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Moya Holdings Asia, Singapore Medical Group receive separate privatisation offers

The Edge Singapore
·2-min read

Not all privatisation offers go through

Separate privatisation offers were made for two SGX-listed companies on Sept 13: Singapore Medical Group and Moya Holdings Asia.

Tamaris Infrastructure, the controlling shareholder of Moya Holdings Asia, wants to privatise the company with an offer of 9.2 cents per share.

Moya Holdings Asia, based in Indonesia, is in the water treatment business. Tamaris Infrastructure and its concerted parties already hold 72.84% of the company.

The offer price of 9.2 cents is a premium of 48.1% over the three-month VWAP of 6.21 cents, and is higher than the 7.7 cents peak market price the share was able to achieve.

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As at June 30, the company’s net asset value is 8.93 cents per share.

The offer is final and will not be revised “under any circumstances.”

The offer is an “opportunity for shareholders to exit their entire investment in cash at a premium and with price certainty, against the backdrop of a challenging macro and operating environment.”

Separately, key insiders of Singapore Medical Group have offered 37 cents per share to privatise the company.

see also: SMG’s CEO, non-executive chairman and executive director make 37 cents per share privatisation bid for company

The offerors include Tony Tan Choon Keat, SMG’s chairman, Dr Beng Teck Liang, SMG’s CEO and executive director Dr Wong Seng Weng.

These three individuals and a group of other shareholders with a combined stake of 51.67% have committed to sell their stakes to the privatisation vehicle.

The 37 cents offer is a premium of 18.1% over the one-month VWAP of shares traded on the SGX.

According to the offerors, the cash consideration provides SMG’s shareholders with a “clean” opportunity to realise their investment into the company.

Shares in SMG last closed at 32.5 cents on Sept 8 before its trading halt on the morning of Sept 9.

Earlier on Sept 7, Chip Eng Seng Corp announced that Celine Tang, its chairman and controlling shareholder, is mulling a “possible transaction” involving the company’s shares.

Tang had earlier this year privatised developer SingHaiyi Group.

Not all privatisation attempts are successful. On Sept 12, minority shareholders of Frasers Hospitality Trust voted against the 70 cents per unit offer at an EGM by a razor thin margin.

 

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