TTJ Holdings’ chairman makes S$0.23 per share privatisation bid

Nisha Ramchandani

Published Fri, May 20, 2022 · 09:43 PM

THE executive chairman of mainboard-listed TTJ Holdings is looking to take the structural steel specialist private at an offer price of S$0.23 in cash per share.

According to the offer announcement filed to the Singapore bourse on Friday (May 20) night, THC Venture intends to make a voluntary conditional offer for all the issued and paid-up ordinary shares in TTJ.

THC Venture is an investment holding company which is held solely by Teo Hock Chwee, the executive chairman of TTJ. Teo has a direct and deemed interest in 294.9 million shares, representing about 84.4 per cent of the total number of issued shares in TTJ.

The offer price represents a premium of about 33.6 per cent, 28.8 per cent, 28 per cent, and 29.4 per cent over the volume weighted average prices of the shares for the 1-month, 3-month, 6-month and 12-month periods respectively, up to and including May 12, which is the last full market day on which the shares were traded prior to the announcement. The last traded price on May 12 was S$0.169 per share.

The offer is conditional on the offerer receiving valid acceptances such that the number of offer shares, when taken together with any shares owned, controlled, acquired or agreed to be acquired by the offerer and parties acting in concert with it, will total over 90 per cent of TTJ’s issued shares at the close of the offer.

The offer is an “opportunity for shareholders to realise their investment in the shares at a premium over the market price without incurring brokerage costs”, it said in the offer document, adding that TTJ’s shares also have low trading liquidity. THC Venture intends to privatise the company and does not intend to preserve the listing status.