[SINGAPORE] It appears former Dyna-Mac chairman and chief executive Lim Ah Cheng – better known in the industry as AC Lim – is working his magic again.
Lim, who was credited with steering offshore oil and gas contractor Dyna-Mac from the brink of bankruptcy, has agreed to subscribe to 10 million new shares in Fuji Offset Plates Manufacturing (FOP) for S$4.5 million.
FOP primarily provides gravure printing cylinders products and related printing industry services in Singapore and Malaysia, as well as internationally.
The Catalist-listed company said in a regulatory filing on Thursday (May 29) that the issue price of the new subscription shares – at S$0.45 apiece – represents a 24.4 per cent premium to the last traded volume-weighted average price of S$0.3616 on May 26, before a trading halt was called pending the announcement.
After the trading halt was lifted, shares of FOP jumped 67.1 per cent or S$0.265 to close at S$0.66 on Friday – even higher than the issue price of the new subscription shares.
Upon completion, Lim will hold a 16.7 per cent stake in the company. He is subscribing to the shares in his personal capacity, and not as a trustee or nominee for any other party, the company noted.
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As controlling shareholder, Lim will have the right to be appointed to the board as either an executive director of FOP, or a non-independent and non-executive director of the company.
FOP said it expects the proposed subscription to strengthen its financial position and enhance flexibility to pursue growth opportunities.
Net proceeds of approximately S$4.35 million will be fully channelled towards business expansion, capital expenditure, and potential mergers and acquisitions.
For the full-year ended Dec 31, 2024, FOP reported a net profit of S$1 million, up 7.5 per cent from S$0.9 million the previous year. Revenue rose 10.7 per cent to S$3.6 million, from S$3.3 million the year before.
The company will seek shareholder approval at an upcoming extraordinary general meeting, with a circular to be dispatched in due course.
It will also apply to the Singapore Exchange Catalist for the listing and quotation of the new shares, and will make further announcements upon receiving regulatory approval.
