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Hi-P chairman Yao and wife Wong offers $2 per share to privatise company

The Edge Singapore
The Edge Singapore • 1 min read
Hi-P chairman Yao and wife Wong offers $2 per share to privatise company
The couple, who already hold 83.5% of the company, do not intend to revise the offer.
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Yao Hsiao Tung, chairman of Hi-P International, and his wife Wong Huey Fang, are offering to take the company private with an offer of $2 per share.

The couple, who already hold 83.5% of the company, do not intend to revise the offer.

The offer is being made, amid uncertainties of market volatility caused by the pandemic, so that minority shareholders have an “clean cash exit opportunity” at a “significant premium” of what the shares are now trading at.


SEE: Analysts mixed on Hi-P International on 'continual improvement in ESG factors' and 'M&A-driven growth'

At $2, it is 160.1% over the net asset value of the company as at June 30; it is also a 13.6% above the last traded price of $1.76 on Dec 14, before trading of Hi-P shares were halted.

The offer document also notes that the offer price is above the average target price of $1.43 by analysts covering the stock.

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