See Hup Seng receives SGX-ST approval to acquire Hetat Holdings

Will issue 144.5m subscription shares.

See Hup Seng Limited has announced that its proposed acquisition of the entire issued and paid-up share capital of Hetat Holdings Pte. Ltd. and the proposed issuance of 144,500,000 subscription shares has been approved in-principle by the Singapore Exchange Securities Trading Limited (SGX-ST).

The approval in-principle granted by the SGX-ST is subject to, inter alia, the following conditions: (a) compliance with the SGX-ST’s listing requirements; (b) shareholders’ approval for the Acquisition (and consequently the issuance of the Consideration Shares) and the issuance of the New Shares; and (c) submission of three requirements.

First is a a written undertaking from the Company that it will comply with Rule 704(30) and Rule 1207(20) of the Listing Manual of the SGX-ST in relation to the use of proceeds from the Subscription and where proceeds are to be used for working capital purposes, the Company will disclose a breakdown with specific details on the use of proceeds for working capital in the Company’s announcements on use of proceeds and in the annual report.

Second, a written undertaking from the Company that it will comply with Rule 803 of the Listing Manual. And third, a written confirmation from the Company that it will not issue the Consideration Shares and the New Shares to persons prohibited under Rule 812(1) of the Listing Manual.

The Consideration Shares and the New Shares must be placed out within 7 market days from the date of the shareholders’ meeting of the Company. The Subscribers will be the legal and beneficial owners of their respective New Shares upon the issuance of the same.

See Hup Seng noted that the approval in-principle granted by the SGX-ST is not to be taken as an indication of the merits of the placement of the Consideration Shares and the New Shares, the Consideration Shares and the New Shares, the Company and/or its subsidiaries.