OUE Healthcare subject to $0.050-a-share privatisation bid

The offer is 28.2% above OUEH’s last traded price of $0.039 on 21 August.

OUE Healthcare Limited (OUEH) said its controlling shareholder, Treasure International Holdings Pte. Ltd., a wholly owned subsidiary of OUE Limited, plans to acquire all OUEH shares it does not already own through a scheme of arrangement.

Treasure International is offering $0.050 in cash for each share.

The offer is 28.2% above OUEH’s last traded price of $0.039 on 21 August, the final full trading day before the announcement.

It is also 2.5% above OUEH’s unaudited net asset value of $0.0488 per share as of 30 June.

The offer price is higher than OUEH’s closing share price at any point during the five years through 21 August.

OUEH shares have traded thinly. Over the 12 months through 21 August, average daily trading volume was about 0.05% of the company’s issued shares.

The stock did not trade on the Singapore Exchange on 16 market days during that period.

The offeror said taking OUEH private would give it and the company’s management more flexibility to manage the existing businesses, pursue longer-term strategies, and allocate resources to operations without the pressures of the public market.

OUEH will appoint an independent financial adviser to advise the directors who will make a recommendation on the deal.

Their recommendation, along with the adviser’s assessment and details of the scheme, will be included in a scheme document to be sent to shareholders.

Treasure International currently owns about 89.68% of OUEH. The offeror, its concert parties, and their common substantial shareholders will not vote on the scheme.

The scheme must be approved by a majority in number of shareholders representing at least 75% in value of the shares held by shareholders present and voting at the scheme meeting. It also requires the necessary regulatory and court approvals.

If the scheme takes effect, OUEH will become a wholly owned subsidiary of Treasure International and will be delisted from the SGX-ST, subject to the exchange’s approval.

Maybank Securities Pte. Ltd. is advising Treasure International on the acquisition and scheme.

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