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Tat Hong to be delisted after successful completion of compulsory acquisition
TAT Hong Holdings' chief executive and Standard Chartered's private equity arm now own all the shares of the mainboard-listed crane supplier after completing a compulsory acquisition.
Tat Hong will be delisted, with the date and time to be announced.
OCBC Bank, which is acting for the offeror, said on Wednesday that dissenting shareholders' stakes were scooped up earlier in the day. Tat Hong is now a wholly owned subsidiary of the offeror, bid vehicle THSC Investments.
The offeror's privatisation bid - which saw the offer price hiked from an initial S$0.50 a share to S$0.55 apiece - closed on June 4 with THSC Investments having received valid acceptances from shareholders with a combined 93.62 per cent stake in Tat Hong.
The bidder previously pointed to Tat Hong's low trading volume and the cost of listing compliance as factors behind the decision to privatise the company. It has also said that privatisation will give the company's management more flexibility and allow resources to be used better.