SINGAPORE (Aug 24): Mary Chia, the provider of lifestyle and wellness services, has received a cash offer of 11.1 cents for each share from Suki Sushi, an F&B company belonging to the daughter and son-in-law of the founder, in an effort to turn the company around.

The offer price values the company at $18.1 million and is 68.2% higher than its last traded price of 6.6 cents on Wednesday, the final market day prior to the takeover announcement.

Suki Sushi, which operates Japanese restaurants in Singapore under various brands, is 73.75% owned by son-in-law Lee Boon Leng and 21.7% owned by his wife Ho Yow Ping, the daughter of founder Mary Chia Ah Tow.

Listed since 2009, Mary Chia has been operating within a challenging environment.

In the latest financial year ended March, the group incurred net losses amounting to $5.7 million. As at end March, the group was in a negative working capital position of about $10.3 million.

“Following the acquisition and the close of the offer, the offeror intends to undertake a strategic and operational review of the group's business,” says CIMB Bank.

The mandatory general offer was triggered after Mary Chia entered into an agreement to sell her 60.98% stake in the company to Suki Sushi for $11 million.

CIMB Bank, acting on behalf of the offeror, says it has received an irrevocable undertaking to accept the offer from Ho, who holds a 19.99% stake in the company.

CIMB says Suki Sushi does not intend to revise the offer price. It is also the current intention of the offeror to maintain Mary Chia’s listing status, it adds.