Tat Hong to delist on Friday morning after successful buyout

TAT Hong Holdings will be delisted on Friday at 9am, completing a takeover bid involving the chief executive, the board announced on Thursday morning.

The mainboard-listed crane supplier said the day before that all its shares have been successfully acquired by a tie-up between the family of CEO Roland Ng, and Standard Chartered's private equity arm.

The privatisation offer of S$0.55 a share closed on June 4, after netting valid acceptances from shareholders with a combined 93.62 per cent interest in Tat Hong. Shareholders who did not accept the offer have since been compulsorily bought out.

The bidder has said that privatisation will give management more flexibility and allow company resources to be used better.