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Sinotel Technologies chairman launches offer to take firm private
The executive chairman of Sinotel Technologies, Jia Yue Ting, has made an offer to take the company private at 9.8 Singapore cents for each share that he does not already own.
He is acting in concert with his sister-in-law, Zhang Rong. Mr Jia has also entered into sale and purchase agreements to acquire some 39.2 million shares, or 9.27 per cent of the company, for 9.8 cents per share from other shareholders.
Including the 9.27 per cent stake, Mr Jia and his sister-in-law will have 39.25 per cent in Sinotel.
Sinotel's shares last traded on March 9 at 4.9 Singapore cents.
"In view of the low trading liquidity, the offer represents a cash exit opportunity for shareholders to realise the value of their investments in the company at a premium over the historical trading prices of the shares," it said in the offer document.