Advansory Investment launched a mandatory unconditional cash offer for the shares it does not yet own in Olive Tree Estates (SGX:1H2), according to a Friday filing with the Singapore Exchange.
The offer follows Advansory's agreement to acquire a 69.49% stake in the company from Chiu Teng Enterprises, Kim Kyoo Chul, and Tham Keng Chuen at SG$0.12 per share for SG$9.7 million.
Having crossed the 30% ownership threshold, Advansory is required under Singapore's takeover rules to extend the same offer to remaining shareholders at SG$0.12 per share.
Advansory, an investment holding firm incorporated in Singapore, said it intends to maintain Olive Tree's listing and does not plan to exercise its right of compulsory acquisition.