Thursday, January 14, 2010

YTL Cement offers S$50m to buy Jurong Cement assets‎

Just saw the announcement of YTL Cement for Jurong Cement on the SGX annoucement. A quick search found the news yesterday on CNA already. Holcim, the current takeover company, controls about 56% of Jurong Cement, while YTL Cement Singapore has a 22% stake, based on TheStar Malaysia News. YTL offer is S$50m compared to Holcim $11m and they plan to keep the company listed.

Currently, Business Times understands that JCL's free float shares stand at about 11 per cent of issued stock.

Today, Jurong Cement weighted average price is 2.1754. I really wonder how the prices will be tomorrow, given only 11% free float. I am not sure about the procedure when a unconditional voluntary offer with another takeover offer, especially when one have a majority stake in the company. I will track eagerly how it proceed from here.

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