The board of directors of Spindex Industries has announced the Evolve Capital Advisory has been appointed the independent financial advisor for the privatisation of the company.
On Sept 26, investors in concert with Spindex's own chairman Tan Choo Pie and his son, managing director Tan Heok Ting, offered $1.43 per share in cash to other shareholders, valuing the company at around $165 million.
Spindex shares, typically thinly-traded, last traded at $1.34 on Sept 26 with just 100 shares changing hands.
Spindex was incorporated in 1987 and listed on the then Sesdaq in Nov 1998, and was upgraded to the mainboard in April 2001.
The company describes itself as a maker of precision-machined components and assemblies, operating manufacturing locations in Singapore, Malaysia, China and Vietnam.
The Tans already hold in total 74.95% of Spindex shares. They plan to delist the company if the scheme is successful.
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The offerors are doing so because they want "greater flexibility" in running the company for a "longer horizon".
The Tans already hold in total 74.95% of Spindex shares. They plan to delist the company if the scheme is successful.
