Dutch firm moves to privatise Grand Venture Technology at S$0.94 per share
The offeror is proposing to acquire all ordinary shares in Grand Venture's issued and paid-up share capital, which totals some 339.3 million shares worth S$318.9 million.
Shareholders who collectively hold 64.24 per cent of Grand Venture's total shares have given the offeror irrevocable undertakings to vote in favour of the scheme, the companies said in a joint statement.
They include the company's executive deputy chairman who owns a 15.37 per cent stake, the chief executive officer and chief operating officer who each have a 3.55 per cent stake, and NT SPV 12, the subsidiary of a private equity fund, which has a 26.68 per cent stake.
The offeror, Aalberts Advanced Mechatronics, is an indirect wholly owned subsidiary of Aalberts, which is listed on Euronext Amsterdam. The unit is part of the group's semiconductor business segment.
It intends to privatise and delist Grand Venture from the Singapore Exchange should the scheme succeed, as this will allow for greater control and flexibility in managing the company and optimising resources.
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To be passed, the scheme requires approvals representing at least 75 per cent of the value of shares held by shareholders present and voting, in person or by proxy, at the scheme meeting.
Scheme consideration
The offer is an opportunity for shareholders to realise their investments at a premium over market prices, both companies noted.
This is as the scheme consideration represents a premium of 11.9 per cent over Grand Venture's share price of S$0.84 on the company's last undisturbed trading day on May 30, 2025 – before it announced on Jun 1 that it had entered confidential discussions relating to a possible transaction involving its shares.
It is a premium of 17.4 per cent, 25.5 per cent, 20.7 per cent, and 27.9 per cent over the volume-weighted average price (VWAP) per share for the one, three, six and 12-month periods, respectively, as well as a premium of 37.7 per cent and 42 per cent over the VWAP per share for the two and three-year periods, respectively, up to and including May 30.
It is also 241.8 per cent above Grand Venture's initial public offering price of S$0.275 on Jan 23, 2019, and 140.1 per cent over the audited net asset value per share of S$0.3915 as at Dec 31, 2024.
The companies said that, as the trading volume of Grand Venture's shares has been 'relatively low' such that shareholders may not have 'sufficient opportunity to efficiently exit their investments', the scheme provides them the option to realise their investments without incurring brokerage or other trading costs.
The offer is also a 'strategic opportunity' for the offeror to enter the South-east Asia semiconductor market by leveraging Grand Venture's production capabilities, they added.
'This acquisition would provide an opportunity for the company and offeror to capitalise on each other's complementary semiconductor engineering capabilities and technologies, domain knowledge and supply chains, potentially leading to productivity improvements and certain cost-efficiencies,' they said.
The offeror views Grand Venture as a potential growth platform as the complementary supply chain networks of both companies could allow their customers to benefit from a 'more comprehensive suite of solutions', the companies noted.
'Access to each other's existing and new customers... could offer incremental market access and consolidation of selected business development efforts which may result in improved market penetration.'
Shares of Grand Venture closed on Wednesday at S$0.955, up by 1.1 per cent or S$0.01, before the company called for a trading halt on Thursday morning.
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