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PR Newswire
06-10-2011, 07:32 AM
The Straits Times
Oct 6, 2011
HK-based firm eyes Beyonics Technology
By Melissa Tan
A FUND management company is proposing to acquire electronics manufacturer Beyonics Technology for $139 million, with the aim of privatising it.
Hong Kong-based Shaw Kwei and Partners (SKP), which specialises in private equity investments, aims to indirectly acquire mainboard-listed Beyonics, the firm said yesterday.
SKP is offering 26 cents a share, a 38 per cent premium over Monday's closing price of 18.8 cents, the last full day of trading prior to the offer. SKP and associated interests own about 0.13 per cent of the company's shares.
As Beyonics has about 535 million shares in all, the deal could cost SKP about $139 million.
SKP has already secured the support of Beyonics board chairman Chay Kwong Soon and chief executive Goh Chan Peng, who together hold nearly 20 per cent of total shares. But to succeed, the acquisition will have to be approved by at least 75 per cent of shareholder votes.
SKP plans to delist Beyonics from the Singapore Exchange if and when acquisition is completed. Trading in Beyonics shares was halted on Tuesday afternoon, and the acquisition was announced on Wednesday morning. Following the resumption of trading several minutes after the announcement, Beyonics shares rallied to close at 24.5 cents yesterday.
The thinly traded stock saw an unusually high volume yesterday, with about 29 million shares changing hands. This is much higher than the average daily trading volume of around 860,000 for the six months prior to Oct 3.
'SKP has a history of investing in electronic manufacturing companies in Asia needing to restructure operations and finances in order to improve performance,' Beyonics and Channelview Investment said in a joint statement. It added that the delisting would help Beyonics cut costs.
Beyonics ended its most recent financial year in the red, posting a $17.5 million loss for the 12 months ended July 31, reversing from the $6.9 million profit it made the previous year.
Oct 6, 2011
HK-based firm eyes Beyonics Technology
By Melissa Tan
A FUND management company is proposing to acquire electronics manufacturer Beyonics Technology for $139 million, with the aim of privatising it.
Hong Kong-based Shaw Kwei and Partners (SKP), which specialises in private equity investments, aims to indirectly acquire mainboard-listed Beyonics, the firm said yesterday.
SKP is offering 26 cents a share, a 38 per cent premium over Monday's closing price of 18.8 cents, the last full day of trading prior to the offer. SKP and associated interests own about 0.13 per cent of the company's shares.
As Beyonics has about 535 million shares in all, the deal could cost SKP about $139 million.
SKP has already secured the support of Beyonics board chairman Chay Kwong Soon and chief executive Goh Chan Peng, who together hold nearly 20 per cent of total shares. But to succeed, the acquisition will have to be approved by at least 75 per cent of shareholder votes.
SKP plans to delist Beyonics from the Singapore Exchange if and when acquisition is completed. Trading in Beyonics shares was halted on Tuesday afternoon, and the acquisition was announced on Wednesday morning. Following the resumption of trading several minutes after the announcement, Beyonics shares rallied to close at 24.5 cents yesterday.
The thinly traded stock saw an unusually high volume yesterday, with about 29 million shares changing hands. This is much higher than the average daily trading volume of around 860,000 for the six months prior to Oct 3.
'SKP has a history of investing in electronic manufacturing companies in Asia needing to restructure operations and finances in order to improve performance,' Beyonics and Channelview Investment said in a joint statement. It added that the delisting would help Beyonics cut costs.
Beyonics ended its most recent financial year in the red, posting a $17.5 million loss for the 12 months ended July 31, reversing from the $6.9 million profit it made the previous year.
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