Sim Lian founder launches cash offer to privatise developer

Posted by Kaeden Ong on 12th August 2016 in Blog

Wandervale EC

An investment holding company owned by the Kuik family and led by Kuik Ah Han, Founder and Executive Chairman of Sim Lian Group (SLG), is looking to privatise and delist the property developer.

In an SGX filing on Monday (8 August), Coronation 3G announced a voluntary cash offer for all outstanding shares of SLG that it doesn’t already own.

The offer price of S$1.08 per share is final and represents a 14.9 percent premium over the last traded price per share of S$0.94 on 4 August.

“Coronation 3G believes that the offer presents SLG shareholders with a compelling cash exit opportunity given the illiquidity of its shares,” it said, adding that the shares have not traded at or above the offer price since its listing in 2000.

Coronation 3G has secured irrevocable undertakings representing 80.36 percent of the total number of issued shares. The offer is conditional on Coronation 3G receiving acceptances of 90 percent of the total number of issued shares.

Oversea-Chinese Banking Corporation Limited is the financial adviser to Coronation 3G in relation to the offer.

Credits: Propertyguru

(View Wandervale EC Choa Chu Kang Homepage, an exquisite development by Sim Lian Group)

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