Mandatory General Offer for SCS to Close on 31 October 2008
Singapore, Wed Oct 15 08:09:00 GMT 2008
Singapore Telecommunications Limited (SingTel) today announced that the mandatory general offer by its indirect wholly-owned subsidiary, Computer Systems Holdings Pte. Ltd. (CSH), for the shares of Singapore Computer Systems Limited (SCS) will close on 31 October 2008.
CSH is offering to buy the remaining shares of SCS at S$1.50 a piece after acquiring approximately 60 per cent of SCS on 25 August 2008. The offer will close at 5.30 pm on 31 October 2008.
Acceptances received after 5.30 pm on 31 October 2008 will not be accepted and there is no intention to increase the offer price. As at 5.00 pm on 15 October 2008, CSH has received acceptances of 53,350,584 shares representing approximately 33.62 per cent of SCS.
Accordingly, as at 5.00 pm today, the total number of shares in SCS owned, controlled or agreed to be acquired by CSH and parties acting in concert with it, and valid acceptances of the offer, amounts to an aggregate of 146,495,085 shares, representing approximately 92.318 per cent of all the shares in the capital of SCS.
CSH is a wholly-owned subsidiary of NCS Pte. Ltd. (NCS) which is 100 per cent owned by SingTel.
Mr Allen Lew, SingTel’s CEO Singapore, said: “We believe the offer represents an attractive proposition to SCS shareholders to realise their investment in shares for cash. Together, SCS and NCS will provide a better value proposition to customers and enable the combined entity to meet any challenges posed by the current operating environment.’’
As CSH owns or controls more than 90 per cent of the shares in the capital of SCS as at 5.00 p.m. on 15 October 2008, the SGX-ST may suspend the trading of shares of SCS until the SGX-ST is satisfied that at least 10 per cent of the shares of SCS are held by at least 500 shareholders who are members of the public. CSH intends to make SCS its wholly-owned subsidiary and does not intend to preserve the listing status of SCS.
In addition, in the event that CSH is successful in acquiring more than 95.9 per cent of the shares in the capital of SCS, CSH will exercise its rights under the Singapore Companies Act to compulsorily acquire all the remaining shares of SCS at S$1.50 per share and thereafter, proceed to delist SCS from the SGX-ST.
NCS Pte Ltd
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NCS is a member of the Singtel Group and the leading information, communications and technology (ICT) service provider with presence in over 20 countries. NCS delivers end-to-end ICT solutions to help governments and enterprises realise business value through digital transformation and the innovative use of technology. Its unique delivery capabilities include consulting, applications development, systems integration, outsourcing, infrastructure management and portal solutions.