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No obligation for substantial shareholders to make general offer: Sing Investments

THE board of Sing Investments & Finance on Monday clarified that its substantial shareholders and persons acting in concert as a whole held more than 30 per cent of the voting rights of the company as at March 2, 2018 and March 1, 2019.

However, because they have not increased their voting rights by more than 1 per cent in any six-month period, there is no obligation for the group to make a general offer for the remaining shares in the firm.

The board said the company and its substantial shareholders have "from time to time" received queries on the latter's obligation to make a general offer for the remaining shares in the company under the Singapore Code on Take-overs and Mergers.

Statistics of shareholdings in Sing Investments' 2017 and 2018 annual reports show that the substantial shareholders, FH Lee Holdings (Pte) Limited, Lee Sze Leong, Lee Sze Siong and Lee Sze Hao, collectively held 29.82 per cent and 30.77 per cent of the issued share capital in the company at the beginning of March 2018 and March 2019.

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Lee Sze Leong is the managing director of the financial services company, while Lee Sze Siong is the deputy managing director. Lee Sze Hao is the CEO of Sing Holdings. FH Lee Holdings is the investment vehicle company for the trio.