Holcim (Singapore) Pte. Ltd has increased the offer price to S$2.50 a share to acquire the remaining shares of Jurong Cement Ltd it doesn’t already own.
In January, Holcim had offered a share price of S$2.10 in cash for taking up the outstanding shares in Jurong Cement.
The latest offer, which will now be extended beyond Feb. 5 until further notice, is about 10.6% premium over the last transacted price of S$2.2600 traded on the Singapore Exchange Friday, Kim Eng Corporate Finance Pte. Ltd., said in a statement late Monday on behalf of Holcim.
Kim Eng is the financial advisor to Holcim on the deal.
As of date, Holcim already owns 55.91% stake in Jurong Cement. The company will give the revised price of S$2.50 to shareholders who had already accepted the initial offer of S$2.10 a share.