Singapore-based food manufacturer and restaurant owner Auric Pacific has received a takeover bid from put together by its chief executive and a major shareholder.

Silver Creek Capital, an investment vehicle owned by group chief executive Dr. Andy Adhiwana and Stephen Riady, the chairman of Indonesia-based conglomerate Lippo Group, has tabled an offer, Auric Pacific said on Tuesday (7 February).

Dr. Adhiwana already indirectly holds a 27.44% stake in Auric Pacific, the owner of Sunshine bread and butter brand SCS, through Goldstream Capital. The Riady family, one of the wealthiest in Asia and which set up the Lippo Group, indirectly holds a 49.28% stake through the Hong Kong-listed Lippo China Resources.

Since the offer was made public and 17:00 Singapore time yesterday, the bidders have either acquired or struck agreements to buy a further 2.38% of Auric Pacific.

The offer is worth SGD1.65 a share in cash and was described as “final”. The bid is a 13.4% premium above the price of Auric Pacific’s shares on Friday, the last trading day before the offer was announced.

In a statement, the bidders pointed to the cost of Auric Pacific’s position as a listed company. “AGPL incurs compliance and associated costs in maintaining APGL’s listing status. As a non-listed entity, APGL will be able to achieve cost-savings by dispensing with costs associated with complying with SGX-ST listing requirements and other regulatory requirements, as well as management’s time and human resources that are committed for such compliance. 

In a brief statement alongside Auric Pacific’s publication of the offer, the company said provided a “performance update” in which it said it is “currently exploring a possible impairment of intangible assets” in its results for 2016. The potential impairment is linked comprising customer relationships arising from the acquisition of the Food Junction business and certain leasehold improvement and equipment in its Delifrance factory.