The offer price represents the highest price for Hwa Hong over a nine year period up to May 12, after which the initial offer of 37 cents was made.
Hwa Hong Corp’s shareholders have officially received an offer of 40 cents per share, as indicated in a circular that was released on the evening of June 14. This is three cents higher than the 37 cents offer in May. The offeror is a consortium formed by Ong Eng Yaw, one of the six Ong brothers who own Hwa Hong, Together the consortium (offeror) owns 24.7% of Hwa Hong. This coupled with some acceptances has boosted the offeror’s stake in Hwa Hong to 24.86%.
The offeror says it does not intend to revise the 40 cents offer except in a competitive situation. The revised offer closes on June 28 unless it turns unconditional in which event it will remain open for another 14 days.
