SINGAPORE (Feb 24): There has been a spate of buying at Spindex Industries by an individual who emerged as a substantial shareholder in the company, immediately after Spindex’s management announced its buyout plan.

On Feb 9, the company’s chairman Tan Choo Pie @ Tan Chang Chai offered to privatise and delist Spindex via a scheme of arrangement. The offerer is Hong Wei Holdings, a special- purpose vehicle owned by Tan, his wife and their son Heok Ting, who is managing director of Spindex, a manufacturer of precision components.

Tan is offering minority shareholders a final price of 85 cents a share, which at the time of the offering worked out to a 21.4% premium over the last transacted price of 70 cents a share, and a 23.4% premium to the stock’s three-month volume- weighted average price.

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