The offer by Fragrance Group’s executive chairman and CEO, Dr. Koh Wee Meng, has turned unconditional.
In a July 12 filing, DBS Bank, who acted for and on behalf of Koh through JK Global Treasures, says as at 6pm on July 11, the offeror had received valid acceptances of 6.143 billion shares, representing 91.5% of all the issued shares in the group.
“Accordingly, the offer has become unconditional in all respects,” says DBS Bank.
Koh does not own, control and has not agreed to acquire any further shares, according to the filing released by DBS Bank.
It adds that neither Koh or his concert parties have entered into any arrangement in relation to any relevant securities that may be relevant to the offer, and that they have not received any irrevocable commitment to accept the offer in respect of any relevant securities, save for the irrevocable undertakings.
To date, Koh owns 74.71% of the shares in the group, while his spouse, Lim Wan Looi, owns a 10.94% stake.
Fragrance Group’s deputy CEO and executive director, Periakaruppan Aravindan, owns 0.10% of the shares in the group.
Koh, on July 9, made a voluntary conditional offer to the group’s shareholders at an offer price of 13.8 cents per share in cash.
The offer required an acceptance rate of 90%.
As at 4.25pm, shares in Fragrance are trading 2 cents higher or 16.9% up at 13.8 cents.