Wed, Sep 16, 2020 - 6:35 PM DU Junhong, a co-founder of mainboard-listed LCT Holdings, has offered to take the company private in a move that va
Wed, Sep 16, 2020 – 6:35 PM
DU Junhong, a co-founder of mainboard-listed LCT Holdings, has offered to take the company private in a move that values it at some S$21 million.
Through investment vehicle Superior Partners Limited, Dr Du on Wednesday made a voluntary conditional cash offer to acquire all the ordinary shares in LCT at S$0.60 per share. There are more than 35 million issued shares.
Dr Du does not hold any shares but has a 19.72 per cent deemed interest through his holdings in Longdu Investment Limited, Longpartner Investment Limited and Triple Bonus Investment Pte Limited.
He and LCT’s other co-founders have undertaken to accept the offer. They hold a 27.65 per cent interest combined.
The offeror said that delisting LCT will give the company greater control and flexibility to respond to any changes in an “uncertain economic environment” resulting from Covid-19 and achieve “greater efficiency and competitiveness”.
For now, the offeror said, it does not intend to introduce any major changes to the business, dismiss existing employees or “re-deploy” the…