Lum family, Ellipsiz to make mandatory offer for Lum Chang at S$0.38 per share

Fiona Lam

Published Tue, Nov 17, 2020 · 09:50 PM

Singapore

ENGINEERING solutions firm Ellipsiz and the family that controls construction firm Lum Chang Holdings will make an offer for the remaining 57.3 per cent of the latter's shares at S$0.38 apiece, while keeping it listed.

The mandatory conditional cash offer was triggered after Lum Chang managing director David Lum's firm, Beverian Holdings Pte Ltd, purchased a 0.2 per cent stake in Lum Chang at the highest price of S$0.37 per share on the open market on Tuesday.

The offeror RMDV Investments is the bid vehicle for Ellipsiz, Mr David Lum and his brother Raymond Lum, who is Lum Chang's executive chairman. The two men each own 45 per cent of the offeror, while…