Hap Seng Investment moves to acquire 51% of Hafary

For $0.24 a share.

Hafary has received a partial cash offer from Hap Seng Investment Holdings to acquire 51% of Hafary's ordinary shares for $0.24 a share.

According to OSK DMG, the offer price represents a 9.1% premium over the last traded price of the shares on 30 Dec 2014.

Here’s more from OSK DMG:
Hafary supplies a wide array of tiles and flooring products for home renovation, private property development and public sector refurbishment needs.

Founded in 1980, the company has demonstrated a strong track record in identifying interior decorative trends, as well as managing working capital and inventory.

Hafary’s tile supply business typically yields 8-12% net margins and we forecast stable revenue and earnings trends from FY15-17F. The company also owns a portfolio of six property assets with a potential valuation surplus of c.SGD58.1m