The Thakral family has made a voluntary conditional cash offer to acquire 26.51 million shares of Thakral Corp., or an around 20.26 percent stake, at S$0.50 a share, in a bid that would being its total holding to around 50.20 percent.
The offer, which is at an 11 percent premium over the stocks’ last traded price on Thursday, was made via a British Virgin Islands-based investment holding company, Prime Trade Enterprises Ltd., or PTEL, it said in a filing to SGX on Monday.
Bikramjit Singh Thakral, the sole director of PTEL, said in the statement that the partial offer, if successful, would give the company greater management flexibility and optimize resources.
“Given the historical share performance and relative lack of liquidity, we believe the partial offer presents TCL’s shareholders with an exit opportunity to realize part of their investment at a premium to the benchmark prices of the shares,” he said, adding that maintaining the SGX listing would let shareholders participate in future performance.
PTEL isn’t offering for all of the company as it intends to retain some cash liquidity to support the company if the need arises, the filing said.
The Thakral family, via various holding entities, currently controls around 29.94 percent of Thakral Corp., the filing said.
The company said in a separate filing to SGX that it appointed Provenance Capital as the independent financial adviser for the independent directors.
It requested that the trading halt on its shares be lifted on Tuesday.
Thakral Corp. has two core divisions: lifestyle and investment; the lifestyle division supports beauty, wellness and lifestyle brands in some Asian markets, particularly China, Hong Kong, Southeast Asia and India, while the investment division invests in real estate and other opportunities, mainly in Australia, Japan and Singapore, the filing said.