Apex-Pal makes an offer for Thai Village

Controlling stakeholders of Thai Village accept all-share offer

APEX-Pal International Ltd - owner of the Sakae Sushi chain - is making a bid to buy over Thai Village Holdings, a restaurant group best known for its signature braised shark's fin soup.

Disclosing the proposed offer yesterday, Thai Village said Apex-Pal has informed the company its intention to make a voluntary conditional offer for the remaining shares it does not already own.

The controlling shareholders of Thai Village - Lee Tong Soon, Lee Tong Kuon and Kok Nyong Patt - as well as major shareholder Tee Yih Jia Food Manufacturing Pte Ltd, will be offered 0.6 new Apex-Pal share for each Thai Village share they own.

The three controlling shareholders, who collectively hold 68.6 million shares or approximately 33.01 per cent of the company, have already agreed to accept the proposed offer, Thai Village said.

For shareholders other than the controlling and major shareholders, Apex-Pal will offer 20.1 cents in cash for each Thai Village share, or a combination of 0.2 new Apex-Pal share plus 13.4 cents in cash. These shareholders have the right to choose to receive payment in cash or in cash and shares when they accept the offer.

Thai Village closed 1.5 cents lower at 19 cents yesterday. The stock is up 12 per cent since the start of the year.

Apex-Pal shares were suspended for the announcement. Their last traded price was 37 cents, and the stock has gained 4.2 per cent this year.

The offer is conditional upon obtaining the approval of Apex-Pal shareholders, approval from the Singapore Exchange for the listing of new Apex-Pal shares, as well as other regulatory approvals.

Thai Village said it will appoint an independent financial adviser to the independent directors of the company to advise on the proposed offer.

The Thai Village group started as a partnership in 1991 with the first Thai Village Sharksfin Restaurant on East Cost Road. The group now consists of a chain of 16 self-managed restaurants, 15 franchise restaurants and a sharksfin processing plant. It has also expanded to China and Indonesia.

Apex-Pal started its first food and beverage outlet in 1997 and now has a portfolio of six brands, including the Sakae Sushi chain of conveyor belt sushi restaurants and Hibiki, a fine dining contemporary Japanese restaurant.