Sanjuro United, a consortium comprising three parties formed by substantial shareholders of Hwa Hong Corp including one of the Ong brothers who is the son of the founder, announced on July 5 that it has garnered sufficient shares to trigger a mandatory general offer for all the offers shares of Hwa Hong Corp. As at July 5, Sanjuro holds 38.2% of Hwa Hong’s shares in issue.
Sanjuro also announced that the final closing date will be extended to Aug 1, 2022. However, the offer of 40 cents is final and will not be revised even if a competitive situation arises, Sanjuro says. The consortium emphasised that up to July 5, no alternative proposal or competing offer for Hwa Hong has been announced.
The non-independent directors of Hwa Hong had announced a strategic review by Evercore. The Ong brothers who are current directors of Hwa Hong and their immediate families hold 29.26% of Hwa Hong’s issued shares and had announced they do not intend to accept the offer at as they remain focused on determining whether shareholder value can be maximised through a broader strategic review.
Sanjuro has announced that their offer will lapse if it does not holder more than 50% of Hwa Hong by Aug 1, at 5.30pm.
