SingTel's subsidiary will hold more than 95.9 per cent of SCS with current acceptance level
Singapore, Tue Oct 21 05:49:00 GMT 2008
Paves the way for CSH to compulsorily acquire the remaining shares of SCS and thereafter to delist SCS
Singapore, 21 October 2008 -- Singapore Telecommunications Limited (SingTel) today announced that the mandatory general offer (Offer) by its indirect wholly-owned subsidiary, Computer Systems Holdings Pte Ltd (CSH), has received acceptances of approximately 37.28 per cent of all the shares in Singapore Computer Systems Limited (SCS).
At 5.30 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, representing approximately 96 per cent of all the shares in the capital of SCS.
In connection with the Offer, as CSH will hold more than 90 per cent of the shares in 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 delist SCS from the SGX-ST.
Acceptances received after 5.30 pm on 31 October 2008 will not be accepted and there is no intention to increase the offer price.
CSH is a wholly-owned subsidiary of NCS Pte Ltd (NCS) which is, in turn, 100 per cent owned by SingTel.
The calculation of this 90 per cent excludes shares of SCS already held by CSH, its related corporations or their respective nominees as at 12 September 2008, the date of the Offer.
Any inquiries relating to this press release or the offer should be directed to:
ANZ Singapore Limited
Bill Foo, Managing Director
Glenn Porritt, Executive Director
Loy H Chia, Director
Tel: 6539 6183
NCS Pte Ltd
DID: +65 6556 5629
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.