SINGAPORE—China Hainan Rubber Industry Co. Ltd. has entered into an agreement to purchase a 36-percent shareholding in Halcyon Agri Corp. Ltd. from Sinochem Int. (Overseas) Pte. Ltd.
With the deal, worth about $180.9 million, China Hainan Rubber also announced a mandatory general offer (MGO) to acquire all the issued and paid-up ordinary shares in Halcyon Agri it does not already own, according to a Nov. 17 news release.
As the shares acquisition would give China Hainan Rubber more than 30 percent of the issued and paid-up share capital of the company, the deal triggered an obligation for the MGO under Singapore M&A rules.