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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.

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.

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