Teo Xian-Hui Amanda Marie made an offer to acquire remaining 13.83% stake in Raffles United Holdings Ltd (SGX:K22) for SGD 3.6 million on July 1, 2019. Teo Xian-Hui Amanda Marie will acquire the shares at SGD 0.065 per share in cash. Teo Xian-Hui Amanda Marie will pay the consideration within seven business days after receiving the valid acceptances. In the event that any distribution is or has been declared, paid or made by Raffles United Holdings Ltd in respect of the offer shares on or after July 1, 2019, Teo Xian-Hui Amanda Marie reserves the right to reduce the offer price by an amount equivalent to the amount of such distribution. Prior to the transaction, Teo Xian-Hui Amanda Marie holds 340.47 million shares amounting to 86.17% stake in Raffles United Holdings Ltd. Xian-Hui Amanda Marie has provided confirmation of its financial resources from Oversea-Chinese Banking Corporation Limited that it has sufficient financial resources to satisfy full acceptances of the offer by shareholders on the basis of the offer price. Teo Xian-Hui Amanda Marie, if and when entitled, intends to exercise its rights of compulsory acquisition under Section 215(1) of the Companies Act. Teo Xian-Hui Amanda Marie does not intend to preserve the listing status of Raffles United Holdings Ltd. In the event that, inter alia, the free float requirement is not satisfied, Teo Xian-Hui Amanda Marie intends to delist Raffles United Holdings Ltd. and does not intend to take any step for the public float to be restored and/or for any trading suspension of the shares by the SGX-ST to be lifted. As of July 26, 2019, Teo Xian-Hui Amanda Marie has, through acceptances or otherwise, succeeded in owning, controlling or agreeing to acquire more than 90% of the total number of issued shares (excluding treasury shares) in Raffles United Holdings. Accordingly, the free float requirement is not satisfied and it is the intention of Teo Xian-Hui Amanda Marie to privatize Raffles United and take steps to delist Raffles United from the SGX-ST following the close of the offer. Teo Xian-Hui Amanda Marie has no current intentions to introduce any major changes to the existing business of Raffles United Holdings Ltd, re-deploy the fixed assets of Raffles United Holdings Ltd or discontinue the employment of the existing employees of Raffles United Holdings Ltd or its subsidiaries, in each case, other than in the ordinary and usual course of business. However, Teo Xian-Hui Amanda Marie retains the flexibility at any time to further consider any options or opportunities which may present themselves, and which it regards to be in the interests of Teo Xian-Hui Amanda Marie and/or Raffles United Holdings Ltd. Following the close of the offer, Teo Xian-Hui Amanda Marie will undertake a comprehensive review of the businesses of Raffles United Holdings Ltd and the review will help Teo Xian-Hui Amanda Marie to determine the optimal business strategy for Raffles United Holdings Ltd. The offer is unconditional in all respects. Therefore, the offer is not conditional upon the level of acceptances which Teo Xian-Hui Amanda Marie may receive in respect of the offer. As of July 16, 2019, it was announced that the advice of the independent financial advisor and the recommendation of the Independent Directors of Raffles United Holdings Ltd. in relation to the offer, will be sent to shareholders no later than July 30, 2019. The offer will remain open for acceptances by shareholders of Raffles United Holdings Ltd for a period of at least 28 days from the date of posting of the offer document. As of July 26, 2019, the independent financial advisor advised the Directors of Raffles United that they should recommend the shareholders of Raffles United to reject the offer as the financial terms of the offer are not fair and not reasonable. Accordingly, the independent Directors of Raffles United Holdings recommended the shareholders to reject the offer. The offer will be open for acceptance until 5.30 p.m. on August 14, 2019. The Board of Raffles United Holdings appointed Asian Corporate Advisors Pte Ltd as the independent financial advisor. Boardroom Corporate & Advisory Services Pte. Ltd. acted as the registrar to Teo Xian-Hui Amanda Marie.