Offer to delist MS Holdings closes with 96.27% valid acceptances

THE offer to take MS Holdings private closed on Dec 2 with valid acceptances representing 96.72 per cent of the company’s total issued shares.

The Catalist-listed company has called for a suspension of the trading of its shares on Monday (Dec 5) at 9 am. The offeror, Kingswin Investment, will exercise its right to compulsorily acquire all the remaining offer shares.

In October, the offeror, fully owned by executive chairman Ng Chui Hwa, made a voluntary unconditional cash offer to privatise the company at S$0.07 per share. On Nov 5, MS Holdings announced that it lost its free float.

The offer price represents a 16.7 per cent premium over the counter’s Aug 26 closing price of S$0.06, the last time MS Holdings’ shares changed hands before the offer announcement.

MS Holdings, better known as Moh Seng Cranes in the industry, is in the business of leasing mobile and lorry cranes, as well as trading cranes and related equipment.

Its counter last traded at S$0.069 on Nov 9.