Elec & Eltek International Holdings Limited made an offer to acquire additional 26.4% stake in Elec & Eltek International Company Limited (SGX:E16) from a group of shareholders for approximately HKD 890 million on April 3, 2020. The offeror will acquire 49.3 million shares for HKD 18.07 per share. At present, the offeror and its parent Kingboard Holdings Limited and its subsidiaries hold 48.6% and 25.1% stake respectively. After the transaction, the offeror and its parent Kingboard Holdings Limited and its subsidiaries will hold 74.9% and 25.1% stake respectively. The offeror intends to privatize E&E by exercising its right to compulsorily acquire those offer shares not acquired by the offeror under the offer after which E&E will become a direct wholly-owned subsidiary of the offeror and an application will be made for the withdrawal of the shares from the SEHK and the SGX-ST pursuant to the SEHK listing rules and the SGX-ST listing manual. The offeror intends to finance the consideration payable by the offeror under the offer using internal cash resources and external loan facilities, if necessary, of Kingboard Holdings. The offeror intends to continue the existing businesses of the E&E. It is also the intention of the offeror that the employment of the existing employees of the E&E Group should be continued following the completion of the offer, except for changes which may occur in the ordinary course of business. The offer will be subject to the only condition that valid acceptances in respect of 90% of the shares of E&E have been received, entitling the offeror, Kingboard Holdings Limited and its subsidiaries to compulsorily acquire all the remaining offer shares from shareholders who have not accepted the offer on the same terms as those offered under the offer. Securities Industry Council of Singapore has on April 1, 2020 confirmed that it has no objection to the making of the offer subject to the condition. The Board of Directors of E&E has established the Independent Board Committee, comprising the three independent non-Executive Directors of E&E, being Stanley Chung Wai Cheong, Ong Shen Chieh, and Kong Tze Wing, to make a recommendation to the holders of the offer shares as to whether the offer is fair and reasonable and as to its acceptance. As of May 28, 2020, Board of Elec & Eltek International Company recommended the transaction. As of June 15, 2020, Elec & Eltek International has received valid acceptances of 19.96 million shares, representing 10.67% stake. The offer is open for acceptance from May 29, 2020 till June 26, 2020. As on June 19, 2020, Elec & Eltek International Holdings Limited achieved the minimum tender of 90%. As of July 15, 2020, Elec & Eltek International has received valid acceptances of 42.55 million shares, representing 22.76% stake. As on July 22, 2020, the Offeror and the Concert Parties owned, controlled, have acquired, or have agreed to acquire including by way of valid acceptances (which have not been withdrawn) of the Offer from Hong Kong Shareholders and Singapore Shareholders an aggregate of 182.8 million Shares, representing approximately 97.79% of the total number of issued Shares. As of June 26, 2020, the offer shall close on July 28, 2020. As reported on June 30, 2020, Elec & Eltek International Holdings holds 96.7% stake in Elec & Eltek International Company Limited. As reported on July 16, 2020, Elec & Eltek International Holdings holds 97.08% stake in Elec & Eltek International Company Limited. As on July 22, 2020, the offer has become unconditional. As of July 23, 2020, the offer shall close on August 6, 2020. GF Securities (Hong Kong) Brokerage Limited acted as the financial adviser to the offeror. Danny Lim and Penelope Loh of Rajah & Tann acted as legal advisors to Elec & Eltek International Holdings Limited. Soochow Securities International Brokerage Limited acted as financial advisor in Hong Kong and SooChow CSSD Capital Markets (Asia) Pte. Ltd. acted as financial advisor in Singapore for Elec & Eltek International Company Limited. Tricor Investor Services Limited acted as Hong Kong Registrar and Boardroom Corporate & Advisory Services Pte. Ltd. acted as Singapore registrar in the transaction. Shue Sing Churk and Jonathan Hsui of Allen & Overy Hong Kong acted as legal advisor to Kingboard Holdings Limited parent of Elec & Eltek International Holdings Limited.