Dymon Asia submits offer for Singapore catering business

According to an announcement, the buyout will involve Dymon and a number of Select directors taking at least a 53.6% stake in the company through the purchase of 76.3 million shares at SGD0.52 apiece, which represents a 23.5% premium on the stock's last transacted price.

Following the close of the offer, Dymon is expected to hold a 45% interest in the company through its Delish subsidiary. The balance of ownership will be held by Select directors who will be incentivized to continue to manage the company. Dymon plans to achieve increased management flexibility as well as economic and operational optimizations as a result of delisting the company from the Singapore Exchange.

Select's net profit increased 51.4% during financial year 2015 to SGD4.8 million while revenue gained 12.2% over the same period to SGD80.9 million. The company's core businesses include operations in Chinese fine dining, Thai casual dining, events and institutional catering, themed food courts and quick service restaurants. It also manages the chain outlet Hong Kong Sheng Kee Dessert.

Dymon was founded in 2008 as a macro hedge fund with $100 million in capital. It currently has commitments of about SGD300 million and invests in small and medium-sized companies across Southeast Asia with a focus on companies with strong business fundamentals and favorable growth prospects.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Consumer
• Buyouts
• Singapore