Offer comes amid prolonged trading suspension, regulatory overhang, which adversely affects its access to funding and borrowing capacity
[SINGAPORE] Waste management company Sen Yue Holdings on Thursday (Feb 12) received a voluntary unconditional general offer from Cenvios Holdings to acquire all its shares at S$0.008 apiece.
Shareholders are given the option of receiving cash or one Cenvios share for each Sen Yue share tendered, also valued at S$0.008 apiece. The Cenvios shares are not and will not be listed on any securities exchange.
Cenvios Holdings is a newly incorporated private company controlled by Sen Yue’s non-executive chairman Yap Meng Sing, set up solely to carry out the privatisation of Sen Yue. He holds 54.05 per cent in deemed interest in Sen Yue.
Key shareholders holding 87.98 per cent of Sen Yue have irrevocably agreed to tender their shares and elect for the securities consideration. These include Yap and family-linked entities.
The offer represents a discount of 63.6 per cent, 69.2 per cent, 73.3 per cent and 75 per cent over the volume weighted average price per share for the one-month, three-month, six-month, and 12-month periods, respectively, up to and including the last trading day.
The offeror plans to privatise and delist the company from the Singapore Exchange.
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The privatisation is driven by Sen Yue’s prolonged trading suspension and regulatory overhang, which have adversely affected the company’s access to funding and borrowing capacity, said the offeror.
This limits the company’s ability to pursue growth opportunities or to finance its operations and capital requirements, it added.
Trading in Sen Yue shares has been suspended since May 4, 2020. This followed the company’s request for a trading suspension to address a letter of demand served on a subsidiary and internal disagreements over the treatment of receivables, amid a board rift.
In 2024, the Catalist-listed company said it was assisting the Monetary Authority of Singapore with an investigation into offences under the Securities and Futures Act. It was served with an order under Section 20 of the Criminal Procedure Code 2010 from the authority’s enforcement department.
Noting that the cash consideration of S$0.008 apiece is a premium of about 11.1 per cent to the group’s net asset value of S$0.0072 per share as at Sep 30, 2025, the offer is said to be an opportunity for shareholders to realise their investment in the shares.
Additionally, the delisting and privatisation of Sen Yue will provide the offeror and the company with greater control and management flexibility in utilising and deploying the available resources of Sen Yue, as well as pursuing and implementing the offeror’s business strategies and other options for the group.
If the company were to be delisted, it would be able to save on expenses of maintaining a listed status and focus its current resources on its business operations.
The offeror said it intends for Sen Yue to continue its existing business operations, with no current plans to make major changes, redeploy fixed assets or cut existing staff outside the ordinary course of business.
It also said it would review strategic options for Sen Yue, including potential spin-offs, joint ventures, investments, acquisitions or restructuring of its core business units, if opportunities arise and are deemed in the company’s best interests.
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