DeClout has bid to acquire the remainder of Procurri it doesn’t already own after multiple transactions took its stake above 30 percent, triggering a mandatory general offer at S$0.425 a share in cash.
On 18 May, DeClout said it increased its stake from 21.995 percent to 26.12 percent in a series of market transactions, and on 20 May, the company said it further boosted its stake with both a married deal and market transactions, which will take its stake up to around 30.76 percent when completed.
DeClout’s offer announcement said its takeover bid was conditional on receiving valid acceptances taking its stake above 50 percent of Procurri, which provides third-party maintenance and data center services.
DeClout said its offer price for the remaining shares was final and wouldn’t be increased.
The shares last changed hands on Thursday, before the offer, at S$0.425, while the volume weighted average price (VWAP) for the previous month was S$0.412, putting the offer price at a 3.2 percent premium, the filing said.
DeClout said it plans to maintain Procurri’s listing status, but if its stake rises above the 90 percent threshold, it may re-evaluate its decision. SGX-listed companies are required to maintain an at least 10 percent freefloat; if an acquirer has more than 90 percent of a company’s shares, it can compulsorily acquire the remainder.
DeClout is an indirect, wholly owned subsidiary of Tokyo-listed Japanese conglomerate EXEO Group, which is involved in building and supplying telecom infrastructure and other engineering services, the filing said.
In a separate statement, Procurri said it would appoint an independent financial adviser (IFA) to advise the independent company directors on the offer.
Procurri’s shares are expected to resume trading Monday.