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Tat Hong offer closes with offeror controlling 93.62% stake

OFFERING vehicle THSC Investments has received valid acceptances of some 705.14 million shares, representing around 93.62 per cent of Tat Hong's total issued shares as at the close of the offer for the crane supplier.

In addition, THSC and its concert parties hold some 726.95 million shares, around 96.51 per cent of Tat Hong's total number of issued shares.

The offer is no longer open and any acceptances received after 5.30pm on June 4, 2018 will be rejected, said OCBC Bank on behalf of THSC Investments.

THSC, which comprises the crane supplier's chief executive and Standard Chartered's private equity arm, intends to exercise its rights of compulsory acquisition to acquire all of the dissenting shareholders' shares at S$0.55 a share, with a view to delisting the company thereafter.

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In its offer document, THSC Investments said it believes a privatised Tat Hong will yield more flexibility in business management and optimise resource use.

Tat Hong's counter has been suspended from trading.