The board of directors of Depa Limited ("Depa or the "Company") wishes to announce that CIMB Bank Berhad, Singapore Branch ("CIMB"), has announced, for and on behalf of Depa Interiors LLC, an indirect wholly-owned subsidiary of the Company (the "Offeror"), a firm intention to make a voluntary conditional cash offer (the "Offer") for all the shares in Design Studio Furniture Manufacturer Limited (“Design Studio”) which are not already owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it (the "Offer Shares"). The Offeror's announcement can be found on the website of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) at www.sgx.com.
Design Studio is a Singapore incorporated public company listed on the Main Board of the SGX-ST. Design Studio is a product and fit-out interiors specialist, active principally in Southeast Asian markets. Depa Interiors Limited already owns 24.7% of the shares in Design Studio.
The Offeror believes that increasing its shareholding in Design Studio would allow it to diversify its revenue base, expand its operations and gain greater access and exposure to the Southeast Asian markets.
The Offer will be made on the basis of S$0.55 for each Offer Share, valuing Design Studio at approximately S$140.4 million. This represents a premium of 15.79% over the last transacted price of S$0.475, as quoted on 25 June 2010, being the last full trading day on SGX-ST prior to the date of this announcement.
The Offer, when made, will be conditional upon the Offeror having received, by the close of the Offer (the “Closing Date”), valid acceptances in respect of such number of Offer Shares which will result in the Offeror and parties acting in concert with it holding such number of Shares carrying more than 50 per cent. of the voting rights attributable to the issued share capital of the Design Studio as at the Closing Date.
Further announcements in relation to the Offer will be made as and when appropriate.
For the avoidance of doubt, nothing in this announcement shall be construed to be an offer to acquire, or any statement of any firm intention to make any offer, for any shares or other securities of any company.
For further inquiries, please contact:
Depa Limited
Noor Sweid
Managing Director, Strategy
Tel: +971 4 224 3800
noor.sweid@depa.com
Brunswick Gulf
Rupert Young
Tel: +971 4 365 8260
ryoung@brunswickgroup.com
