A group of businessmen has launched their mandatory tender offer to buy the remaining shares of Steniel Manufacturing Corp., a maker of paper box products, after it bought the shares of its Dutch majority owner from which it borrowed its name.
In its disclosure to the Philippine Stock Exchange (PSE), the company said Greenkraft Corp., Golden Bales Corp., Corbox Corp., Rex Chua, and Clement Chua puchased the 64.99 percent shares of Steniel (Netherlands) Holdings B.V. for P64.99 million or P0.10 per share. The share purchase agreement was signed on October 7.
Greenkraft bought 21.67 percent of the company, Goldenbales and Corbox at 19.5 percent each and the stake of the two Chuas at 2.16 percent each.
Trading of Steniel shares was suspended since July 5, 2006 when it closed at P0.25 apiece.
The group will conduct a tender offer to buy the remaining 279.15 million common shares or about 27.91 percent held by various shareholders also at P0.10 per share.
The tender offer excludes the remaining 70.94 million common shares that are not included in the private sale, the company said.
Under the Securities Regulation Code, a person or company who bought 35 percent of the outstanding voting shares shall be required to make a tender offer for all the outstanding voting shares. If the acquisition would result in ownership of over 50 percent of the total outstanding securities of the public company, the acquirer shall be required to make a tender for all the outstanding securities to all remaining stockholders at a price supported by a fairness opinion.
The tender offer has already started on Monday and will end on November 10 at 3 p.m. The said shares will be crossed at the PSE on November 20.
“The group, through Steniel, will request for a one-time lifting of the trading suspension on the shares of Steniel in order to allow for the cross of the tendered shares through the facilities of the Philippine Stock Exchange,” the company said in its tender offer report.
According to the fairness report of Unicapital Inc., company is fairly valued between P93.6 million and P113.34 million or price per share ranging from P0.09 and P0.11.
Steniel was incorporated on September 13, 1963. The company and its subsidiaries were previously engaged in the manufacturing, processing, and selling of all kinds of paper products, paper board and corrugated carton containers, and all other allied products and processes.
On July 17, 2019, the stockholders of Steniel approved the reacquisition of Steniel Mindanao Packaging Corp. (SMPC) through a share swap transaction wherein all stockholders of SMPC will exchange their shares in SMPC for shares in the company.
As of December 31, 2019, the only operating subsidiary of the company is Steniel Cavite Packaging Corp.
Steniel’s business activity are currently limited to holding investments in subsidiaries and other financials assets and leasing out equipment.
Even before the company’s shares were suspended for trading in 2006, its business went down. Its plants ceased to operate in March 2007. As of end of 2018, the company has only three employees.
