Seprod has announced the successful completion of its offer to acquire nearly 30 per cent more of its subsidiary, AS Bryden and Sons Holdings.
The offer, which closed on June 9, saw approximately 465 million ASBH shares tendered, exceeding the target of 447 million shares.
Following the acquisition, Seprod's ownership in ASBH will rise to 79.99 per cent of the outstanding ordinary shares, significantly strengthening its control of the regional distributor.
Payment for about 177 million newly issued Seprod shares will be allocated to ASBH shareholders by June 21.
Shareholders can expect to be notified of their final share allotments by June 17.
Seprod's broker, Republic Wealth Management, is finalising verifications of the acceptances.
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