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Smart Entertainment gets shareholders' nod for Sevak partial offer

SMART Entertainment has received sufficient shareholder approval to proceed with its S$5.9 million partial offer for IT solutions company Sevak, Sevak said in a Singapore Exchange filing on Wednesday night.

The partial offer has turned unconditional after 56.2 per cent of Smart Entertainment's shareholders accepted it, fulfilling the requirement that more than half of them must approve the offer.

When concluded, it will increase the stake in Sevak held by Smart Entertainment and its concert parties from 38.49 per cent to 51 per cent.

Smart Entertainment made the offer for some 1.48 million shares in Sevak at S$4 apiece or about S$5.9 million on March 21. The offer price of S$4 per share represents a premium of 25 per cent to the closing price of S$3.20 per share on March 20.

The partial offer remains open for approval and acceptance by Smart Entertainment's shareholders until 5.30pm on May 23.

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Sevak shares closed at S$3.31 on Wednesday before the announcement, up 10 Singapore cents or 3.12 per cent.

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