Sin Ghee Huat heads for delistment

SIN Ghee Huat Corp is set to be delisted after the level of acceptances for its privatisation offer crossed the 90 per cent mark.

Its filing to the Singapore Exchange on Thursday showed that the total number of shares owned, controlled or agreed to be acquired by the offerer HHH Co and its concert parties, as at 6pm that day, worked out to 94.4 per cent, resulting in a loss of free float.

The offer will remain open for acceptances until 5.30pm on June 28. Any acceptances after the final closing date will be rejected.

In April, HHH announced its intention to make a voluntary conditional cash offer for all the issued and paid-up ordinary shares of Sin Ghee Huat for S$0.27 apiece.

The offer price of S$0.27 exceeded the highest closing price of the shares in over two years preceding April 20; representing a premium of 58.8 per cent, 59.8 per cent and 48.4 per cent over the volume-weighted average price (VWAP) per share for both the one-month and three-month period, as well as six-month and 12-months period respectively.

Prior to the offer, HHH - which is owned by Low Chui Heng and Low Ah Hoo - held some 44.76 million shares, or a 20.16 per cent stake, in Sin Ghee Huat.

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Meanwhile, Mr Low Chui Heng and Mr Low Ah Hoo, being concert parties of HHH Co, along with 2GS Investment and certain existing shareholders, had also provided undertakings to HHH to tender all their respective shares in acceptance of the offer. In total, they held about 47.33 per cent of the overall issued shares.

The counter closed at 26.5 Singapore cents on Thursday, unchanged.