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    A7S   SG1U49933948

SUNVIC CHEMICAL HOLDINGS LIMITED

(A7S)
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Song Wuying made a voluntary conditional cash offer to acquire SunVic Chemical Holdings Limited for SGD 14.9 million.

11/20/2020 EDT

Song Wuying made a voluntary conditional cash offer to acquire SunVic Chemical Holdings Limited (SGX:A7S) for SGD 14.9 million on November 20, 2020. Song Wuying will acquire 532 million shares of SunVic Chemical Holdings Limited at an offer per price of SGD 0.028 per share in cash. Song Wuying has sufficient financial resources to fund the transaction. If Song Wuying receives valid acceptances pursuant to the offer in respect of not less than 90% of the total number of issued shares, the offeror would be entitled to exercise the right to compulsorily acquire all the shares of shareholders who have not accepted the offer at a price equal to the offer price. Song Wuying will then proceed to delist SunVic Chemical Holdings Limited from SGX-ST. Song Wuying intends to make the offer with a view to delisting and privatizing SunVic Chemical Holdings Limited. The offer is conditional upon minimum acceptance condition. As of December 23, 2020, Board of Directors of SunVic recommended the shareholders to vote in favor of the transaction. As on January 18, 2021, the Minimum Acceptance Condition has been satisfied and offer is declared unconditional. The Offeror has received valid acceptances of the offer in respect of an aggregate of 428.57 million shares, representing 80.56% stake of the SunVic Chemical. As of February 9, 2021, Offeror has received valid acceptances of the offer in respect of an aggregate of 485.5 million shares, representing 91.26% stake of the SunVic Chemical. The offer will remain open for acceptances by shareholders for a period of at least 28 days from the date of posting of the offer document. As of December 9, 2020, transaction is expected to close on January 6, 2021. As on January 5, 2021, the expected closing date has been extended to January 20, 2021. As on January 18, 2021, the expected closing date has been extended to February 10, 2021. Shareholders should note that there will be no further extensions of the Offer and the Offer will not be open for acceptance beyond on the final closing date. W Capital Markets Pte. Ltd. acted as financial advisor to Song Wuying. Asian Corporate Advisors Pte. Ltd. acted as financial adviser and fairness opinion provider to SunVic Chemical Holdings Limited. Tricor Barbinder Share Registration Services acted as registrar to SunVic Chemical Holdings. The Central Depository (Pte) Limited acted as registrar to Song Wuying. Danny Lim of Rajah & Tann Singapore acted as legal advisor to Song Wuying.


ę S&P Capital IQ 2020
Stocks mentioned in the article
ChangeLast1st jan.
MSCI SINGAPORE (GDTR) 0.04% 6764.805 Real-time Quote.15.62%
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Managers and Directors
Lihua Sun Chief Executive Officer & Executive Director
Wei Hua Chen Finance Manager
Poh Beng Koh Lead Independent Director
Poh Huat Lua Independent Director
Jennie Liu Manager-Investor Relations