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China Flexpack

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Related News

China Flexpack CEO offers S$1.25 per share to privatise company

19 Jun 2017 18:27

THE chief executive of China Flexible Packaging Holdings is offering S$1.25 per ordinary share in cash to privatise the packaging materials maker, valuing the company at a 23.2 per cent premium to its latest market value.Zeng Hanming, who is also the chairman of China Flexpack, is also offering holders of the company's 4.3 million outstanding warrants 20 Singapore cents per warrant. The warrants have a strike price of S$1.05.Mr Zeng is making the offer through the special purpose vehicle Harmony Gowell Co. He and his relatives, who have undertaken to accept his offer, together control about 58.4 per cent of the current issued share capital of China Flexpack, or 51.9 per cent of the maximum issued share capital. That makes the offer unconditional.In an announcement, the offeror said that Mr Zeng wants to obtain greater control and flexibility in implementing strategic initiatives and operational changes.He cited the stock's low liquidity - average daily trading volume of 7,116 shares over the past six months and 1,948 shares over the past month - and the opportunity for shareholders to realise a premium on the stock's last traded price of S$1.015 on June 14.Trading in the stock was halted on Monday for the announcement.The timeline for the offer will be determined after the offer document has been sent out to shareholders.

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Source: Business Times Breaking News
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