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Wed, Sep 02, 2020 – 2:28 pm
SHARES in SK Jewelery Group, which is listed on Catalist, hit a two-year high on Wednesday after the jeweler’s co-founders offered to take the company privately at 15 Singapore cents a share.
The counter hit an intraday high of 14.9 cents on Wednesday, an increase of 56.8 percent or 5.4 cents as of 1.05 p.m., just shy of the offer price. The last time the counter closed near this level was in late July 2018.
The bidder in the voluntary conditional cash offer, OroGreen Investment, was incorporated by co-founders Lim Yong Guan, Lim Yong Sheng and Lim Liang Eng, who also hold the positions of non-executive chairman, chief executive officer and chief executive officer respectively.
The offer price of Singapore 15 cents per share values the company at S $ 84 million and exceeds the highest closing price of jewelry shares traded on Catalist in the two years prior to the last trading day on 27 August, the company said in a regulatory update Wednesday. .
It represents a 70.5 percent premium over the last price traded per share on August 27. It also represents a premium of 89.9 percent, 94.8 percent, 89.9 percent and 54.6 percent, respectively, over the volume-weighted average price per share. for the periods of one month, three months, six months and 12 months up to and including August 27.
The offer is conditional on OroGreen Investment and the parties acting jointly with it achieving a participation of not less than 90 percent at the closing of the offer. OroGreen Investment does not intend to revise the offer price, which is final, SK Jewelery said.
Shares of SK Jewelery were up 55.8 percent or 5.3 cents to 14.8 Singapore cents as of 2.11 p.m. Wednesday.
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