Artist’s impression of Wandervale EC by Sim Lian Group.
Coronation 3G’s voluntary conditional cash offer for all the issued ordinary shares of Sim Lian Group (SLG) has become unconditional.
This comes after the total number of shares owned, controlled or agreed to be acquired by Coronation 3G and its concert parties amounted to 906.27 million shares, representing around 90.10 percent of the total number of shares as at 5pm on Monday (5 September), fulfilling the 90 percent acceptance condition.
With this, the offer will remain open for acceptance until 5:30pm on 10 October. Since Coronation 3G does not intend to extend the offer beyond the closing date, any acceptances received after 5:30pm on this date will be rejected.
A Singapore investment holding company, Coronation 3G is owned by the Kuik family and led by SLG’s Founder and Executive Chairman Kuik Ah Han.
The company made a voluntary conditional cash offer of S$1.08 per share for all outstanding shares of SLG that it doesn’t already own.
Representing a premium of 26.5 percent and 28 percent above the six-month and 12-month volume-weighted average price (VWAP) respectively, “the offer presents SLG shareholders with a compelling cash exit opportunity given the illiquidity of its shares”, said Coronation 3G.
SLG shares have not traded at or above the offer price since its listing in 2000.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
