Accrelist says 12 buyers of its MClean stake not acting in concert
It also defends discounted pricing in response to SGX queries
Accrelist, a Malaysian medical aesthetics and technology group listed on the Singapore Exchange, defended its proposal to sell RM30 million (S$9.5 million) worth of its stake in MClean Technologies on September 29. The Singapore Exchange had questioned the transaction's mechanics, pricing, and the identities of the 12 individual buyers.
Accrelist had set a fixed price of 0.50 ringgit per share, representing a 33% discount compared to MClean's market price of RM0.75 at the time. The company, which specializes in precision cleaning, packaging, and plastic injection molding, is listed on Bursa Malaysia's ACE market. Accrelist cited an independent valuer's pricing of RM0.45 to RM0.47 for the shares in April, stating that a discount was necessary to attract buyers for the large, illiquid block.
The transaction involved cross-directorship as Accrelist's CEO, Terence Tea, also chaired MClean's board. Accrelist confirmed to SGX that none of the purchasers were acting in concert or with any insiders at MClean, relying on confirmations from Sam Soong Yew Fatt, a remisier at CGS International Securities Malaysia. Despite not obtaining direct proof of the buyers' financial capability, Accrelist noted that the contracts included legal obligations where purchasers assured their funds originated from legitimate sources.
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