TTJ Holdings privatisation offer closing date extended to Jul 22
Yong Jun Yuan
THC Venture announced in a bourse filing on Thursday (Jul 7) that it has extended the closing date of its privatisation offer for TTJ Holdings from Jul 8 to Jul 22.
As at Thursday 6 pm, the company had received valid acceptances from shareholders holding about 4.2 per cent of the shares.
Together with its concert parties, the total number of shares owned, controlled or agreed to be acquired by the offeror and its concert parties stood at about 88.7 per cent.
THC Venture is an investment holding company held solely by Teo Hock Chwee, the executive chairman of TTJ. He held about 84.4 per cent of TTJ’s shares and offered S$0.23 in cash per share to take the structural steel specialist private in May this year.
The news comes after 4 TTJ directors spoke out against the deal on Jun 24 after the independent financial adviser, Zico Capital, said the deal was “not fair and not reasonable”. It noted that the offer price was below the estimated share price value of between S$0.37 and S$0.46.
On Jun 29, THC Venture said that it does not intend to raise the offer price.
TTJ shares closed flat at S$0.225 on Thursday, before the announcement was made.
Copyright SPH Media. All rights reserved.
