Hwa Hong’s privatisation offer turns unconditional 

Yong Hui Ting
Published Thu, Jul 28, 2022 · 08:18 AM

THE consortium behind Hwa Hong Corporation : H19 0%’s privatisation offer, Sanjuro United, has obtained valid acceptances from shareholders holding 44.88 per cent of the shares, inclusive of the acceptances received from parties acting in concert with Sanjuro itself.

This brings the total number of shares owned, controlled or agreed to be acquired by Sanjuro and its concert parties, including valid acceptances, to 51.29 per cent of the total number of shares — which means the offer has turned unconditional in all respects.

Hwa Hong further advised shareholders in a bourse filing on Wednesday (Jul 28) to submit the relevant acceptance forms by 5.30 pm on Aug 1 if they wish to take up the offer.

The new advancements come after Hwa Hong’s directors earlier announced their decision to accept Sanjuro United’s revised offer of S$0.40 per share for their stakes in the company. Collectively, they hold roughly 29.3 per cent stake in the company.

In a separate announcement, the Securities Investors Association of Singapore (SIAS) noted that should Sanjuro United not reach the 90 per cent required for a compulsory acquisition, Hwa Hong will continue to be a listed company. The remaining minority shareholders will remain invested in Hwa Hong and bear the operational and consultancy costs incurred by the company.

Hwa Hong ended Wednesday’s trading session up 1.3 per cent or S$0.005 to S$0.395, before the announcement.

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