Appleby advised Tsit Wing International on mandatory cash offer

See why the privatisation's a good move.

Leading offshore firm Appleby acted as Bermuda counsel to SGX-ST main board-listed Bermuda company Tsit Wing International on a mandatory cash offer by Hero Valour Limited to acquire the entire share capital of Tsit Wing, other than shares owned, controlled or agreed to be acquired by Hero Valour, at a price of S$0.3075 per share, with an aggregate worth of approximately S$65.48 million (US$51.53 million).

The offer was made by DBS Bank Limited on behalf of Hero Valour, a BVI special purpose vehicle wholly owned by Tsit Wing’s Chairman and Chief Executive Officer, Mr Peter Wong, to be followed by a compulsory acquisition of shares under section 103 of the Bermuda Companies Act.

According to The Edge Singapore, Mr Wong said that privatising Tsit Wing would allow management to have greater flexibility, plan its business for the long-term and to save on listing-related expenses.

The Appleby team in Hong Kong was led by John Melia, a corporate & commercial partner, assisted by associate, Vincent Chan. Harry Elias Partnership LLP acted as Singapore counsel to Tsit Wing, and Stamford Law Office acted as Singapore counsel to Hero Valour.