Cheung Woh Technologies to delist on Aug 3

Cheung Woh Technologies will delist from the Singapore Exchange at 9am on Aug 3, the high-precision engineering product manufacturer said in a bourse filing on Friday.

The delistment will take place upon the completion of the offeror' s exercise of its right of compulsory acquisition.

The offeror Woh Seng Holdings, a company owned by Cheung Woh' s finance and administrative director Law Yu Chui and her family members, had in June made an offer to acquire valid acceptances and the total shares owned at a cash consideration of 28.5 Singapore cents per share.

Shares of Cheung Woh Technologies last closed flat at S$0.30 on July 6.

Cheung Woh Technologies privatisation offer closes with 97.1% valid acceptances

The voluntary unconditional cash offer for Cheung Woh Technologies has closed with valid acceptances representing 97.1 per cent of the total number of shares, the high-precision engineering product manufacturer said in a bourse filing on Wednesday.

The offer closed at 5.30pm on Tuesday.

Previously, the company on June 15 announced that Woh Seng Holdings had made an offer to acquire valid acceptances and the total shares owned at a cash consideration of 28.5 Singapore cents per share.

The offeror, a company owned by Cheung Woh' s finance and administrative director Law Yu Chui and her family members, will exercise its right of compulsory acquisition of all remaining shares and subsequently delist Cheung Woh from the Singapore Exchange (SGX).

As the percentage of the total number of issued shares held by the public is below 10 per cent, Cheung Woh on Wednesday morning requested SGX to suspend the trading of its shares from 9am the same day.

Cheung Woh supplies high-precision engineering products to the hard disk drive, communications, electrical and electronics, semiconductor and automotive industries. It has manufacturing facilities in Johor and Penang in Malaysia, and Zhuhai, China.

Its shares closed flat at S$0.30 on Tuesday.

Cheung Woh takeover offer turns unconditional

The voluntary conditional offer to take Cheung Woh Technologies private at 28.5 Singapore cents per share has turned unconditional, the high-precision engineering product manufacturer said on Monday night.

Valid acceptances and the total shares owned, controlled or agreed to be acquired by the offeror Woh Seng Holdings and its concert parties amounted to 90.15 per cent as at 6pm on Monday.

The offeror, a company owned by Cheung Woh' s finance and administrative director Law Yu Chui and her family members, will exercise its right of compulsory acquisition of all remaining shares and subsequently delist Cheung Woh from the Singapore Exchange (SGX).

The cash consideration of 28.5 Singapore cents per share represents a premium of about 92.9 per cent and 109.7 per cent over the volume-weighted average price per share for the three and six-month period respectively until May 4, 2021.

The implied price-to-net-asset-value ratio based on its unaudited consolidated net asset value per share of 23.67 Singapore cents as at end-February 2021 is 1.2 times.

Alternatively, shareholders can choose to receive one new share in the offeror per share at the same consideration. The new offeror shares will not be listed on any securities exchange.

The final closing date of the offer has been extended to 5.30pm on July 6, from 5.30pm on June 22 previously. SGX will suspend trading of the shares only at the close of the offer.

Cheung Woh supplies high-precision engineering products to the hard disk drive, communications, electrical and electronics, semiconductor and automotive industries. It has manufacturing facilities in Johor and Penang in Malaysia, and Zhuhai, China.

No one has this share in this forum ?

ysh2006 ( Date: 29-May-2021 13:26) Posted:

No body hold this share at this forum?

Anybody has idea of the new offer business ? should I take up it new offer shares instead of cash ?

Seems like a decent offer at 28.5c.
NAV is 23.7c. The highest the share price has ever been in the last 5 years was about 23c.
Just kaypoh, not vested.

Joelton ( Date: 07-May-2021 09:56) Posted:

Cheung Woh director leads entity to mount offer at S$0.285 a share

A COMPANY owned by Cheung Woh Technologies' finance and administrative director Law Yu Chui and her family members is launching a voluntary conditional offer for the high-precision engineering product manufacturer at S$0.285 in cash per share.

Alternatively, shareholders can choose to receive one new share in the offeror per share at the same consideration. The new offeror shares will not be listed on any securities exchange.

The offeror also does not intend to revise the consideration.

Already, the offeror concert group comprising Ms Law' s family members, which holds about 78.7 per cent of the total issued shares, has undertaken to accept the offer in respect of all their shares, and will choose to receive the new offeror shares consideration.

This leaves only a slight margin before the offeror and its concert parties reach the 90-per-cent threshold required to get the deal through by the offer close.

Cheung Woh supplies high-precision engineering products to the hard disk drive, communications, electrical and electronics, semiconductor and automotive industries. It has manufacturing facilities in Johor and Penang in Malaysia, and Zhuhai in China.

The cash consideration represents a premium of about 92.9 per cent and 109.7 per cent over the volume-weighted average price per share for the three- and six-month period respectively until May 4, 2021.

The implied price-to-netasset-value ratio based on its unaudited consolidated net asset value per share of S$0.2367 as at end-Feb 2021 is 1.2 times.

The offeror noted that the trading volume of the shares has been low, with an average daily trading volume of 24,361 shares over the past 12 months.

" The delisting and privatisation of the company will provide the offeror and the company with greater control and management flexibility in utilising and deploying the available resources of the company," it added.

It will also enable the firm to save on compliance costs associated with maintaining a listed status and other regulatory requirements, and focus its resources and channel expenses on its business operations, it said.

As for the additional option for shareholders to accept the new offeror shares in a private unlisted company, the offeror cautioned investors to " carefully consider the risks and restrictions" before doing so.

Cheung Woh posted a S$3.09 million loss for the half year ended Feb 28, 2021, narrowing a S$4.6 million loss in the previous year. Revenue shrank 43.3 per cent to S$13.4 million on the back of declines in its hard disk drive components and precision metal stamping components segments.