Memtech to delist from SGX tomorrow

Mainboard-listed Memtech International will be delisted from the Singapore Exchange (SGX) tomorrow at 9am, the electronics components manufacturer said yesterday in a regulatory filing.

The move follows the SGX's approval of the proposed delisting as well as the close of the privatisation offer last month, followed by the suspension of the firm's shares. A consortium led by firm chairman Chuang Wen Fu had in May made a voluntary conditional offer for all Memtech shares in an attempt at delisting.

The offeror is M-Universe Investments, a special purpose vehicle which mixes the interests of the Chuang family, which owns Memtech, as well as investment holding firm Keytech.

Keytech is owned by the Chuang family and certain current and former members of Memtech's management team.

M-Universe Investments offered $1.35 in cash per share in a deal valuing the company at $189 million. The offer price also represented a premium of 23.9 per cent over Memtech's last transacted price of $1.09 on May 10.

The move follows the SGX's approval of the proposed delisting as well as the close of the privatisation offer last month, followed by the suspension of the firm's shares.

Independent financial adviser PwC Corporate Finance said the offer was "fair and reasonable".

A version of this article appeared in the print edition of The Straits Times on August 21, 2019, with the headline 'Memtech to delist from SGX tomorrow'. Print Edition | Subscribe