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Singtel Strategic Investments Backs ADVANC Tender Offer With NewCo

Singapore Business Review ·  Jan 6 05:01

The tender offer will cover the remaining 1.08 billion shares of ADVANC.

Singtel Strategic Investments (SSI) intends to participate in the conditional voluntary tender offer for all remaining securities of Advanced Info Service (ADVANC) alongside Gulf Energy Development (GULF), Intouch Holdings (INTUCH), and GULF's major shareholder, Sarath Ratanavadi.

The tender offer will cover the remaining 1.08 billion shares of ADVANC, representing 36.25% of the company's total shares with voting rights.

On 3 October 2024, GULF and INTUCH approved a merger to form NewCo, effectively ceasing their status as separate juristic persons as part of a restructuring effort.

NewCo will assume all assets, liabilities, rights, obligations, and responsibilities of GULF and INTUCH by operation of law. This includes INTUCH's 1.2 billion shares in ADVANC, which account for 40.44% of the total issued and paid-up shares of the company.

In addition, NewCo will be required to conduct a mandatory tender offer for all ADVANC securities, as its shareholding in the company will surpass the mandatory tender offer threshold.

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