As at 5.30 pm on Tuesday (Aug 29), controlling shareholder Aw Cheok Huat owns a majority of ICP : 5I4 0% with over two billion shares, or about 60.32 per cent of the total issued shares in the Catalist-listed company.

Excluding shares owned, controlled or agreed to be acquired by him and concert parties, valid acceptances of the offer received from ICP shareholders stood at around 489.4 million shares, or 14.68 per cent of shares in the company, at the close of the S$0.007 apiece offer.

This translates to an additional cash outlay of some S$34.3 million to be paid out by Aw, who is also the chairman of Datapulse and the father of ICP’s executive director, Aw Ming-Yao.

The mandatory conditional cash offer was launched in July this year after the elder Aw acquired an additional stake in the company in a S$5.4 million married deal that brought his total deemed interest in ICP to 42.63 per cent, from 19.43 per cent previously.

It was made solely to comply with the Singapore Code on Take-overs and Mergers due to the acquisition, with no intention to introduce any major changes to the group’s existing businesses, including Travelodge Hotels (Asia).

The offer later turned unconditional on Aug 18 after Aw amassed more than 50 per cent of the total number of shares in the company.

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On the same day of the offer close, ICP posted its financial results for the second half and full year ended June.

Its net loss for H2 had narrowed to S$87,000 from S$925,000, as revenue more than doubled to S$5.2 million from S$2.6 million in H2 FY2022.

The improved topline was driven mainly by increased contributions from external customers in the hospitality segment.

For the full year, the company reported a net profit of S$1.1 million as opposed to a net loss of S$1.2 million in FY2022, with revenue up 95 per cent year on year to S$10.0 million from S$5.1 million.

ICP is principally involved in the electronic manufacturing services industry, as well as the marketing and distribution of electric components.

The counter ended Tuesday unchanged at S$0.007, before the results for both the offer and the company’s financials were released.