98 Holdings revise their bid for NatSteel
Last Sunday, on October 20, 2002, 98 Holdings announced that they are revising their current bid of S$1.93 by raising same by S$0.07 toS$2.00.
An announcement was made by the Standard Chartered Bank (SCB) for and on behalf of 98 Holdings regarding 98 Holdings' offer made to acquire the entire issued ordinary shares of S$0.50 each in capital of NatSteel, on October 3, 2002. The SCB announcement refers to a revising of the existing offer to S$2.00 ($1.12) from S$1.93 ($1.08) per each issued ordinary share.
The shareholders will receive an offeree board circular with regard to this revised offer, containing advise and recommendation of ANZ
Singapore Limited, The independent financial advisor appointed to advise the independent directors of NatSteel on the 98 Holdings offer, as well as the comments and recommendations of the independent directors on the proposed sale of NatSteel to Crown Central Assets Limited (CCL). NatSteel board points out to the fact that the proposed sale of NatSteel to CCL is not yet terminated or rescinded in connection with the 98 Holdings offer.
The aim of the circular is to provide necessary data to the shareholders to be in a position to compare both offers and make the evaluation. The board aims to gather in an extraordinary general meeting to vote on the proposed sale with the shareholders.
The board keeps emphasizing the fact that there are still chances to evaluate other possible offers to arise, and that the shareholders are not limited with the two offers on hand, received from CCL and 98 Holdings.
Shareholders are asked not to take any action in relation to their shares in order to avoid any complications for the time being.
NatSteel has several mills and associate steel companies in
Singapore,
China,
Malaysia, Vietnam and
Philippines and due to the expected strong steel demand in
China, the company's asset value keeps rising.
This latest raise given by the 98 Holdings, too, is reported to be due to an offer received from a third party.