MBT Enterprises wants a voluntary delisting from the Singapore Exchange.
MBT is a special purpose vehicle in which its shareholders own 84 per cent of the total issued share capital of publishing and property development firm Eastern Holdings.
A joint announcement yesterday said MBT is proposing to purchase all of Eastern Holdings' issued ordinary shares held by other shareholders (excluding treasury shares) at an offer price of $0.425 each in cash.
The price represents a 41.7 per cent premium above the last transacted price last Friday, and a 5.1 per cent premium over the volume-weighted average price for the prior 12-month period.
MBT said the delisting made sense, giving investors a "clean cash exit opportunity at an upfront premium" amid "low trading liquidity of the shares". It also cited "greater management flexibility" and "no present need for access to Singapore capital markets".
ST Engineering's aerospace arm has completed the incorporation of several new subsidiaries under its new holding company for aircraft leasing investments, Keystone Holdings, which was incorporated in Singapore last month.
The five new subsidiaries - three incorporated in Britain and two in Ireland - support Keystone Holdings' projected portfolio purchase of aircraft that are leased to global airlines.
Pipes manufacturer VicPlas International has posted a net profit for the year of $5.77 million, reversing a net loss of $4.07 million in the previous year.
Revenue rose 17.1 per cent to $74.1 million on the back of more orders for the medical devices segment. Tthe pipes and pipe-fitting division also got a lift, thanks to better marketing to the construction and civil engineering sectors.
A final dividend of 0.5 cent per share and a special dividend of 0.25 cent per share have been recommended.
Earnings per share was 1.24 cents compared with minus 0.88 cent a year ago.
Net asset value per share was 11.82 cents at July 31, compared with 10.69 cents a year earlier.