Texchem-Pack delisting hits snag, financial terms not reasonable

  • Business
  • Wednesday, 02 Jun 2010

PETALING JAYA: Texchem Resources Bhd’s bid to take private Texchem-Pack Holdings (S) Ltd has hit a snag after the Singapore Exchange Securities Trading Ltd said it was unable to review and clear the draft circular as the financial terms of the exit offer were not reasonable.

Texchem Resources currently holds about 70.48% of Texchem-Pack, which is listed on the Singapore stock exchange.

Texchem-Pack’s board of directors said this was in light of the independent financial advisor’s opinion that the financial terms of the offer were not reasonable.

They said Texchem Resources was considering the next course of action and would inform the board in due course.

“It is possible that the offeror may revise or withdraw the exit offer completely,” the board said.

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