RAPAPORT… The founders of Singapore-based retailer SK Jewellery want to buy out the company and take it private, aiming to gain greater control of its operations.
OroGreen Investment, which is held by SK’s founders — non-executive chairman Lim Yong Guan, CEO Lim Yong Sheng and executive chairman Lim Liang Eng — will also delist the jeweler from the Singapore stock exchange. The three currently own approximately 83% of the company’s shares, and need at least 90% to close the offer, the retailer said last week.
“[We] believe that privatizing the company will provide…greater control and management flexibility…to respond to the changing market conditions and optimize the use of the company’s management and resources,” OroGreen noted.
The buyers plan to continue to develop the existing business, and will not make any major changes or lay off any employees, they added.
Image: A diamond ring. (SK Jewellery)
SK Jewellery Founders Want to Privatize Firm
The Bottom Line
- SK Jewellery founders, through OroGreen Investment, aim to buy out remaining shares and delist from the Singapore stock exchange.
- The founders currently hold about 83% of shares and need to reach at least 90% ownership to complete the privatization.
- The privatization intends to improve management flexibility without major business changes or employee layoffs.
More Stories
Namibia Authorities Investigate Allegations About Corruption in Diamond Sector
Brilliant Star denies activist’s allegations about it; De Beers terminates company’s sight following separate review.
Shai Schnitzer Becomes Third Generation of Family to Head IDE
His grandfather, Moshe Schnitzer, and father, Shmuel Shnitzer, both served as president.
Romanov Sapphire Sails Past Estimate to Score $5M at Sotheby’s
Auction house originally predicted Cartier bracelet would bring in up to $2 million.
