In its statement dated Sept 23, the estate notes that Dyna-Mac saw a “significant transformation” after the Covid-19 pandemic and is “very well-positioned” for strong growth in the years ahead.
The estate of Dyna-Mac’s founding shareholder, Desmond Lim Tze Jong, says Hanwha’s offer price of 60 cents per share “does not adequately reflect” Dyna-Mac’s value and growth potential after its transformation into a global multi-disciplinary contractor. The offer is also not aligned with Lim’s aspirations of growing the group to its present status as a global multi-disciplinary contractor with diversified businesses today.
Lim, who was the executive chairman and CEO of Dyna-Mac, passed away unexpectedly on Oct 26, 2019, at 61. The estate is Dyna-Mac’s single largest shareholder.
