Oversea-Chinese Banking Corp announced on June 22, on behalf of Sanjuro United, that the closing date of the revised offer of 40 cents per share for Haw Hong Corp by Sanjuro, has been extended for 14 days, up to July 6, 2022.
Sanjuro comprises a consortium of four parties, including a member of the current family that owns Hwa Hong. The consortium along with acceptances currently hold 206.8 million shares or 31.69% of Hwa Hong. As of June 22, the offer for Hwa Hong has not gone unconditional, where the offeror holds more than 50%.
On June 17, SIAS had announced in a press release it had studied the circular and wishes to highlight para 10.6 of the circular on “Solicitation of potential competing offer(s) to maximise shareholder value for the benefit of all shareholders”.
“Shareholders and investors should await further information from the board regarding its solicitation for competing offers to maximise shareholder value before making any decision on the offer and/or before making any decision to trade on the shares. In this respect, SIAS would urge the board and its advisers to keep shareholders updated in a timely manner on any relevant material developments before shareholders make their final decision,” SIAS had stated.
OCBC, on behalf of the offeror, points out that -to date - the offer by Sanjuro is “the only offer available for acceptance by shareholders to realise their investment in the company. The directors of the Company have confirmed that, as at June 7, 2022, apart from the [40 cents] offer, no alternative offer or proposal has been received by the company.”
The circular by the offeror sent out to shareholders also has the independent financial adviser saying that the revalued net asset value of Hwa Hong is $0.5052 per share.
