lbxx_jelly_boothChina Lifestyle's jelly products in a China supermarket. NextInsight file photoCHINA LIFESTYLE Food and Beverages Group this morning announced that it is seeking to delist from the Singapore Exchange where it had its IPO in 2005.

The manufacturer of confectionary products, such as jelly, cited low trading liquidity for its shares.

The offeror is Rise Mount Group which is making a cash offer of 17.8 cents a share to shareholders, which is a slight discount to its Net Asset Value of RMB1.16 (about 23 Singapore cents).

The offer price is at a 12.8% premium to the stock's average price over the past month.

The stock price, responding to the news, jumped 3 cents, or 20.7%, 17.5 cents by lunch time.
It closed at 16.5 cents at the end of trading today, with 3,659,000 shares changing hands.

The delisting proposal requires the approval of China Lifestyle shareholders
at a special general meeting to be convenened.

The resolution has to be approved by a majority of at least 75 per cent of the total
number of issued shares (excluding treasury shares) held by shareholders present and voting, on a poll, either in person or by proxy.
CHINA LIFESTYLE FOOD & BEVERAGES  

Stock price

17.5 cents
Market cap S$88m
PE ratio 20.6
52-week low/high 7/23 cents
Dividend yield

NA

 
 Source: Bloomberg

However, China Lifestyle CEO Zheng Yulong, Alliance Food and Beverages (Holding) Company, management shareholders and certain non-management shareholders, who in aggregate own about 424 million shares, representing 
approximately 84.26 per cent of the total issued shares, have undertaken to the Offeror that they will vote in favour of the delisting resolution.


The Offeror is a special purpose vehicle incorporated for
the purpose of the delisting and the Exit Offer.

The sole shareholder of the Offeror is Alliance and the directors of the Offeror are Mr Zheng Yulong and Mr Zheng Yushuang, another Executive Director of China Lifestyle.

The CEO holds 30,490,000 Shares, representing approximately 6.06 per cent of the total issued shares.

Alliance is an investment holding company holding 308,039,540 shares, representing approximately 61.22 per cent. of the total issued Shares.

The entire issued share capital of Alliance is held by the two Mr Zhengs, Mr Zheng Yuhuan, another Executive Director of the Company, and Mr Li Hung Kong , the Non-Executive Chairman of China Lifestyle. All the four are related by family.

You may also be interested in:


You have no rights to post comments

Counter NameLastChange
AEM Holdings2.340-0.020
Best World2.460-0.010
Boustead Singapore0.960-0.005
Broadway Ind0.1330.004
China Aviation Oil (S)0.9250.005
China Sunsine0.415-
ComfortDelGro1.480-0.020
Delfi Limited0.895-0.010
Food Empire1.260-0.010
Fortress Minerals0.305-0.005
Geo Energy Res0.310-
Hong Leong Finance2.5000.010
Hongkong Land (USD)3.1200.050
InnoTek0.520-0.005
ISDN Holdings0.310-
ISOTeam0.0430.002
IX Biopharma0.041-0.002
KSH Holdings0.250-
Leader Env0.051-
Ley Choon0.045-0.001
Marco Polo Marine0.0670.001
Mermaid Maritime0.140-0.001
Nordic Group0.310-0.030
Oxley Holdings0.089-
REX International0.136-0.001
Riverstone0.815-0.005
Southern Alliance Mining0.430-0.015
Straco Corp.0.5100.010
Sunpower Group0.205-0.005
The Trendlines0.067-0.002
Totm Technologies0.022-
Uni-Asia Group0.825-
Wilmar Intl3.5000.020
Yangzijiang Shipbldg1.750-0.030
 

We have 3403 guests and one member online

rss_2 NextInsight - Latest News