Aoxin Q&M appoints IFA for offer from Q&M Dental Group
[SINGAPORE] Catalist-listed Aoxin Q&M has appointed Hong Leong Finance as the independent financial adviser (IFA) for the mandatory unconditional cash offer made by Q&M Dental Group , said the board via a bourse filing on Friday (May 9).
The board stated that its IFA will advise the recommending directors on the offer, with a circular outlining the adviser's advice and the directors' recommendation to be sent to shareholders within 14 days of the dispatch of the offer document by Q&M.
In the meantime, the board advised shareholders to exercise caution when dealing in their shares and to refrain from taking any action that could be detrimental to their interests until they have reviewed this circular.
The appointment of its IFA follows a bourse filing on May 1, in which the board informed shareholders that Q&M Dental Group intends to acquire all remaining shares it does not already own in Aoxin Q&M at S$0.0321 per share.
The offer will close at 5.30 pm on May 28. If fully accepted, Q&M will pay approximately S$8.1 million for the offer shares.
This development came after Q&M increased its stake in Aoxin Q&M from 33.33 to 50.53 per cent. In accordance with Rule 14.1 of the Singapore Code on Take-overs and Mergers, Q&M is required to make a cash offer for all remaining shares not already owned, controlled, or agreed to be acquired.
Q&M previously stated that it does not plan to make any material changes to Aoxin Q&M's business operations following the acquisition and intends to maintain the company's listing on the Singapore Exchange.
Shares of Aoxin Q&M traded flat at S$0.068 on Friday, prior to the announcement.
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BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This included director or CEO acquisitions in Cosmosteel Holdings , Edition , Far East Orchard , Ho Bee Land , Nam Cheong , Niks Professional , Q & M Dental Group (Singapore) , Samudera Shipping Line , Sinostar PEC Holdings , SunMoon Food Company , UMS Integration , Venture Corporation and Wing Tai Holdings . Q & M Dental Group (Singapore) On May 26, Q & M Dental Group (Singapore) non-independent executive director and group chief executive officer Ng Chin Siau increased his total interest from 53.72 per cent to 53.92 per cent. The 1,882,200 shares were acquired by Quan Min Holdings at an average price of S$0.345 apiece. Since the end of April, Dr Ng has increased his total interest from 53.02 per cent. The group reported its FY2024 results in early March. Despite total revenue being comparable to FY2023, FY2024's focus on operational efficiency and cost discipline led to a 27 per cent increase in attributable net profit to S$14.6 million, with FY2025's strategy targeting regional expansion and ESG. Venture Corporation On May 22, Chua KL Family acquired 30,000 shares at S$11.08 apiece. This took the deemed interest of Venture Corporation independent non-executive director Chua Kee Lock to 0.01 per cent. Chua is the group president and CEO of Vertex Venture Holdings (VH), a Singapore-based venture capital investment holding company wholly owned by Temasek Holdings. VH anchors a global network of independently managed funds, including five early-stage technology funds, an early-stage healthcare fund, and a growth-stage fund, all supported by third-party capital. Chua also serves as managing partner of Vertex Ventures Southeast Asia & India and chairman of Vertex Growth Fund. 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