SINGAPORE - Baodi International Investment has made a mandatory unconditional cash offer for shares in mainboard-listed scientific equipment supplier Techcomp (Holdings) held by minority shareholders after completing the acquisition of a 61.5 per cent stake in the latter.

This was triggered after Baodi completed on Aug 14 the acquisition of shares held by Techcomp's president, executive director and controlling shareholder Lo Yat Keung, Mr Lo's wife, Techcomp executive director Chan Wai Shing, and one Guo Bing.

Baodi is offering HKS$3.267 for each share it does not hold in Techcomp. It is also offering between HK$1.643 and HK$2.861 per share for the cancellation of share options issued by Techcomp.

If no share options have been exercised and the offers are accepted in full, Baodi would pay over HK$345.96 million (S$60.3 million) for almost 105.9 million shares held by minority shareholders, and another HK$33.72 million to go towards cancelling all outstanding share options.

If the share options are exercised in full and the share offer is accepted in full, it would pay HK$396.07 million in all.

Its share offer represents a premium of about 38.43 per cent over net asset attributable to Techcomp's owners of about HKS$2.36 per share as at Dec 31, 2017.

Baodi has already received an irrevocable undertaking from one shareholder, Xu Guo Ping, who holds over 4.86 million shares or 1.76 per cent of Techcomp's total issued share capital, to accept the mandatory cash offer.

Deloitte Corporate Finance is acting as the financial adviser to Baodi with respect to this mandatory cash offer to Techcomp's minority shareholders.

Baodi plans to maintain Techcomp's listing on the Singapore Exchange.

Minority shareholders and holders of share options have until 4pm on Sept 11 to accept Baodi's offers.