Sanjuro’s offer to Hwa Hong declared unconditional

The offer will close on 1 August.

The new offer of Sanjuro United Pte. Ltd, a consortium of substantial shareholders of Hwa Hong Corporation Limited, has been declared unconditional after it managed to secure 51.29% of the shares in the company.

In a press release, Hwa Hong said that if Sanjuro manages to secure not less than 90% of the total shares other than those the consortium and its members already hold, Sanjuro may exercise the right to compulsorily acquire all the shares from shareholders who have not accepted the Offer at a price equal to the final offer price. 

However, if Sanjuro does not meet the 90% threshold by 1 August, Hwa Hong will remain a public entity and shares will continue to trade according to the prevailing market conditions, subject to the company meeting the Free Float Requirement under the Listing Manual. 

Shareholders who wish to accept the offer are advised to submit the relevant acceptance forms by 1 August 2022 at 5:30 pm.

In May, Sanjuro offered the shareholders of Hwa Hong a voluntary conditional cash offer of $0.37 per share to take the company private. It was raised to $0.40 per share last June.