Teckwah Industrial Corporation has extended its closing date for its voluntary conditional cash offer for all of its issued ordinary shares to 5.30pm on October 13.
The offer was initially scheduled to close at 5.30pm on September 30.
See: Teckwah chairman Chua offers to privatise company at 65 cents per share
Following the offer, which was made on August 12, the company has received a total of 202.7 million shares, which represents around 86.77% of the total number of its shares.
The offer is conditional upon receiving valid acceptances of 90% or more outstanding shares at the close of the offer.
The offer price of 65 cents per share exceeds the highest ever closing price since Teckwah’s listing, and represents a premium of 42.5% over a 12-month volume weighted average price (VWAP).
Teckwah said that the offer price is final.
On September 16, the company’s independent directors recommended shareholders accept its privatisation offer unless they’re able to open a better price on the open market. The statement came after IFA-RHT capital found the offer to be “fair and reasonable” after its assessment.
See also: Teckwah directors recommend shareholders accept privatisation offer
Shares in Teckwah last closed at 64.5 cents.
