Wednesday, March 6, 2013

Phileo making offer for HSR Global

The Business Times  |  MARCH 05, 2013

Phileo Capital will be making a general offer for the remaining shares in HSR Global, after acquiring a 66 per cent stake in the company.

Phileo Capital has agreed to buy 65 million shares in a married deal at $0.21 per share, of which 55 million are owned by HSR's executive director and chief operating officer Lim Sook Lin and the balance 10 million are owned by HSR chairman and chief executive Patrick Liew Siow Gian. The offer price of $0.21 a share represents a premium of 21.4 per cent over the last transacted price per share of $0.173 on Feb 7.

HSR Global, which is listed on the Catalist of the Singapore Exchange (SGX), is a real estate agency, providing services including marketing of both local and overseas properties, interior and exterior design consultancy as well as training. It has a network of over 2,000 salespeople.

Phileo Capital is an investment holding company incorporated in the Cayman Islands. The sole beneficial shareholder is Tong Kooi Ong, who is also the chairman and CEO of UPP Holdings, which is listed on SGX.

Mr Tong, together with his family, has interests in various property developments in markets such as Canada and Malaysia. The Tong family also controls media companies in Singapore and Malaysia that publish business titles such as "The Edge Singapore".

For the full year ended Dec 31, 2012, HSR Global posted a net loss of $1.91 million as revenue slided 12 per cent to $56.83 million.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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