SRS Auto Holdings’ offer for Allied Tech turns unconditional

SRS Auto Holdings’ voluntary cash conditional offer to privatise precision engineering company Allied Technologies has turned unconditional in all respects, according to a bourse filing late on Tuesday (Sep 6).

The total shares owned, controlled or agreed to be acquired by the offeror and its concert parties, including valid acceptances, amounted to around 90.06 per cent of the total number of Allied Tech shares, as at 5.30 pm on the same day.

SRS Auto’s offer will be open for acceptances until 5.30 pm on Sep 20. The private car rental and motor financing company will also exercise its right of compulsory acquisition.

In August, SRS Auto raised its offer price for Allied Tech to S$0.011 per share from S$0.0088 per share, which is final. The new offer matches the S$0.011 price at which Allied Tech last traded in 2019 before the counter was suspended amid the saga revolving around the alleged misappropriation of escrow funds.

SRS Auto is wholly owned by Tan Yew Kiat, who founded women’s apparel chain bYSI, The Business Times previously reported. Its increase in the offer price came after SRS Auto’s S$0.0088 per share deal was deemed “not fair and not reasonable” by independent financial adviser Xandar Capital.