Loo Leong Thye, Chief Executive Officer and Executive Director of Challenger Technologies Limited, Loo Pei Fen, Chief Marketing Officer of Challenger Technologies Limited, Ong Sock Hwee, Loo Wei Kiat along with Dymon Asia Private Equity (S.E. Asia) Fund II Pte. Ltd. managed by Dymon Asia Capital (Singapore) Pte. Ltd. made an offer to acquire the remaining 35.24% stake in Challenger Technologies Limited (SGX:573) from its shareholders for SGD 79.3 million on May 30, 2023. The offer is not conditional upon a minimum number of acceptances being received by the offeror. Under the offer, the offeror and persons acting in concert will acquire 141.6 million shares at an offer price of SGD 0.56 per share in cash. As of June 6, 2023, the offer price was increased from SGD 0.56 to SGD 0.6 per share in cash resulting in total consideration of SGD 84.9 million. As of June 14, 2023, Loo Leong Thye has received valid acceptances amounting to 5.6 million shares, representing approximately 1.39% of the total number of shares in Challenger Technologies Limited. The offer will close on July 11, 2023.

United Overseas Bank Limited (SGX:U11) acted as a financial advisor to Loo Leong Thye, Loo Pei Fen, Ong Sock Hwee, Loo Wei Kiat and Dymon Asia Capital (Singapore) Pte. Ltd. Boardroom Corporate & Advisory Services Pte. Ltd. acted as share registrar for Challenger Technologies Limited. Deloitte & Touche Corporate Finance Pte Ltd. acted as financial advisor to the Board of Challenger Technologies and Morgan Lewis Stamford LLC acted legal advisor.