Advance Technology Holding, which is controlled by executive chairman Jia Yue Ting, is seeking a voluntary delisting of Sinotel Technologies, after recently acquiring a 80.5% stake in the company.
Advance is making a cash offer of 12.8 cents for all the shares it does not own which is 50.6% higher than the last traded price of 8.5 cents on Nov 24 and does not intend to revise the exit offer price under any circumstances.
It was on Mar 12 that Advance made a mandatory conditional general cash offer for all the issued and paid-up ordinary shares of Sinotel at 9.8 cents.
Low trading liquidity, compliance costs, difficulty in accessing equity capital markets and the need for greater management freedom were cited as reasons for its delisting proposal.
Sinotel, the provider of applications and solutions for mobile telco players, has been loss-making for the past three years but Advance says it has not intention of discontinuing its business but to streamline operations and cut costs after its delisting and privatisation.
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Advance is making a cash offer of 12.8 cents for all the shares it does not own which is 50.6% higher than the last traded price of 8.5 cents on Nov 24 and does not intend to revise the exit offer price under any circumstances.
It was on Mar 12 that Advance made a mandatory conditional general cash offer for all the issued and paid-up ordinary shares of Sinotel at 9.8 cents.
Low trading liquidity, compliance costs, difficulty in accessing equity capital markets and the need for greater management freedom were cited as reasons for its delisting proposal.
Sinotel, the provider of applications and solutions for mobile telco players, has been loss-making for the past three years but Advance says it has not intention of discontinuing its business but to streamline operations and cut costs after its delisting and privatisation.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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