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Baring Asia Private Equity Seeking to Buy Singapore's Interplex

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12/23/2015 | 09:25am EDT

SINGAPORE?Baring Private Equity Asia is seeking to buy all the shares of Interplex Holdings Ltd., valuing the Singapore-listed metal components and precision-engineering company at 450 million Singapore dollars (about US$320 million).

Baring will pay S$0.82 per share in cash, a 19.4% premium to Interplex's 12-month volume weighted average price after winning a competitive bidding process, Interplex, which was earlier known as Amtek Engineering Ltd., said in a regulatory filing with the Singapore Exchange.

Baring has received a commitment from Interplex's majority shareholders ??Metcomp Group Holdings, controlled by CVC Capital Partners, and Standard Chartered Private Equity Ltd.?to sell the shares they own.

Metcomp and Standard Chartered together own 57.7% of Interplex and their decision to sell will trigger a mandatory open offer for all shares under Singapore rules. According to Singapore laws, a company seeking an acquisition has to make an offer to buy the whole company if its stake tops 30%.

Deal-making activity in Singapore has picked up in recent months after a lull, when many companies shelved their fundraising plans, especially in the equities market as investor sentiment toward new shares and paper remained weak.

However, the mergers and acquisitions market has been busy.

Singapore-listed commodities supplier Noble Group Ltd. said Wednesday it has signed a deal to sell its remaining 49% stake in its agricultural business to China's state-backed grain trader Cofco for $750 million.

Earlier this month, CMA CGM SA of France, the world's third-largest container-shipping company by capacity, offered to buy Singapore-listed container shipper Neptune Orient Lines for a $2.4 billion in an all-cash deal. In August, Japanese conglomerate Mitsubishi Corp. agreed to buy a 20% stake in commodities trader Olam International Ltd. in a $1.1 billion deal.

A CVC-led consortium had acquired Amtek Engineering Ltd., in 2007 for S$552 million. The firm was later renamed Interplex. CVC has been looking to exit the Singapore listed firms for years.

Interplex said Baring will make the offer after it gets regulatory approvals and the consent from the holders of S$200 million worth of notes issued by the company.

DBS Bank is advising Baring while Rippledot Capital Advisers and Standard Chartered Bank are advising CVC and Standard Chartered Private Equity.

Write to P.R. Venkat at venkat.pr@wsj.com and Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
INTERPLEX HOLDINGS LTD 0.00% 0.82 End-of-day quote.0.00%
MITSUBISHI CORPORATION 1.67% 2681 End-of-day quote.-9.55%
NEPTUNE ORIENT LINES LTD. 0.00% 1.3 End-of-day quote.0.00%
NOBLE GROUP LIMITED 6.50% 0.131 End-of-day quote.0.00%
OLAM INTERNATIONAL LIMITED -1.08% 1.83 End-of-day quote.10.24%
SINGAPORE EXCHANGE LIMITED 2.19% 8.4 End-of-day quote.16.67%
STANDARD CHARTERED 1.27% 655.4 Delayed Quote.7.57%
STANDARD CHARTERED PLC 4.87% 53.8 End-of-day quote.6.88%
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