According to a report by independent financial advisor (IFA) Provenance Capital, the revised offer of 40 cents per share is at a “small discount” of 21% to Hwa Hong’s revised net asset value (RNAV) estimate of 50.52 cents per share. The IFA has also deemed the offer “fair and reasonable”.
UOB Kay Hian’s Singapore research team has suggested that Hwa Hong’s shareholders consider accepting the offer from Sanjuro.
Sanjuro is the consortium formed by Hwa Hong’s substantial shareholders to acquire the remaining shares from the company’s minority shareholders.
