By: Gurdip Singh
March 16, 2012
SINGAPORE (March 16, 1 p.m. ET) — Meiban Group CEO George Goh has offered to take over Singapore’s contract plastics manufacturing company and delist it from the Singapore Exchange (SGX).
Goh and his family members own 30.17 percent of Meiban and have offered S$128.4 million (US$101.93 million) for the shares they do not hold.
The offer comes through Virgin Island-registered investment vehicle Zhong Yong Holdings, which would eventually take over Meiban.
The offer was a good opportunity for shareholders to realize their investment in Meiban, said a joint Meiban and Zhong Yong statement filed with SGX.
The statement said the privatization of Meiban would provide greater flexibility to its management to promote greater efficiency and competitiveness through changes in strategy and investments.
Meiban ended 2011 with a 33 percent year-on-year drop in net profit to S$8.53 million (US$6.77 million) and a 19 percent decline in sales to S$341.46 million (US$271 million), attributing it to weak demand caused by the economic uncertainties in developed markets.