Haiyi Holdings Pte. Ltd completed the acquisition of an additional 0.05% stake in SingXpress Land Ltd from the shareholders of SingXpress Land for SGD 0.08 million.
If Haiyi Holdings Pte. Ltd receives valid acceptances pursuant to the offer in respect of not less than 90% then Haiyi Holdings would have the right to compulsorily acquire all the shares of the shareholders who have not accepted the offer. As the offeror intends to maintain the listing status of SingXpress, he does not intend to exercise any rights of compulsory acquisition. The offer will be unconditional in all respects. Therefore, the offer is not conditional upon the level of acceptances which the Offeror may receive in respect of the offer. Haiyi Holdings received an irrevocable undertaking from Xpress Credit Limited not to accept the offer in respect of all or any of the shares held. Haiyi Holdings has no intention to discontinue the employment of the employees of Singxpress and the subsidiaries. As on December 24, 2012, the independent Directors recommend that shareholders should reject the offer if they are able to obtain a price higher than the offer price.
Sim Yong Nam of Phillip Securities Pte Ltd. acted as financial advisor for Haiyi Holdings. Hong Leong Finance Limited acted as financial advisor to independent committee of Directors. Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar to SingXpress to Haiyi Holdings.
Haiyi Holdings Pte. Ltd completed the acquisition of an additional 0.05% stake in SingXpress Land Ltd (Catalist:5CE) from the shareholders of SingXpress Land for SGD 0.08 million on January 11, 2013.