Allied Tech appoints IFA for acquisition offer from bYSI founder’s car rental company

ALLIED Technologies has appointed Xandar Capital as the independent financial adviser (IFA) to provide a recommendation to shareholders on the acquisition offer from SRS Auto Holdings.

The Catalist-listed precision engineering company stated in a regulatory filing on Tuesday (Jul 12) that Xandar Capital will advise its independent directors for the purpose of making a recommendation on the S$0.0088 per share offer, which values Allied Tech at S$15.6 million.

Women’s apparel company bYSI founder Tan Yew Kiat is the sole shareholder of private car rental and motor financing company SRS Auto Holdings. Despite multiple calls, Tan has refused to answer except the first when the 45-year-old told The Business Times that he was unwell.

The offeree circular containing the advice of Xandar Capital and the recommendation of the independent directors in relation to the offer will be sent to shareholders within 14 days from the date of despatch of the offer document from SRS Auto Holdings.

Allied Tech has been mired in escrow funds worth S$33 million gone missing, as well as boardroom tussles. Its shares are under trading suspension.