Privatisation offer for Sen Yue Holdings extended to Apr 14

[SINGAPORE] The closing date for the offer to take waste management company Sen Yue Holdings private has been extended to 5.30 pm on Apr 14, the company announced in a bourse filing on Tuesday (Mar 17). 

The offer, priced at S$0.008 apiece, was originally set to close on Mar 31.  The offeror is Cenvios Holdings, a newly incorporated private company controlled by Sen Yue’s non-executive chairman Yap Meng Sing, set up solely to carry out the company’s privatisation. He holds 54.1 per cent in deemed interest in Sen Yue.

As at 6 pm on Tuesday, the offeror received valid acceptances of 3.1 billion shares, representing around 95.5 per cent of Sen Yue’s total number of shares. 

Since this exceeds the 90 per cent threshold for acceptances, the offeror can exercise its right of compulsory acquisition over Sen Yue.  

In an earlier bourse filing, the offeror attributed its privatisation attempt to prolonged trading suspension and regulatory overhand, which have adversely affected the company’s access to funding and borrowing capacity. 

This also limits the company’s ability to pursue growth opportunities or to finance its operations and capital requirements, it said. 

Trading in Sen Yue shares has been suspended since May 4, 2020. This followed the company’s request for a trading suspension to address a letter of demand served on a subsidiary and internal disagreements over the treatment of receivables, amid a board rift.

Shares of Sen Yue last traded at S$0.022 before the suspension.