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Cityneon may receive chain cash offer from HK-listed Teamway International

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Cityneon may receive chain cash offer from HK-listed Teamway International

PC Lee Published on Tue, Nov 07, 2017 / 7:21 AM GMT+8

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SINGAPORE (Nov 7): Cityneon says it may receive a mandatory unconditional cash offer for all shares in the company under the chain principle of the Singapore code on takeover and mergers.

This comes after Hong Kong-listed Teamway International Group’s subsidiary Mutual Power International entered into an MoU to acquire Massive Right’s 76% stake in Lucrum 1 Investment as well as all the shareholders’ loan owed by Lucrum 1 to Massive Right.

Lucrum 1 owns a 68.95% stake in Cityneon, according to Reuters data.

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