Koufu offeror exercises right of compulsory acquisition, plans delisting

DOMINUS Capital has exercised its right of compulsory acquisition from dissenting shareholders of Koufu at S$0.77 in cash per share.

In a midday bourse filing on Monday (Mar 21), UOB - which is acting as the financial adviser to Dominus Capital - said the company will become a wholly-owned subsidiary of Dominus Capital following the compulsory acquisition.

The date and time of Koufu's subsequent delisting is expected to be announced by the company in due course.

Dominus Capital is an investment company incorporated last Oct 7 by Koufu's executive chairman and chief executive Pang Lim and his wife Ng Hoon Tien, an executive director of the food court operator.

When the offer was first made as a voluntary conditional cash offer in December 2021, UOB stated on behalf of Dominus Capital that delisting Koufu from the Singapore Exchange mainboard would give both the offeror and the company greater control and management flexibility in deploying available resources and facilitating strategic initiatives or operational changes.

Trading in shares of Koufu has been suspended since Feb 24 after the duo's offer to take the company private closed on Feb 24 with 98.19 per cent valid acceptances.

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The deal had previously turned unconditional and crossed the threshold for compulsory acquisition on Jan 27 upon garnering valid acceptances in respect of 498.3 million offer shares, which translates to 90.12 per cent of Koufu's issued shares.

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