Hwa Hong’s directors clarify intentions of potential competing offerors

HWA Hong’s directors have clarified that none of the potential competing offerors will be making an offer for the company.

This comes as the Securities Industry Council laid down a Jul 25 deadline for potential competing offerors to make a firm intention about their offer.

“In particular, the company has received confirmations from each of the potential competing offerors that they do not intend to make an offer for the company,” said the board in a bourse filing on Monday (Jul 25).

Each of the potential competing offerors will be restricted from announcing or making an offer for Hwa Hong within 6 months of announcing that they did not intend to make an offer for the company according to Rule 33.1 (c) of the Takeover Code.

Shares of Hwa Hong closed S$0.01 or 2.6 per cent down to S$0.38 on Monday.