Hwa Hong directors to accept Sanjuro United’s offer

HWA Hong ’s directors have announced their decision to accept Sanjuro United’s revised offer of S$0.40 per share for their stakes in the company.

In a bourse filing after market close on Tuesday (Jul 26), Hwa Hong directors Ong Eng Loke, Ong Eng Hui David, Ong Eng Keong and Ong Mui Eng – known as the current Ong directors – announced their intention to sell the approximately 29.3 per cent stake in the company to offeror Sanjuro United. The move will turn the Sanjuro United offer unconditional.

This comes after an announcement that other potential competing offerors would not be making an offer for Hwa Hong. Sanjuro United had also called on the current Ong directors to make their stand on whether they would accept the offer, in an earlier story by The Business Times.

Shares of Hwa Hong closed 2.6 per cent or S$0.01 higher at S$0.39 on Tuesday.