Privatisation offer for Sim Lian goes unconditional

SINGAPORE - The offer to take private builder and property developer Sim Lian Group went unconditional on Monday (Sept 5) night.

In a filing to the Singapore Exchange near midnight last night, Sim Lian said that Coronation 3G, a company owned by the Kuik family and led by Sim Lian founder and executive chairman Kuik Ah Han, had gained control of 90.1 per cent of total shares in Sim Lian.

This means the Kuiks have the right of compulsory acquistion to acquire all the remaining shares in Sim Lian they do not own. Coronation 3G said it will exercise this right, and proceed to delist the company.

The offer will close at 5.30 pm on Oct 10.

Coronation 3G launched the takeover offer in early August, for an offer price of S$1.08, higher than the shares had ever traded since Sim Lian's listing in 2000. Coronation 3G controlled 80.36 per cent of all shares in Sim Lian at the time the offer was made.

PricewaterhouseCoopers Corporate Finance was appointed the independent financial adviser to the deal on Aug 16, and the circular containing its advice as well as that of Sim Lian's independent directors is expected to be issued soon.