Second Chance Properties Receives Acquisition Offer from CIMB; Shares Hit 2.5-Year High

MT Newswires

Jul 11, 2024

CIMB Bank Berhad, Singapore Branch, acting on behalf of Final Chance, announced a voluntary unconditional cash offer to acquire all issued ordinary shares of Second Chance Properties (SGX:528) at SG$0.30 per share, according to a Wednesday filing with the Singapore Exchange.

The offer aims to secure full ownership of Second Chance Properties.

The offer document, which will outline specific terms and conditions and include forms for acceptance, will be dispatched to shareholders between 14 and 21 days. Shareholders will have at least 28 days to accept the offer once they receive the document.

The board plans to appoint an independent financial adviser to guide directors in making recommendations to shareholders, particularly those deemed independent.

Second Chance Properties' stock surged past 37% in recent Thursday trade, hitting its highest since December 2021.

Price (SGD): S$0.30, Change: S$+0.08, Percent Change: +37.21%

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