Sanjuro pushes for Hwa Hong directors to take a stand on their shareholdings

SANJURO United wants Hwa Hong’s current directors who own shares in the property group to take a stand earlier about whether they will accept an offer Sanjuro has made for the company.

“The minority shareholders who put their trust in the directors, and their stated intention not to tender their shares, should have sufficient time to reconsider if these directors change their minds and tender their shares,” Gerald Chiu, director of Sanjuro United and managing partner of Dymon Asia Private Equity told The Business Times.

Sanjuro is a consortium that has made a mandatory conditional offer for Hwa Hong, with the intention of privatising the company. The parties behind Sanjuro include Hwa Hong ’s former group managing director Ong Choo Eng and his son Ong Eng Yaw, as well as Dymon Asia Private Equity.