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TTJ offer: IFA, directors unexpectedly adopt pro-minority stance; regulators should too

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Ben Paul

Ben Paul

Published Wed, Jun 29, 2022 · 05:50 AM
    • The trajectory of TTJ's SGX-listed shares could determine whether the company's controlling shareholder hikes the offer price.
    • The trajectory of TTJ's SGX-listed shares could determine whether the company's controlling shareholder hikes the offer price. The Straits Times

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    MINORITY shareholders of TTJ Holdings might have been surprised to learn last week that the company’s board is recommending they reject the cash offer of S$0.23 per share from THC Venture, a privately held company owned by TTJ’s controlling shareholder and executive chairman Teo Hock Chwee.

    The recommendation is based on the advice of Zico Capital – the independent financial adviser (IFA) to the recommending directors – which said the offer is neither fair nor reasonable.

    In a nutshell, the IFA said TTJ is a profitable structural steel company with an ungeared balance sheet; and the offer price is significantly less than the value of the assets on its books.

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