NatSteel sales of assets still not concluded
With an announcement by Standard Chartered Bank (SCB) on November 3, 2002, for and on behalf of 98 Holdings Pte. Ltd. , the offer of the company is revised to S$2.03 per share. However according to NatSteel announcement, it is subject to the approval of the Independent Board of Directors in view of the previously given No Increase Statement by 98 Holdings expressing that unless another competitive offer other than CCL offer is presented, no further increase was to be effected. The board sets forth the condition that payment of the difference deriving form the transactions effected within the period of November 1-November 13, 2002 will be paid to the shareholders who sold their shares at a less than S$2.03 per share price. ANZ Singapore Limited, the independent financial adviser to the Independent Directors and consequently the Independent Directors themselves recommend that the revised offer is accepted in the absence of any other competing offer. Furthermore NatSteel still encourages the shareholders to vote at the extraordinary general meeting to be held on November 4, 2004. Following these developments, Sanion Enterprises Limitd has offered to purchase the shares owned by The Development Bank of Singapore (DBS) at a price of S$2.05 per share. NatSteel calls for Sanion to make a general offer, whereas no such offer has been received so far, covering all shareholders shares instead of only SDB Bank shares. According to reports the root of this offer is the Indonesian businessman Oei Hong Leong.