Consortium Raises Offer to Privatise Hwa Hong to S$0.40 Per Share

businesstimes2022-06-07

SANJURO United, the bid vehicle of a group of substantial shareholders of Hwa Hong Corporation, has raised its privatisation offer for the property player to S$0.40 from S$0.37.The new offer price is ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Dman5
2022-06-07
Dman5
Good 👍

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/1165000582?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-06-07 10:50","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1165000582","market":"sg","top_or_hot":-1,"title":"Consortium Raises Offer to Privatise Hwa Hong to S$0.40 Per Share","media":"businesstimes","content":"<div>\n<p>SANJURO United, the bid vehicle of a group of substantial shareholders of Hwa Hong Corporation, has raised its privatisation offer for the property player to S$0.40 from S$0.37.The new offer price is ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/consortium-raises-offer-to-privatise-hwa-hong-to-s040-per-share\">Source Link</a>\n\n</div>\n","source":"bustime_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Consortium Raises Offer to Privatise Hwa Hong to S$0.40 Per Share</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nConsortium Raises Offer to Privatise Hwa Hong to S$0.40 Per Share\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-07 10:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/consortium-raises-offer-to-privatise-hwa-hong-to-s040-per-share><strong>businesstimes</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SANJURO United, the bid vehicle of a group of substantial shareholders of Hwa Hong Corporation, has raised its privatisation offer for the property player to S$0.40 from S$0.37.The new offer price is ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/consortium-raises-offer-to-privatise-hwa-hong-to-s040-per-share\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.businesstimes.com.sg/companies-markets/consortium-raises-offer-to-privatise-hwa-hong-to-s040-per-share","article_id":"1165000582","we_media_id":null,"thumbnails":[],"rights":{"source":"bustime_highlight","url":"https://www.businesstimes.com.sg/companies-markets/consortium-raises-offer-to-privatise-hwa-hong-to-s040-per-share","rn_cache_url":null,"customStyle":"","selectors":"body","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=1165000582","pubTimestamp":1654570222,"sourceInfo":{"source_id":"bustime_highlight","name":"The Business Times"},"weMediaInfo":null,"summary":"SANJURO United, the bid vehicle of a group of substantial shareholders of Hwa Hong Corporation, has ","collect":0,"end_time":0,"defaultTopTitle":"businesstimes.com.sg","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"财团将华康私有化要约提高至每股0.40新元","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"H19.SI":0.9},"content_text":"SANJURO United, the bid vehicle of a group of substantial shareholders of Hwa Hong Corporation, has raised its privatisation offer for the property player to S$0.40 from S$0.37.The new offer price is 8.11 per cent higher than the previous offer and represents a premium of about 40.4 per cent over Hwa Hong’s net asset value per share as at Dec 31, 2021.It also exceeds all of Hwa Hong’s closing prices in the 9-year period up to and including May 12, the last full trading day of the shares prior to the first May 17 offer announcement, the company said in a bourse filing on Tuesday (Jun 7).Sanjuro said it does not intend to revise the offer price, but reserves the right to do so in a competitive situation. It reiterated that its offer, at present, is the only one available for acceptance for shareholders to realise their investment in the company.The offeror is the bid vehicle of a consortium formed by shareholders of the company that collectively hold around 20 per cent of its shares. It comprises Ely Investments, which is wholly-owned by former group managing director Ong Choo Eng and his family, and Ergonomix, which is wholly-owned by Dymon Asia Private Equity (South-east Asia) Fund II. Other members of the consortium include Roswell Assets and Crystalic Star Global.The proposed privatisation came after Hwa Hong received a notice of compliance from the Singapore Exchange Regulation (SGX RegCo) on May 6 requiring the company to appoint an independent reviewer to review its internal controls, processes and practices relating to its board nomination process, including the selection and appointment of independent directors.The company currently has no independent directors. At the beginning of May, Mak Lye Mun stepped down as independent and non-executive director due to “disagreement with certain board members on the selection and appointment process of 2 new independent directors”.On Jun 3, Hwa Hong, in consultation with the SGX RegCo, appointed KPMG as its independent reviewer.In its May 17 announcement, Sanjuro said the offer provides “a viable exit alternative for shareholders who do not wish to be subject to the risk of uncertainty in the direction and strategy of the company”. It plans to make Hwa Hong its wholly-owned subsidiary and does not intend to preserve the listing status of the company.Sanjuro has received irrevocable undertakings from shareholders of the company – which include members of the consortium – holding around 24.3 per cent of its shares, to accept the offer. The offer is conditional upon Sanjuro and its concert parties holding more than 50 per cent of the total number of shares.As at 6 pm on Jun 6, the total number of valid acceptances and shares owned, controlled or agreed to be acquired represents about 24.7 per cent of the total number of shares. Sanjuro has received valid acceptances representing around 0.76 per cent of the total number of shares, which include acceptances received from parties acting in concert with the offeror, representing about 0.45 per cent of total shares.OCBC Bank is the sole financial adviser to Sanjuro in connection with the offer.Hwa Hong was trading 2.6 per cent or S$0.01 higher at S$0.4 as at 10.50 am on Tuesday.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9053484727,"gmtCreate":1654571580969,"gmtModify":1676535471482,"author":{"id":"4087270895708000","authorId":"4087270895708000","name":"Dman5","avatar":"https://static.tigerbbs.com/b3922d758264ca03a649cb6eec0180c9","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":6,"crmLevelSwitch":1,"idStr":"4087270895708000","authorIdStr":"4087270895708000"},"htmlText":"Good 👍&nbsp;","listText":"Good 👍&nbsp;","text":"Good 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9053484727","repostId":1165000582,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":20,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1165000582"}