Hafary Gets Go-Private Offer; Hap Seng Agrees to Sell Stake

MT Newswires09-28 11:43

Hafary Holdings (SGX:5VS) received a go-private offer from the Low family through an investment vehicle, 23 Capital, at SG$0.64 per share, according to a Monday filing with the Singapore Exchange.

The Low family holds about 39.14% of Hafary, while Hap Seng Consolidated (KLSE:HAPSENG) owns 50.82%. Hap Seng has agreed to tender its entire 218.8 million shares under the offer for roughly SG$140 million, according to a separate filing with Bursa Malaysia.

23 Capital intends to privatize Hafary, which will be delisted if the offer is successful. The offer price represents a premium of about 4.9% to Hafary's last traded price on Sept. 25.

The offeror said the deal gives Hafary shareholders a cash exit at a premium to historical prices, particularly those who may struggle to sell their holdings due to the stock's low trading volume.

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