Ely Investments (Pte) Ltd., Roswell Assets Limited, Ergonomix Ltd. and Zen Capital Pte. Ltd. (collectively offerors or consortium) made an offer to acquire remaining 80% stake in Hwa Hong Corporation Limited (SGX:H19) for approximately SGD 210 million on May 17, 2022. The offeror made the offer to acquire shares at SGD 0.37 per share. As of June 7, 2022, Post completion, The offeror made the offer to acquire shares at SGD 0.4 per share. offerors intends to delist Hwa Hong Corporation Limited from stock exchange. The Offer will be funded by a combination of interest-free shareholders' loans (including the Relevant Consortium Loans) and bank loan and subject to certain agreed maximum funding amounts as agreed between the members of the Consortium. The offer is conditional upon receiving valid acceptance of minimum 50% of total number of shares. The transaction is expected to close on June 28, 2022. As of June 22, 2022, the the closing date of the offer has been extended to July 6, 2022. As of July 5, 2022, the the closing date of the offer has been extended to August 1, 2022. As of July 27, 2022, the offerors has received valid acceptances amounting to 292,888,694 Shares, representing approximately 44.88% of the total number of Shares and accordingly, the total number of (a) Shares owned, controlled or agreed to be acquired by the Offeror and the Offeror's Concert Parties; and (b) valid acceptances of the Offer, amount to an aggregate of 334,746,394 Shares, representing approximately 51.29% of the total number of Shares. If the offer reached 90% threshold, will exercise compulsory acquisition right. The offer become unconditional in all respects and the Offer will remain open for acceptance until on August 1, 2022.

OCBC Bank is the sole financial adviser to the Offerors. Evercore Asia Limited has been appointed as the company's exclusive financial adviser. Provenance Capital Pte. Ltd. has been appointed as independent financial advisors of board Hwa Hong Corporation.

Ely Investments (Pte) Ltd., Roswell Assets Limited, Ergonomix Ltd. and Zen Capital Pte. Ltd. (collectively offerors or consortium) completed the acquisition of remaining 80% stake in Hwa Hong Corporation Limited (SGX:H19) on August 1, 2022.