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Eng Kong Holdings Ltd Launches Voluntary Conditional Cash Offer For Eng Kong Holdings Limited
Wednesday, 2 Jun 2010 04:25am EDT
Navis Capital Partners announced its intention to make a voluntary conditional cash offer for all the issued and paid up capital of SGX Mainboard-listed Eng Kong Holdings Limited (Eng Kong or the Company) (the Offer). PrimePartners Corporate Finance Pte. Ltd. is the financial adviser to Navis in respect of the Offer. The Offer of SGD0.295 in cash for each of the shares in Eng Kong (excluding shares held by Eng Kong as treasury shares) values Eng Kong, a provider of logistics and integrated container services in the region, at approximately SGD77.44 million. The Offer price represents a 37.21% premium over the last traded price of Eng Kong prior to the Offer announcement. According to Navis, it intends to make Eng Kong its wholly-owned subsidiary and does not intend to preserve its listing status. Accordingly, the Offeror, when entitled, intends to exercise its rights of compulsory acquisition under Section 215(1) of the Companies Act of Singapore in the event that it acquires not less than 90% of the shares. - - - - - (repeated)