
LIM & TAN
Daily Review
SINGAPORE COMPUTER SYSTEMS
COMMENTS 1. That the buyer of Temasek’s stake turns out to be Sing Tel / NCS is not a great surprise, given that SCS does a fair bit of government business and best to be acquired by a local company.
2. The Offer price is “disappointing” when compared to the valuation for
3. While the offer documents are still in the works, we are however inclined to accept Sing Tel / NCS’ $1.50 offer for the following reasons:
- the Offeror has already indicated it
- with 60% now in Sing Tel’s hands, there will not be a competing offer;
- the sector has long lost its luster after the bursting of dotcom bubble.
Realistically Speaking
25 August 2008
wonder why GDC sold at a loss...thot scs been reporting good profits?
will scs continue to be a listed co after ncs takes over? worth investing?
In May 2000, GDC bought over 40.5% of Singapore Computer Systems (SCS) at $3.72 and the other 20% in Apr 2002 at $1.73, or about $3.00 average each.
Today it was sold at $1.50 to NCS. Good deal for NCS indeed.
BTW, GDC acquired the 60.5% stake from SCI.
19 April 2002
The proposed sale by SemCorp Industries of its remaining 20 per cent shareholding in Singapore for Singapore Computer Systems Ltd
http://www.sembcorp.com.sg/Sembcorp/news_corporate_detail.aspx?NewsID=350
29 February 2000
Proposed sale of 40.55 per cent shareholding in Singapore Computer Systems Limited http://www.sembcorp.com.sg/Sembcorp/news_corporate_detail.aspx?NewsID=464
NEWS RELEASE
SingTel’s subsidiary acquires stake
in Singapore Computer Systems from Green Dot
NCS’s wholly-owned subsidiary to make mandatory general offer
Singapore, 25 Aug 2008 -- Singapore Telecommunications Limited (SingTel) today announced
that NCS Pte. Ltd. (NCS) has through its wholly-owned subsidiary, Computer Systems Holdings
Pte. Ltd. (CSH), acquired approximately a 60 per cent stake in Singapore Computer Systems
Limited (SCS).
CSH acquired 93,144,501 shares from Green Dot Capital Pte Ltd for S$1.50 per share in SCS for a total consideration of approximately S$140 million in cash.
Following the acquisition, CSH will make a mandatory general offer for the remaining shares
of SCS for S$1.50 a share in cash.
CSH, is a wholly-owned subsidiary of NCS, which is in turn, 100 per cent-owned by SingTel.
Mr Allen Lew, SingTel Singapore Chief Executive Officer, said “This move is part of SingTel’s
strategy to be a significant solution provider to business customers in the Asia Pacific region. The
combined IT capabilities and capacity of SCS and NCS will extend SingTel’s ability to deepen its
relationships with its customers in Singapore and overseas.”
Mr Lim Eng, NCS Chief Executive Officer, said “This accelerates the overseas expansion plans
of NCS by providing operational scale and an enlarged regional footprint. The IT services market
is a high growth area and the potential for growth is enormous.”
Both SCS and NCS are leading information and communications technology solutions service
providers with operations in Asia Pacific.
CSH is making the mandatory general offer with a view to exercising its rights of compulsory
acquisition under Section 215(1) of the Companies Act, Chapter 50 of Singapore, in the event
that it becomes entitled to do so, and delisting of SCS from the SGX-ST thereafter.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Any inquiries relating to this press release or the Offer should be directed to:
ANZ Singapore Limited SingTel
Bill Foo, Managing Director Michele Batchelor
Glenn Porritt, Executive Director Corporate Communications
Loy H Chia, Director Tel: 6838-2203
Tel
SCS halts share trading while parent mulls stake
(SINGAPORE) Singapore Computer Systems yesterday halted trading in its shares as its biggest shareholder, Green Dot Capital, a unit of Singapore investment company Temasek Holdings, evaluates its stake.
Temasek owns about 65 per cent of SCS, whose businesses include the provision of information technology infrastructure, systems integration and business continuity management services.
SCS earlier this month reported an 86 per cent rise in second-quarter net profit to $4.3 million on revenues of $96.5 million. The company also said that its order book stood at a record high of $720.1 million. Shares of SCS rose 3.9 per cent to $1.34 before trading was halted\. \-- Reuters
Date of Trading Halt * |
22-08-2008 | |
Time of Trading Halt * | 0910 hours | |
Reasons for Trading Halt * |
|
Hope that it is good news for shareholders.