字級縮小
字級縮小
字級放大
字級放大

Latest News

Prime Express announces tender offer of NT$27.5 per share for acquisition of Jintex Corp

      2019-03-22

Prime Express International Limited (Prime Express) announced a tender offer for Jintex Corp (1787 TT) on March 22. The offer price is set at NT$27.5 per share, and Prime Express intends to acquire 67,888,504 common shares of Jintex for a total consideration of NT$1.867bn. The offer is valid from March 25, 2019 to May 13, 2019, on the condition that no less than 34,623,138 shares, or 51% of total shares issued by Jintex are tendered by the end of the offer period. Upon fulfillment of the minimum requirement of the tender offer and approval from the Investment Commission of the Ministry of Economic Affairs, Prime Express will proceed with the acquisition and buy all the tendered shares at the announced price.

The announced offer price is based on the opinion of Mr. Chiu Ji-sheng, a certified public accountant serving as an independent expert, the average closing price of Jintex in the last ninety trading days, and a book value of NT$15.66 per share as disclosed in the company’s financial statement dated September 30, 2018.

Upon completion of the tender offer, if Prime Express does not acquire full ownership of Jintex, it will carry out a share swap with Jintex to acquire the remaining equities. After the share swap, Jintex will become a fully-owned subsidiary of Prime Express, and it will terminate the listing on TPEx. The execution price of the share swap will be the same as the tender offer price.

Prime Express is an investment company jointly established by private equity fund CDIB Capital Asia Partners L.P. (hereafter referred to as CDIB Asia Fund) and Ms. JUANG/SHIH-PING and Mr. WONG/TSONG-JER, Directors of the Jintex board, for the purpose of acquiring Jintex.

Mr. Wu Chung-yi Steven, Managing Director and President of the CDIB Asia Fund and Chairman of Prime Express said: “With over four decades of operations, Jintex has been a leading producer of textile and leather chemical auxiliaries in Taiwan. However, given macroeconomic changes, such as increasing competition from globalization, industry migration from Taiwan, the emergence of competitors in China and shorter product lifecycles, non-tech small and medium enterprises (SMEs) in Taiwan like Jintex are facing multiple operating challenges. CDIB Asia Fund is committed to helping SMEs upgrade their businesses and consequently achieve sustainable operating growth. The management team of the CDIB Asia Fund boasts solid investment experience and a far-reaching industry network, making it the best partner for the existing management of Jintex. Together, the two management teams will determine the optimal long-term development plan for the company. In addition to providing capital and other resources that the company needs to further expand its operations and R&D, CDIB Asia Fund pledges to introduce international professionals to enhance the operating efficiency and competitiveness of the company while removing developmental bottlenecks at the same time to ensure better growth opportunities for the employees of Jintex.”

--------------------------------------------------------------------------------------
About Jintex Corp
Established in 1978, Jintex is a leading specialty chemical brand in Taiwan and is engaged in the production and selling of specialty chemicals for multiple industrial applications, such as textile, dyeing and processing, leather processing and electronics. Jintex has R&D, production and technical service outlets in Taiwan, Suzhou, Guangdong, Indonesia, India and Thailand in order to meet the demand of global customers, provide high-quality services in a timely manner and capitalize on global economic development.

About CDIB Capital Asia Partners L.P. (CDIB Asia Fund)
CDIB Asia Fund is the first regional private equity fund raised in July 2015 and is currently run by CDIB Capital International, with a fund size of US$405mn. Globally renowned family investment firms, sovereign wealth funds, pension funds, private equity funds, insurers and financial institutions across the world are among investors of the CDIB Asia Fund, which mainly looks for companies that are registered or operate mainly in Asia as investment targets.

About CDIB Capital International
CDIB Capital International is a private equity asset management company owned by CDIB Capital Group, a subsidiary of China Development Financial (2883 TT; CDF), and is responsible for managing the proprietary capital of CDIB and raised funds for diversified investment in Taiwan and across the world with the aspiration to become a top-notch regional private equity asset manager. By leveraging the resources and advantages of CDF in exploring large investment projects, long-standing business experience and industry networks (for client referral and the recruitment of professionals), CDIB Capital International has been able to focus on investments that offer high growth potential in a case-specific manner while simultaneously supporting third-party investment platforms. The top priority of CDIB Capital International is to optimize the investment strategy and asset allocation of the company. CDIB Capital International operates on proprietary capital as well as third-party funds from international investors, including family businesses, sovereign wealth funds, pension funds, private equity funds, fund of funds and financial institutions for a total AUM of US$1.2bn.

Back

About CDF

China Development Financial (CDF) was established in 2001 following a share swap managed by China Development Industrial Bank (CDIB, the former entity of CDIB Capital Group).
More