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Rotary Engineering to be delisted as takeover offer declared unconditional
THE cash bid to take mainboard-listed Rotary Engineering private has been declared unconditional following a shareholder vote at an extraordinary general meeting on Wednesday.
The offer of 46 Singapore cents per share was made through Orochem, which is 64.7 per cent held by Rotary Engineering's controlling shareholder, the Chia family group, and 35.3 per cent by an investment arm of the Oman government.
The Chia family group includes Rotary chairman Roger Chia Kim Piow, his brother and executive director Chia Kim Chua, and his spouse and non-executive director Jenny Wong.
Orochem and its concert parties now control 73 per cent of Rotary Engineering shares.
The exit offer will remain open for acceptance until 5.30pm on Jan 24.