Property field_blurb Read more at The Business Times.
Fabchem China shareholders will have until the business close of May 3 to accept a S$0.158 per share mandatory conditional general offer by Singapore businessman Henry Wee for all the shares he does not already control, according to an offer document sent out on Friday.
The offer is conditional upon offering vehicle Triple Vision obtaining majority control of Fabchem China, an explosives maker. Triple Vision, which is owned by Mr wee, currently holds a 39.55 per cent stake in Fabchem China. Fabchem's independent directors will appoint an independent financial adviser, and their recommendations will be sent to shareholders within 14 days.Market voices on:
The offer comes after Mr Wee bought a 29.9 per cent stake in Fabchem China from DNX Australia for S$2.2 million, or S$0.158 per share. The offer price represents a 6.76 per cent premium over the volume-weighted average price of Fabchem shares over the last 12 months.When the offer closes, the offeror said it will conduct a comprehensive review of the operations, management and financial position of Fabchem, and evaluate various strategic options.
Fabchem’s second-largest shareholder is Fortsmith Investments, which holds a 32.35 per cent stake. Fortsmith is owned by Sun Bowen, an executive director of Fabchem since 2005 who is now its non-executive and non-independent director. Mr Sun is also executive chairman of Imperium Crown.
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