0.0920 represents a premium of about 41.5 per cent over the last traded price of S$0.0650 per share on Sep 8, before the company called for a trading halt ahead of the announcement. Against its 1-month, 3-month, 6-month and 12-month volume-weighted average price per share, the offer price represents a premium of about 43.8 per cent, 48.1 per cent, 48.6 per cent and 47 per cent.
Moya said the privatisation offer would provide an opportunity for shareholders to realise their investments amid low trading liquidity, allow for greater management flexibility and save costs on maintaining its listed status.
According to the Companies Act, the offerer would be entitled to exercise the right to compulsorily acquire all the shares of the shareholders who have not accepted the exit offer upon reaching 90 per cent in valid acceptances. Tamaris Infrastructure said it has plans to make Moya its wholly-owned subsidiary.
Shares of Moya Asia ended flat at S$0.065 on Sep 8 before the company called for a halt in the trading of its shares. The counter resumes trading on Wednesday.