A joint venture company formed by two SGX-listed property developers has made a cash offer to acquire LCD Global Investments. Aspial Corp and Fragrance Group formed a firm called AF Global to bid for the mainboard-listed company that operates high-end hotels, resorts and serviced residences in Asia and the UK.
In a filing to the Singapore Exchange on Monday (Jan 12), AF Global has offered 33 cents per share if LCD cancels or defers a rights issue announced in Dec 2014 by 6 pm on Wednesday. This offer values the company shares at S$348 million.
Otherwise, it will offer 30 cents per share if LCD does not make such an announcement, valuing the company shares at S$316.7 million on the enlarged capital post-rights.
The controlling shareholders of Aspial and Fragrance and their family members hold a combined 29.3 per cent stake in LCD.
Source : Channel NewsAsia – 12 Jan 2015