Continue reading this on our app for a better experience

Open in App
Home News Offer

Mohamed Salleh and family make privatisation bid of shares in Second Chance with unconditional cash offer of 30 cents

Khairani Afifi Noordin
Khairani Afifi Noordin • 2 min read
Mohamed Salleh and family make privatisation bid of shares in Second Chance with unconditional cash offer of 30 cents
This represents a premium of approximately 39.5% over the last transacted price per share of 21.5 cents. Photo: Albert Chua/The Edge Singapore
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Second Chance Properties’ founder and CEO Mohamed Salleh Marican, through Final Chance Holdings, has made a cash offer of 30 cents to shareholders of the Mainboard-listed company, intending to delist it from the Singapore Exchange S68 -

(SGX).

The offer price represents a premium of approximately 39.5% over the last transacted price per share of 21.5 cents on the undisturbed price as of July 9. According to a July 10 bourse filing, the offerer says this provides shareholders with a “clean cash exit opportunity” to realise their investment in the company’s shares.

The offerer, Final Chance Holdings, has on its board of directors Mohamed Salleh, his son Amal, and his daughters Nadia, Sofia and Radiah.

They believe that privatising the company will provide the family and Second Chance with greater management flexibility to manage the business of the group, allowing them to respond to changing market conditions and optimise the use of the company’s management and resources.

Second Chance has a total issued and paid-up share capital of approximately $174.7 million comprising 927,795,798 shares. The offer is unconditional as Mohamed Salleh and his family hold 85.07% of the company’s shares. 

According to the offeror, the trading volume of Second Chance’s shares has historically been low, with an average daily trading volume of approximately 11,143 shares, 13,680 shares, 15,935 shares and 41,139 Shares for the 1-month, 3-month, 6-month and 12-month periods, respectively, up to and including the last trading day. These represent less than 0.01% of the total issued shares as at July 10.

See also: OCBC explains rationale behind offer price of $25.60 for GEH shares

Final Chance intends to make the Second Chance its wholly-owned subsidiary.

Shares in Second Chance were trading at 21.5 cents as at 12pm on July 10.

 

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.