SINGAPORE (July 1): Raffles United Holdings, the property investor and distributor of ball bearings and seals, has received a mandatory unconditional cash offer for the shares it does not own at 6.5 cents each.

The offeror is Raffles Infinity which is solely owned by Teo Xian-Hui Amanda Marie, the daughter of Raffles United's managing director Teo Teng Beng.

Raffles Infinity does not intend to preserve the listing status of the company.

The mandatory general offer was triggered after Raffles Infinity and Teo amassed a stake totalling about 86.17% in Raffles United. This came after Raffles Infinity on Monday acquired about 324.3 million shares or an 82.08% stake in Raffles United at 5.5 cents each from Raffles United (RUPL) and Teo.

Raffles United is the distributor and retailer of bearings and seals. It also has interests in property investment and development.

The company has been on the Singapore Exchange watch-list under the minimum trading price entry criteria since December 2018.

Teo who now holds a direct stake of 4.09% in the company intends to accept the offer.

The offer price represents a premium of 27% over the last traded price per share of 5.1 cents on the last trading date of June 27, and a premium of 19% over the volume-weighted average price of 5.48 cents for the one-month period prior to and including the last trading date.