Teckwah's biggest shareholders make cash offer of S$0.65 a share to take company private

Singapore

A CONSORTIUM formed by the three largest shareholders of Teckwah Industrial Corporation has announced a voluntary conditional cash offer of S$0.65 per share to take the company private, in a bourse filing late Wednesday.

The offeror has already secured irrevocable undertakings amounting to a 58.04 per cent stake, with the offer conditional on receiving valid acceptances of 90 per cent or more.

Clementine Investments, which is the bid vehicle formed by Chua Seng Tek Holdings, Lee Kay Huan Holdings and Airjet Investments, intends to delist Teckway from the Singapore Exchange to enable "more flexibility to manage the business of the company and optim…

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL