Skyline II Pte. Ltd. has announced its intention to acquire all issued shares of Spindex Industries Limited through a scheme of arrangement, as per the Companies Act of Singapore. The acquisition, detailed in an implementation agreement signed on 26 September, will see Skyline II offer S$1.43 per share to Spindex shareholders.
Spindex Industries, incorporated in Singapore in 1987 and listed on the Singapore Exchange since 2001, specialises in precision-machined components and assemblies. It operates in Singapore, Malaysia, China, and Vietnam, serving sectors such as imaging, printing, and automotive systems.
Skyline II, a special purpose vehicle created for this acquisition, is owned by Hong Wei Holdings and Skyline I Pte. Ltd. Hong Wei, an investment firm from the British Virgin Islands, already holds a significant stake in Spindex, owning approximately 74.95% of its shares. The acquisition aims to consolidate this ownership under Skyline II.
The scheme will require approval from Spindex shareholders and regulatory bodies. If a competing offer arises, Skyline II retains the right to switch to a direct offer, ensuring terms are equal to or better than the current proposal. The acquisition is expected to streamline operations and enhance value for stakeholders.
