The total 71.0m shares - amounting to a 20.0% stake - crossed at $0.735/share today (8Oct12) will mean the buyer forking out a cool $52.185m (before brokerage) in cash. Without any doubt, this is the act of a serious investor making a serious investment! I suppose we should know the identity of the buyer(s) in due course. As for the seller, it has to be either CKP or CBB, and more like CBB to me.
It's CBB. Buyer is a big company. Lam Soon with its familiar Knife brand of oil etcetra.. wow..
Hmm kinda expected that its the son who is selling off...
The Company has today been informed by the substantial shareholder, Mr Ben Chng Beng Beng ("CBB"), that he has disposed of 57,000,000 Shares in the capital of the Company ("Share Capital"), comprising approximately 16.06 per cent. of the entire issued and paid-up Share Capital (excluding treasury Shares), to Lam Soon Cannery Private Limited, for the aggregate sale consideration of S$41,895,000 at the sale price of S$0.735 per Share.
Subsequent to the Disposal, CBB’s remaining stake in the Company comprises 70,409,783 Shares, representing approximately 19.83 per cent. of the Share Capital (excluding treasury Shares).
The total volume transacted is 20%, while 16% from CBB, another 4% from CKP or other minority shareholder?
If the stake is below 30%, no general offer is expected.
don't think the 4% is from CKP.
probably from other shareholders.
(08-10-2012, 05:53 PM)freedom Wrote: [ -> ]don't think the 4% is from CKP.
probably from other shareholders.
Could it be senior people from the management since Lam Soon has been only in talks with CBB? Who else could Lam Soon have bought that 4% from?
looks like Lam Soon Spore acquire the Co. LS seems very active in Thailand. If LS UFC acquire it, this would be the second Thai take over of a SPore brand concern.
Looks like we are also selling all our good Spore Inc. Next to go will probably Super? This 1 will probably end up in a MMC as its too expensive for local to takeover?
(08-10-2012, 06:01 PM)psolhawk Wrote: [ -> ] (08-10-2012, 05:53 PM)freedom Wrote: [ -> ]don't think the 4% is from CKP.
probably from other shareholders.
Could it be senior people from the management since Lam Soon has been only in talks with CBB? Who else could Lam Soon have bought that 4% from?
it could have been open market purchases over the weeks/month (when its <5%). The deal took a few months to complete.
Lam Soon Group is BIG and very well-established in Singapore, Malaysia, Thailand and Vietnam.....
http://www.lamsoongroup.com/abtus_history.asp
and its Malaysian listed unit Lam Soon (M) Bhd alone has a revenue base exceeding MYR2.0b (or SGD800.0m).
Lam Soon Cannery P/L (incorporated in Singapore) is the group's principal parent company.
Was wondering whether there will be clarification on the bonus issue and FY dividend?