privatisation

800 Super's independent adviser says shareholders should accept Lee family's offer

SINGAPORE (June 10): 800 Super Holdings says independent financial adviser (IFA) Novus Corporate Finance considers the privatisation offer from its controlling Lee family to be “fair and reasonable”.

See: 800 Super gets 90 cents per share privatisation offer from KKR

Hong Leong Asia to take cement maker Tasek private

KUALA LUMPUR (May 29): Singapore-listed Hong Leong Asia (HLA), which controls about 80.8% of cement maker Tasek Corp via two wholly-owned subsidiaries, wants to take Tasek Corp private in a deal worth an estimated RM128.61 million, based on the offer price of RM5.50 for every ordinary as well as preference share.

This is the second takeover exercise involving a cement company in the last month, after YTL Corp’s unit, YTL Cement, acquired stakes in Lafarge Malaysia for RM1.63 billion or RM3.75 per share.

Memtech offered $1.35/share to delist by executive chairman-led consortium

SINGAPORE (May 14): Memtech International has received an offer by M-Universe to privatise and delist at $1.35 per share.

M-Universe is the bid vehicle for a consortium formed by Memtech’s executive chairman Chuang Wen Fu and his family; Keytech Investment, an investment holding company that the Chuang Family holds interest in; and Universal Global Technology.

The offer price represents a premium of 23.9% over the May 10 close of $1.09, before the group called for a trading halt.

800 Super gets 90 cents per share privatisation offer from KKR

SINGAPORE (May 6): Environmental services provider 800 Super Holdings has received a 90 cents per share cash offer from 8S Capital Holdings with the intention to delist.

8S Capital is wholly owned by American investment firm Kohlberg Kravis Roberts & Co (KKR).

The deal will be funded by KKR with a combination of debt and structured financing to 8S Capital, primarily from pools of capital including KKR’s Private Credit Opportunities II fund and proprietary investment vehicles.

Keppel T&T 3Q earnings down 12.3% to $11.8 mil on higher operating expenses, lower other income

SINGAPORE (Oct 17): Keppel Telecommunications & Transportation (Keppel T&T) announced that its 3Q18 earnings have dropped by 12.3% to $11.8 million, compared to $13.5 million in 3Q17.

In 9M18, earnings saw a 32.4% increase to $47.2 million from $35.7 million in 9M17.

Keppel kept at 'hold' as analysts await clarity on transaction in M1 with SPH

SINGAPORE (Sept 24): Keppel Corporation (KEP) announced that it is considering a transaction involving its indirect interest in M1, together with Singapore Press Holdings (SPH).

Keppel is also considering a transaction of its interest in Keppel Telecommunications & Transportation (KTT).

Concurrently, Singapore Press Holdings (SPH) has also announced that it has been approached by Keppel to participate in a possible transaction involving its indirect interest in M1.

Croesus Retail Trust co-founder speaks up about going private

SINGAPORE (Jan 12): Last September, Croesus Retail Trust (CRT) was taken private by Blackstone Group at a higher price than it ever garnered in the public market.

The trust had traded below its net asset value (NAV) for most of the 4½ years it was listed.

“I was obsessed with closing the valuation gap,” says Jeremy Yong, who was managing director of CRT’s trustee-manager and co-founded the trust.

“We needed to make sure we were trading at fair value so that our acquisition currency was strong enough to acquire new assets,” he adds.

CityDev's privatisation bid for M&C bodes well for both, with or without deal: Phillip Capital

SINGAPORE (Dec 12): Phillip Capital is maintaining its “accumulate” rating on City Developments (CityDev) with a target price of $12.10, after the group announced its final takeover offer for the remaining shares of Millennium & Copthorne (M&C) it doesn’t own.

In a Tuesday report, analyst Dehong Tan notes that the new offer of 620 pence per share is 12% higher than previously, and represents an attractive value for CityDev as it is pegged to 0.75 times book value despite it being at a 39% premium to the pre-offer last close price.

Fu Yu to privatise LCTH for $20.3 mil via selective capital repayment

SINGAPORE (Dec 8): Fu Yu Corporation, the manufacturer of precision plastic components, plans to privatise its subsidiary, LCTH Corporation, through a selective capital repayment exercise (SCR) valued at around RM61.3 million ($20.3 million).

LCTH is listed on Bursa Malaysia and focuses on the precision manufacturing of tools and plastic products in Malaysia. As at 6 Dec, it has a share capital of RM169.9 million comprising 360 million ordinary shares, of which about 254.3 million are owned by Fu Yu to represent an equity interest of 70.64%.

GLP shareholders vote in favour of $16 bil privatisation deal

SINGAPORE (Nov 30): Global Logistic Properties (GLP) says its proposed $16 billion acquisition by Nesta Investment Holdings and subsequent privatisation has been approved on the back of “overwhelming shareholder support”.

Nesta Investment is a subsidiary of a management-backed Chinese consortium including private equity firms Hillhouse Capital Management and Hopu Investment Management.

It was announced in July that GLP accepted the consortium’s takeover offer of $3.38 per share in cash.

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