Wiranto, Tan Thuan Hor, Edy Wiranto and Ety Wiranto made an offer to acquire remaining 17.1% stake in United Global Limited from a group of shareholders for SGD 24.3 million.
The Offer will not be subject to any conditions and will be unconditional in all respects. The Offeror has received irrevocable undertakings from certain Shareholders, namely, Cindy Lie, Herry Defjan, Emi Wiranto, Tan Thuan Seng, Ng Hoi Ming, Chia Ling Budidharma and Lim Chun Lan for 19.4436 million shares representing 7.1% stake in favor of the Offeror. As per announcement made on January 4, 2022, by Wiranto, Tan Thuan Hor, Edy Wiranto and Ety Wiranto in relation to, inter alia, (i) the level of acceptances of the Offer as of January 3, 2022 and (ii) the Offeror's entitlement and intention to compulsorily acquire the remaining Shares at the Offer Price for each remaining Share. As stated in the Compulsory Acquisition Announcement, the Offeror has received, pursuant to the Offer, valid acceptances representing approximately 92.72% of the total number of Shares on January 3, 2022, and has stated that it will go for a mandatory acquisition for the remaining stake. Xandar Capital has been appointed as the financial advisor to the directors of United Global who are considered independent for the purposes of the Offer, namely Mah Kah On, Gerald, Tan Teng Muan and Lim Kian Thong. Xandar Capital of the opinion that, the terms of the Offer are on balance, are fair and reasonable and advise the Independent Directors of United Global to recommend Shareholders to accept the Offer. The Independent Directors, having considered carefully the terms of the Offer and the opinion and advice given by Xandar Capital, recommends the shareholders of United Global should accept the Offer. On January 24, 2022, the approval of the Singapore Exchange Securities Trading Limited (the SGXST) for the delisting of the Company from the SGX-ST was received. Offer will close on January 25, 2022.
Loo Chin Keong and Pauline Sim Poi Lin of Xandar Capital Pte. Ltd. acted as the financial advisor and fairness opinion provider to the directors of United Global Limited. B.A.C.S. Private Limited acted as registrar. Marcus Chow and and Counsel Jolie Giouw of Bird & Bird ATMD LLP acted as legal advisor to United Global Limited. Ryan Lin of Bayfront Law LLC acted as legal advisor to Wiranto, Tan Thuan Hor, Edy Wiranto and Ety Wiranto.