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Rotary hires Deloitte & Touche as independent adviser on privatisation bid

ROTARY Engineering has appointed Deloitte & Touche Corporate Finance to provide independent financial advice on a privatisation bid by Rotary's controlling shareholders, the engineering services company announced on Tuesday.

The advice of the adviser and the recommendations of Rotary's independent directors will be included in a circular on the delisting proposal and exit offer that will be sent to shareholders.

A special vehicle owned by Rotary's controlling Chia family and Oman Investment Fund, which is part of the Omani Ministry of Finance's investment arm, on Monday launched a 46 Singapore cent per share offer to take Rotary private. The offer price is a 25 per cent premium over the three-month volume weighted average price of Rotary stock, and will not be raised.

The Chias and the Omani fund control about 60.6 per cent of Rotary's shares.

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The Chia family includes chairman Roger Chia Kim Piow, his brother and executive director Chia Kim Chua, and Mr Roger Chia's spouse and non-executive director Jenny Wong.