Founders make privatisation offer for Changtian Plastic & Chemical at S$1.30 a share

SINGAPORE - Mainboard-listed Changtian Plastic & Chemical has received an unconditional offer from its founders and major shareholders at United Tech Industries in a deal worth S$17.2 million.

RHT Capital, on behalf of United Tech Industries, told the Singapore Exchange in a filing on Monday that it intends to make a voluntary unconditional cash offer for all shares in Changtian Plastic & Chemical at S$1.30 apiece.

It said United Tech Industries does not intend to revise the offer price, although it reserves the right to do so in a competitive situation.

The offer will be unconditional in all respects, added RHT.

United Tech Industries is an investment holding company incorporated in the British Virgin Islands on February 15 for the purpose of this offer.

Mr Yang Qingjin is the sole director of United Tech Industries, and one of its two shareholders, along with Mr Chen Yongfu. Both are also the founders and executive directors of Changtian Plastic & Chemical.

United Tech Industries does not hold any shares of Changtian Plastic & Chemical as at the time of the offer. However, parties acting in concert with the offeror own about 79.93 per cent of the company.

The offeror intends to delist and privatise the company.

Trading in Changtian Plastic & Chemical has been halted, with the shares last seen at 89.5 cents on May 24.