Singapore Medical Group to delist on Jan 20
Add BT as a preferred sourceJanice Tan
CATALIST-LISTED Singapore Medical Group (SMG) will delist on Friday (Jan 20) following its successful privatisation by top SMG executives.
The move comes a month after offeror TLW Success received 95.1 per cent of valid acceptances for its bid to take the specialist healthcare provider private for S$0.40 per share.
TLW Success is jointly owned in equal measure between SMG’s non-executive chairman Tony Tan Choon Keat, chief executive Beng Teck Liang and executive director Wong Seng Weng.
The trio had initially sought to take over SMG at S$0.37 per share via a voluntary conditional offer launched in September 2022.
This was later raised to S$0.40 per share, implying a 16.8 per cent premium over the stock’s net asset value, and 357.1 per cent over the net tangible asset value per share as of Dec 31, 2021.
The offer turned unconditional in November after the total shares TLW Success and its concert parties owned, controlled or agreed to acquire, and the valid acceptances crossed the 90 per cent threshold.
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Shares of SMG last traded at S$0.395 on Dec 19, 2022.
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