Teckwah privatisation offer turns unconditional

AN offer made by Clementine Investments to take Teckwah Industrial Corporation private has turned unconditional, the mainboard-listed packaging, printing and logistics company said in a bourse filing on Wednesday night.

The proposed offer was conditional upon Clementine Investments receiving enough valid acceptances to give it at least a 90 per cent stake in Teckwah, as it intends to delist the firm.

As at 9pm on Sept 30, the number of Teckwah shares owned, controlled or agreed to be acquired by Clementine Investments and its concert parties had reached 90.76 per cent of the total number of shares in the company.

As such, Teckwah has lost its free float and trading of its shares will be suspended at the close of the offer.

Earlier on Tuesday, Teckwah announced that the closing date for Clementine Investments' voluntary conditional cash offer of 65 Singapore cents per share had been extended to Oct 13, from Sept 30.

Teckwah shares closed at 65 Singapore cents on Wednesday, up 0.5 cent or 0.8 per cent. There were no trades for the counter as at 1.33pm on Thursday.