Jin Guanliang, Executive Director of China Jishan made an offer to acquire remaining 21.3% stake in China Jishan Holdings Limited (SGX:J18) for SGD 22.5 million on August 20, 2020. Under the terms of transaction, Jin Guanliang agreed to pay in cash for 64.2 million shares at SGD 0.35 per share. Jin Guanliang currently holds 78.7% stake in China Jishan Holdings Limited, representing 237.27 million shares of China Jishan. Jin Guanliang intends for China Jishan to continue its existing business and has no plans to discontinue the employment of any of the existing employees of the China Jishan or its subsidiaries. Jin Guanliang is making the offer with a view to delist the Company from the SGX-ST. The offer is conditional upon the Jin Guanliang having received, by the close of the Offer, valid acceptances (which have not been withdrawn) in respect of such number of Offer Shares which will result in the Offeror and parties acting in concert with it holding not less than 90% of the total number of Shares in issue as at the close of the Offer. The Offer is unconditional in all other respects. Jin Guanliang will be entitled to exercise the right to compulsorily acquire all the Shares if minimum acceptance is received. On September 3, 2020, offer document was filed. As on September 17, 2020, Novus Corporate Finance Pte Ltd refers that the financial terms of offer are fair and reasonable and advises to independent directors of China Jishan Holdings Limited, to recommend that shareholders accept the Offer, unless shareholders are able to obtain a price higher than the offer price on the open market. Independent Directors of China Jishan Holdings Limited recommend the shareholders of China Jishan Holdings Limited to accept the offer. The offer is expected to be closed on October 1, 2020. The closing date of tender offer is extended to October 15, 2020. As on September 24, 2020, offer is declared unconditional and minimum tender is achieved. As on October 2, 2020, Jin Guanliang has informed the shareholders an intent to exercise right to compulsory acquisition for remaining shares at the same offer price on or after November 3, 2020. Free float condition is no longer satisfied and Jin Guanliang intends to delist and privatize China Jishan Holdings Limited. Jin Guanliang also informs shareholders are entitled within one month after the receipt notice to require China Jishan Holdings Limited by demand in writing served on it, to supply with a statement of the names and addresses of all other dissenting shareholders, and Jin Guanliang will not be entitled or bound to acquire the shares of those dissenting shareholders until 14 days after the posting of the statement of those names and addresses, unless an application made to the High Court by shareholders on or before November 2, 2020 or on a date within 14 days of a statement being supplied to shareholders. Lui Yen Li of Stirling Coleman Capital Limited acted as financial advisor and The Central Depository (Pte) Limited acted as depository to Jin Guanliang in transaction. Novus Corporate Finance Pte. Ltd. acted as financial advisor to China Jishan Holdings Limited. Novus Corporate Finance Pte Ltd acted as independent financial advisor to independent directors of China Jishan Holdings Limited. M & C Services Private Limited acted as registrar for Jin Guanliang. AVA Associates Limited acted as valuer for selected real properties, and plant and equipment belonging to China Jishan Holdings Limited. Jin Guanliang, Executive Director of China Jishan completed the acquisition of 21.3% stake in China Jishan Holdings Limited (SGX:J18) on October 15, 2020. The total number of shares accepted during the offer period is 58.8 million. Jin Guanliang will acquire remaining stake through compulsory acquisition. As of November 4, 2020, Jin Guanliang exercising its right for compulsory acquisition for the remaining stake of China Jishan Holdings Limited. On November 6, 2020, Jin Guanliang exercise of its right of compulsory acquisition and acquired all the shares of the shareholders who have not accepted the offer as at the close. China Jishan Holdings Limited is now wholly owned by Jin Guanliang and will be delisted from the Official List of the SGX-ST.