The controlling shareholders of 3Cnergy have entered a deal to sell their around 88.73 percent stake in the company to L-Energy for a total S$6.5 million in cash, the company said in a filing to SGX Monday.
The deal will L-Energy to make a mandatory general offer for all of the remaining shares of 3Cnergy, the filing said.
Phileo Capital, the controlling shareholder, with 1.45 billion shares, notified 3Cnergy that it, along with Champion Brave, Casi Management, Halfmoon Bay Capital and Golden Ring Worldwide, had agreed to sell their shares to L-Energy, which is a private company with four shareholders, the filing said. L-Energy is involved in the wholesale of construction materials and other construction-related activities, including building solar PV systems, the filing said.
The consideration is equivalent to S$0.002388319 a share, the filing said. Shares of 3Cnergy last changed hands at S$0.008 on Monday.
3Cnergy is an investment holding company, with businesses including property development, property management and consultation services.
The deal is expected to be completed on 8 June, the filing said.