Wed, Sep 16, 2020 - 3:38 PM UPDATED Wed, Sep 16, 2020 - 3:51 PM THE independent directors of Teckwah Industrial Corporation are re
Wed, Sep 16, 2020 – 3:38 PM
UPDATED Wed, Sep 16, 2020 – 3:51 PM
THE independent directors of Teckwah Industrial Corporation are recommending shareholders accept a voluntary conditional cash offer of S$0.65 per share from Clementine Investments, which is looking to take the mainboard-listed packaging, printing and logistics firm private.
The offer closes at 5.30pm on Sept 30. The offer price is final and Clementine Investments will not increase the offer price, Teckwah said in a circular issued to shareholders late on Tuesday.
Clementine Investments is a consortium of Teckwah’s three largest shareholders, namely Chua Seng Tek Holdings, Lee Kay Huan Holdings and Airjet Investments.
In making their recommendation, Teckwah’s independent directors had concurred with an assessment by independent financial adviser (IFA) RHT Capital, included in Tuesday’s circular, that the financial terms of the offer are fair and reasonable.
RHT said the offer price represents a premium of about 17.8 per cent over the volume-weighted average price (VWAP) of Teckwah shares on Aug 7, which is the last trading day before the release of the offer announcement.