Cheng Buck Poh to acquire Hai Leck at $0.55 per share

Cheng holds an 88.94% stake in the company.

Cheng Buck Poh is offering to acquire engineering firm Hai Leck Holdings for $0.55 per share via scheme of arrangement.

Cheng is the company’s founder, executive chairman, CEO and controlling shareholder. He also holds a 31.68% stake in Cheng Capital Holdings Pte. Ltd. (CCHPL) which holds 85.8 million shares in Hai Leck.

He currently holds an 88.94% stake in Hai Leck or 201.2 million shares via direct interest and vehicle CCHPL.

For FY2024, Hai Leck reported a net loss of $0.1m, compared to a net profit of $4.3m ib FY2023. The company expects continued challenges and uncertainties in the business environment it operates in.

In a joint statement released by Hai Leck Holdings and Cheng Investment Management, it was stated that the “privatisation confers greater management flexibility to navigate a challenging operating environment”.