The acquisition triggered an 8.1-cent mandatory takeover offer by QRC.
SINGAPORE (Sept 27): In response to queries from Singapore Exchange Regulation (SGX RegCo), engineering firm DLF Holdings said founder Fan Chee Seng believes the offer price of 8.1 cents per share he received in a sale and purchase agreement (SPA) was “reasonable”.
Under the Sept 20 agreement, QRC, a consultancy solely owned by one Enomoto Hiroyuki, had acquired a 57.16% stake in the company for $5.6 million, or 8.1 cents per share. This comprised 45 million shares from DLF's former chief executive Wong Ming Kwong and 24.2 million shares from Fan.
