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Hotelier raises bid for NatSteel
By Alex Frew McMillan
SINGAPORE (CNN) -- Hotelier Ong Beng Seng on Monday raised his offer for government-backed steelmaker NatSteel Ltd. to S$2.05 per share, from S$2.03. Ong's 98 Holdings Pte. Ltd. also said it has extended the closing date of its conditional cash offer for NatSteel to December 23. The existing offer was due to close Monday. Ong's bid is backed by Temasek Holdings Pte. Ltd., the Singapore government's investment body, as well as bank Standard Chartered's private-equity subsidiary. Standard Chartered is advising Ong on the bid, and said Monday he now holds 29.7 percent of the company, still less than the 50 percent necessary to take over the company. Ong may face a competing offer from corporate raider Oei Hong Leong, the company's biggest shareholder. Oei said Friday he increased his stake to 29.8 percent last week, buying another 0.54 percent of the company at an average price of S$2.04. December 13 deadlineSo far, the 98 Holdings is the only firm offer on the table. But the Securities Industry Council has set a December 13 deadline for Oei to make his intentions clear. Investors in Singapore must make an offer for a company once their ownership reaches 30 percent. Oei last week dropped a demand to appoint three NatSteel board members, likely so he can push the company to pay a special dividend. NatSteel shares are up 0.98 percent to S$2.05 on Monday morning, helping the Straits Times index to a 0.06 percent gain. Singapore stocks resumed trading Monday after the market was closed Friday for a holiday.
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