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2003-6-6 06:43:00 p.m. HKT, XFNA
Singapore minority shareholders oppose plan to take Wah Shing private
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SINGAPORE (AFX-ASIA) - Minority shareholders in Singapore are opposing
South China Holdings Ltd and South China Industries Ltd plans to take their
Singapore-listed unit Wah Shing International Holdings Ltd private as the
offer price of 0.065 sgd per share is too low.
""The net tangible asset (NTA) per share value (of Wah Shing) is 0.28 sgd
per share. The offer is therefore priced at a substantial discount of 77 pct
to the per share NTA,"" the Securities Investors Association of Singapore
(SIAS), which represents minority shareholders, said.
SIAS also noted that the offer price is also significanlty below the 0.12
sgd shareholders paid last year when Wah Shing launched a three-for-one
rights issue.
jonathan.burgos@afxasia.com
jb/rf
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