Low Chui Heng, Non-Executive and Non-Independent Director of Sin Ghee Huat Corporation Ltd. and Low Ah Hoo completed the acquisition of remaining 70.8% stake in Sin Ghee Huat Corporation Ltd. from 2GS Investment Pte Ltd., Kua Peng Chuan, Kua Chee Hong, Ler Bee Chin, Kua Choo Suan and others.
The offer will be conditional upon Low Chui Heng and Low Ah Hoo having received, by the close of the Offer, valid acceptances in respect of such number of Offer Shares which, when taken together with any Offer Shares owned, controlled, acquired or agreed to be acquired by them and parties acting in concert with them before or during the Offer but otherwise than through acceptances of the Offer, will result in Low Chui Heng and Low Ah Hoo and the parties acting in concert with them holding more than 50% of the total number of issued Shares in Sin Ghee Huat Corporation. Low Chui Heng and Low Ah Hoo have received Irrevocable Undertakings in respect of 105.1 million shares, representing approximately 47.33% of the total number of issued Shares of Sin Ghee Huat Corporation. Save for the minimum acceptance condition, the offer is unconditional in all other respects. As of May 20, 2021, total acceptance crossed minimum tender condition and hence transaction becomes unconditional. If Low Chui Heng and Low Ah Hoo receive sufficient valid acceptances in respect of not less than 90% of the total number of issued Shares of Sin Ghee Huat Corporation, they intend to exercise their rights of compulsory acquisition and subsequently delist Sin Ghee Huat Corporation from the SGX-ST. The Board of Directors of Sin Ghee Huat Corporation Ltd recommended the shareholders to accept the offer. As of June 24, 2021, the total number of shares owned, controlled or agreed to be acquired by Low Chui Heng and Low Ah Hoo including valid acceptances to the offer is 209.6 million amounting to 94.4% stake in Sin Ghee Huat Corporation Ltd. and they intend to exercise their right of compulsory acquisition. The closing of offer is expected to be June 14, 2021. As of May 20, 2021, closing of transaction has been extended from June 14, 2021 to June 28, 2021.
DBS Bank Ltd. and Asian Corporate Advisors Pte. Ltd. acted as financial advisors to Low Chui Heng and Low Ah Hoo. Tricor Barbinder Share Registration Services acted as registrar for Sin Ghee Huat. Asian Corporate Advisors acted as the financial advisor to the Independent Directors of Sin Ghee Huat Corporation Ltd. Cheng Soon Keong of BDO acted as financial advisor to Low Chui Heng.
Low Chui Heng, Non-Executive and Non-Independent Director of Sin Ghee Huat Corporation Ltd. and Low Ah Hoo completed the acquisition of remaining 70.8% stake in Sin Ghee Huat Corporation Ltd. (SGX:B7K) from 2GS Investment Pte Ltd., Kua Peng Chuan, Kua Chee Hong, Ler Bee Chin, Kua Choo Suan and others on June 28, 2021. Low Chui Heng, Non-Executive and Non-Independent Director of Sin Ghee Huat Corporation Ltd. and Low Ah Hoo acquired 65.735 stake in Sin Ghee Huat Corporation Ltd. during the offer period. The offerors has achieved the level of 90% stake in Sin Ghee Huat Corporation Ltd. The offerors will acquire the remaining shares through compulsory acquisition and delist Sin Ghee Huat Corporation Ltd. from stock exchange. Till July 2, 2021, received total 74% stake tendered. As of August 10, 2021, the compulsory acquisition has been exercised. As of August 11, 2021, SGX-ST has no objection to the acquisition. As of August 16, 2021, the compulsory acquisition has been completed. The de-listing is scheduled on August 18, 2021.