SINGAPORE - GP Industries Ltd said on Friday (Aug 11) that it plans to launch a voluntary conditional cash offer for its subsidiary GP Batteries International at S$1.30 per share and, if successful, take the mainboard-listed company private.

The offer will be made if the pre-condition of obtaining approval from shareholders of Hong Kong-listed Gold Peak Industries (Holdings) (GPH), which holds 85.47 per cent of GP Industries, is fulfilled at a general meeting within six months of Friday.

GP Industries, which already holds 64.88 per cent of GP Batteries, said its offer price is final.

The offer price represents a premium of 61.1 per cent and 61.5 per cent above GP Batteries' six-month and 12-month volume-weighted average price respectively.

GP Industries said its offer gives GP Batteries' shareholders "an opportunity to realise their investment in GPB shares at a premium to the market trading price".

It added that an increased shareholding in GP Batteries and its eventual privatisation will allow it to better achieve its existing strategy of being an international manufacturing and marketing group in the batteries and electronics industries by optimising access to the GP Industries Group's marketing network and its management resources.