Cheung Woh Technologies privatisation offer closes with 97.1% valid acceptances

THE voluntary unconditional cash offer for Cheung Woh Technologies has closed with valid acceptances representing 97.1 per cent of the total number of shares, the high-precision engineering product manufacturer said in a bourse filing on Wednesday.

The offer closed at 5.30pm on Tuesday.

Previously, the company on June 15 announced that Woh Seng Holdings had made an offer to acquire valid acceptances and the total shares owned at a cash consideration of 28.5 Singapore cents per share.

The offeror, a company owned by Cheung Woh's finance and administrative director Law Yu Chui and her family members, will exercise its right of compulsory acquisition of all remaining shares and subsequently delist Cheung Woh from the Singapore Exchange (SGX).

As the percentage of the total number of issued shares held by the public is below 10 per cent, Cheung Woh on Wednesday morning requested SGX to suspend the trading of its shares from 9am the same day.

Cheung Woh supplies high-precision engineering products to the hard disk drive, communications, electrical and electronics, semiconductor and automotive industries. It has manufacturing facilities in Johor and Penang in Malaysia, and Zhuhai, China.

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Its shares closed flat at S$0.30 on Tuesday.