Mohamed Salleh and family want to take Second Chance Properties private at $0.30 per share

The offeror owns 85.07% of the company’s shares.

The founder and CEO of Second Chance Properties, Mohamed Salleh Marican, has made a cash offer to buy out the SGX-listed company and take it private for $0.30 per share.

The company said in an SGX filing that Final Chance Holdings intends to make a voluntary unconditional cash offer to buy out all the issued and paid-up ordinary shares it does not already own in Second Chance. 

Final Chance is headed by Mohamed Sallehwith his son Amal, and his daughters Nadia, Sofia and Radiah, also sitting on the board.

As of the time of the announcement, Second Chance has a total issued and paid-up share capital of $174.7m comprising 927,795,798 shares. Mohamed Salleh and his family holding 85.07% of the company’s shares, and their offer is unconditional and the price set is final.

The privatisation bid gives shareholders a “clean cash exit opportunity” to realise their investments at a premium and without incurring additional costs, according to the stock filing.

It said the cash offer represents a 40% premium over the stock’s last transacted price of $0.215 apiece on 9 July, before trading was halted on 10 July.

The offeror said Second Chance has suffered from trading liquidity and delisting it will not only reduce compliance costs but will also enable greater management flexibility for the company.

Mohamed Salleh and family said they plan to continue to develop and grow the firm’s existing business, which currently focuses on property investment, apparel and gold jewellery retail, as well as financial instruments investments.