SINGAPORE - The founders of SK Jewellery Group have launched a voluntary conditional cash offer of 15 cents per share to delist and privatise the company, they announced in a bourse filing on Wednesday before the stock market opened.
SK Jewellery has grown from a single 700 sq ft store in Bedok Central to a chain of some 60 stores in Singapore and Malaysia. Making up the group are the brands Soo Kee Jewellery, SK Jewellery and Love & Co. The Lim siblings said privatising the company will provide them with greater control and management flexibility to respond to changing market conditions and optimise the use of the company's management and resources.
The Lim siblings and their company, Soo Kee Capital Pte Ltd, hold 82.61 per cent of the company's shares and have undertaken to accept the offer. But the offer is still conditional on receiving valid acceptances of 90 per cent and above.
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