AEM, CEI

ELECTRONICS services provider AEM Holdings on Monday said it received in-principle approval from the Singapore Exchange for the listing and quotation of new shares on Saturday, a pre-condition for its S$99.7 million buy-out offer for CEI to go through.

AEM has affirmed its final S$1.15 per share offer for CEI, which has an option for all-cash or cash with new AEM shares.

The electronics services provider said those who accept the offer without stating their preference will be deemed to have opted to receive cash.

The alternative is either a mix of 85 per cent cash and 15 per cent new shares or 70 per cent cash and 30 per cent new shares, at an issue price of S$3.55 for each new AEM share. This means either S$0.9775 in cash and 0.0486 of a new AEM share or S$0.805 in cash and 0.0972 of a new AEM share.

The S$1.15 offer price marks a premium of 26.1 per cent to the volume-weighted average price of CEI shares in the 12 months to Jan 8, the last trading day before the pre-conditional offer was made.

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KrisEnergy

IN AN update on its restructuring, upstream oil-and-gas company KrisEnergy said in a filing to the Singapore Exchange on Monday that a copy of the Court Order approving its scheme of arrangement has been lodged with the Registrar of Companies.

The scheme is effective as of Feb 15.

In line with the terms of the scheme, KrisEnergy and/or the scheme manager will distribute shares to the scheme creditors after the effective restructuring date.

The shares will be distributed to noteholders based on the list of securities accounts and holdings on CDP's records as at Oct 16, 2020. As such, noteholders should not close their securities accounts which held the notes on that date.

KrisEnergy will continue to keep stakeholders updated and make announcements when there are material developments, it added.