Ichiban Boshi operator RE&S gets take-private offer of 36 cents per share

Ichiban Boshi operator RE&S gets take-private offer of 36 cents per share

SINGAPORE - Singapore-listed Japanese restaurant group RE&S Holdings announced on May 19 that it has received a privatisation proposal from Eurphoria Investments, a special purpose vehicle managed by private equity firm Southern Capital Group.

Euphoria Investments is offering 36 cents in cash per share, or 33 cents in cash and 0.083143 new shares in the special purpose vehicle.

RE&S operates Japanese food and beverage outlets in Singapore and Malaysia, including popular brands such as Ichiban Boshi, Kuriya Japanese Market and Gokoku bakeries.

The offer represents a 56.5 per cent premium to the last traded price of 23 cents or 50 per cent to the three-month volume weighted average price up to May 17.

It also represents a 45.2 per cent premium to the six-month volume weighted average price up to May 17, and is priced at more than two times the company’s audited net asset value per share as at Jun 30, 2023.

In the statement, RE&S said Euphoria Holdings plans to leverage Southern Capital Group’s expertise, resources and network to accelerate the F&B company’s growth trajectory, capitalise on emerging opportunities and strengthen its market position.

“The offeror believes that the privatisation of the company will provide the business with the necessary flexibility to focus on long-term execution whilst helping it save costs and resources associated with maintaining its listed status,” the company added.

RE&S added that the proposal presents an opportunity for shareholders to realise their investments at a “compelling premium” over market price without incurring brokerage costs.

Shares of RE&S closed flat at 26.5 cents on May 14 before a trading halt. THE BUSINESS TIMES

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