Kian Ann Engineering to be taken private by South African firm
A SOUTH African firm is planning to buy Singapore's Kian Ann Engineering in a cash and share deal and then take it private.
Invicta Holdings, a Johannesburg-listed distributor of capital equipment, spare parts and engineering consumables, will pay about $192.8 million or 44 cents for each Kian Ann share.
This is a 96 per cent premium over Kian Ann's average share price over the past 12 months, and a 59 per premium over its average price over the past month.
Kian Ann's key managers - managing director Law Peng Kwee and executive directors Kevin Law Cher Chuan and Loy Soo Chew - will swop their stakes in the firm for shares in Invicta.