Procurri says interested third party still mulling general offer for company

Procurri says interested third party still mulling general offer for company

PC Lee
07/01/19, 11:01 am

SINGAPORE (Jan 7): Procurri Corp said the interested third party who made an offer on Sept 7, 2018, to acquire the company through a possible voluntary general offer is still mulling the deal.

Procurri says due diligence by interested party ongoing

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However, the provider of data centre equipment and IT products controlled by DeClout, maintained that no definitive agreement has been signed and that the possible offer is subject to due diligence, among other conditions.

In a Singapore Exchange filing before this morning’s market opening, Procurri said that due diligence checks are still being carried out by the third party and that the latter is still considering the offer and the various avenues of carrying out the possible transaction. DeClout has not identified the buyers.

Last Friday, controlling shareholder DeClout sold a 17.2% stake in Procurri to two independent third parties at 32 cents each through married deals, cutting its stake to 29.62% from 46.83% and raising net proceeds of $15.2 million. The sale price represented a premium of 14.4% to the volume-weighted average price of Procurri shares of 27.97 cents traded on Thursday, the last market day on which Procurri shares were traded prior to the sale.

As at 10.33am, shares in Procurri are down 0.5 cent at 28 cents while shares in DeClout last traded at 11 cents on Jan 3.

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