Broadway Industrial receives $0.197 per share offer from Patec Group

This comes after Patec acquired 196 million Broadway shares.

SGX-listed Broadway Industrial has received a $0.197 per share privatisation offer from engineering solutions provider Patec Group, according to a bourse filing.

This comes after Patec acquired 196 million Broadway shares from the latter’s non-executive directors, representing 43.3% of the company’s share capital.

The offer price represents a 7.5% discount to Broadway’s net asset value of $0.213 as of 30 June and is 7.1% higher than the last transacted price of $0.184 on 25 October.

UOB, Patec’s financial adviser, said the offer provides opportunities for shareholders to realise their investment in the shares at a premium over the historical trading prices.

It will also allow Patec to expand its offerings in the region as Broadway manufactures and has businesses in Thailand, China, Vietnam, and South Korea.

The offer is conditional upon Patec receiving valid acceptances, which will result in the company acquiring more than 50% of Broadway.

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