01 Apr 2014
Pioneer Top Holdings' acquisition of all issued ordinary shares of China XLX Fertiliser Ltd
Chia Kim Huat, Danny Lim and Bernia Tan from the Corporate & Capital Markets Practice are acting for Pioneer Top Holdings Limited (the "Offeror") in its proposed acquisition of all the issued ordinary shares of China XLX Fertiliser Ltd. (the "Company") (other than those already owned, controlled or agreed to be acquired by the Offeror and parties acting in concert with it). The Company is seeking voluntary delisting from the Singapore Exchange Securities Trading Limited, whilst retaining its listing on The Stock Exchange of Hong Kong Limited. CLSA Singapore Pte Ltd is the Singapore financial adviser to the Offeror and CITIC Securities Corporate Finance (HK) Limited is the Offeror's Hong Kong financial adviser. Based on the offer price of S$0.40 per share, the Company is valued at approximately S$470 million.
The Company is mainly engaged in the production and sale of urea, compound fertiliser and methanol in the People's Republic of China.