LCD Global

LCD Global: Fragrance Group and Aspial Corporation has formed a 50:50 JV to make a voluntary conditional cash offer for LCD Global, in a move to enhance their property portfolio. As LCD Global is in the midst of a proposed renounceable rights issue of convertible bonds, the enlarged share capital may be subject to changes. As such, the JV entity has made an offer of $0.33/share for the company, subject to the cancellation or deferral of LCD's ongoing rights issue, or $0.30/share if the rights issue is carried out. Recall just six months back, LCD Global was the subject of a management buyout, following a voluntary conditional cash offer at $0.17 apiece, by controlling shareholders and directors Raymond Lum and Kelvin Lum. Viewed by market watchers as a low-ball bid, another substantial shareholder, Aspial's CEO Koh Wee Seng, increased his stake through a string of share purchases up to $0.285/share. Subsequently, the takeover bid by the Lum Brothers failed and they sold their combined 29.5% stake to Japan-listed J Trust, at $0.30/share. LCD Group has a portfolio of geographically diverse businesses that include high-end hotels and resorts (Thailand and UK), serviced residences (Vietnam & Laos) and property development (China).