Kian Ann

Kian Ann: Invicta, together with the key mgt team of Kian Ann, has proposed a scheme of arrangement, involving the delisting of Kian Ann and cash offer of $0.44/sh. This represents a 7.3% premium to Kian Ann shares last close at $0.41. The proposal is subject to approval by not less than 75% of shares present at an EGM. Key mgt involved are Mr Law Peng Kwee (Co Founder and MD), Mr Keven Law Cher Chuan (Group GM and Executive Director), and Mr Loy Soo Chew (GM and Executive Director). They collectively hold 53.4% stake in Kian Ann. Invicta is listed on the Johannesburge Stock Exchange, with a mkt cap of ~US$654m. It is one of the leading distributors of capital eqpt, spare parts and engg consumables in Southern Africa.