UMS Holdings Limited made an offer to acquire remaining 46.2% stake in JEP Holdings Ltd. from Luong Andy and others for SGD 38.3 million.
The offer is unconditional in all respects. UMS Holdings Limited achieved not less than 90% ownership through offer, then UMS Holdings Limited will make compulsory acquisition for the remaining stake. As of May 5, 2021, the Offeror has received an irrevocable undertaking from Luong Andy to reject, and procure his associates to reject, the Offer in respect of 1.15 million shares. Independent directors of JEP Holdings based on the advise from W Capital Markets Pte Ltd, recommends to JEP Holdings shareholders that Offer is fair and reasonable and Shareholders should accept the offer.
As of May 20, 2021, Offeror has received valid acceptances aggregating 37,196,985 Offer Shares, representing approximately 8.99% of the total number of Shares of JEP Holdings. The transaction is expected to close on June 2, 2021. UOB Kay Hian Pte Ltd acted as financial advisor to UMS Holdings Limited. Marcus Chow of Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar to JEP Holdings Ltd. W Capital Markets Pte Ltd has been appointed as the independent financial advisor to the independent Directors of JEP Holdings. Moore Stephens LLP Singapore acted as accountant to JEP Holdings.