SEA9, an investment holding company, has proposed to acquire all the issued and paid up ordinary shares in Kreuz by way of a scheme of arrangement for SGD0.80 per share, representing a premium of about 78.4% over Kreuz's net asset value per share as at 30 September 2013.
The cash proceeds from the disposal will be used as working capital to fund the operations of the group’s core businesses and to undertake future business expansions, acquisitions and new investment opportunities, according to Swiber.
Swiber holds 325.25 million Kreuz shares, representing approximately 57.5% of the company's issued and paid up share capital worth SGD256.2m ($205.9m).
Francis Wong, group ceo and president of Swiber, said: “The completion of the proposed disposal will unlock further value for all shareholders of Swiber given that the scheme is at a premium of 39.6% over the 12-month volume weighted average price of Kreuz shares.”
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