CHASEN Holdings : 5NV 0% has accepted an offer to buy a 72 per cent stake in a number of its subsidiaries for S$67.4 million, the company announced in a holding statement on Friday (Dec 22).

The sale price is almost four times Chasen’s current market capitalisation, which stood at S$18.2 million as at market close on Friday.

Chasen, which provides specialist relocation solutions, technical and engineering services and third-party logistics, did not name the purchasing company. It only stated that the buyer is an international company.

Chasen also did not disclose which particular subsidiaries were part of the transaction.

In its bourse filing, Chasen said that the offer is still subject to final agreements and necessary approvals and clearances from all required governmental and regulatory bodies and any other third parties and company shareholders.

It noted that it is expecting to receive S$59.3 million from the deal, which is offered on a cash-free, debt-free basis.

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Chasen first said it was considering a potential divestment on Dec 13. 

On the latest development, its board stressed that there is no certainty or assurance that any transaction will occur, and pointed out that further announcements will be made when material developments warranting disclosure arise.

Shares of Chasen Holdings closed flat at S$0.047 on Friday, before the announcement.