Singapore Telecommunications Limited (SingTel) today announced that the mandatory general offer by its indirect wholly-owned subsidiary, Computer Systems Holdings Pte. Ltd. (the Offeror), for the shares of Singapore Computer Systems Limited (SCS) has been declared unconditional.
SCS shareholders, who have submitted valid acceptances of the offer received on or before 30 September 2008, will be paid within ten days of that date and those who submit valid acceptances of the offer after 30 September 2008, will be paid within ten days of the date of receipt of such acceptances.
CSH is offering S$1.50 a share to buy the remaining shares of SCS after acquiring approximately 60 per cent of SCS as of 25 August 2008. The closing date of the Offer will be extended from 5.30 pm on 17 October 2008 to 5.30 pm on 31 October 2008 (or such later date (s) as may be announced from time to time by or on behalf of the offeror.) As of 30 September 2008, CSH has received acceptances of 29,264,357 shares representing approximately 18.442 per cent of SCS.
Mr Allen Lew, SingTel Singapore Chief Executive Officer, said: ‘’We are pleased the general offer has gone unconditional and we can start focussing on driving synergies between the two companies. I am confident the combination of SCS’ and NCS’ businesses will better position the enlarged group to compete locally and regionally.”
The Offeror is a wholly-owned subsidiary of NCS Pte. Ltd. (NCS), which is in turn, 100 per cent-owned by SingTel.