Sin Heng Heavy Machinery to go private with $0.58 per share offer

The offeror is a consortium formed between the controlling shareholders of Sin Heng.

Maybank Securities has announced a voluntary unconditional cash offer on behalf of TAL United to acquire all issued and paid-up ordinary shares in Sin Heng Heavy Machinery Limited (Sin Heng) at $0.58 per share in cash.

TAL United is a consortium formed between TAL Holdings (TALHPL) and United Hope (UHPL), the controlling shareholders of Sin Heng, holding 76.0% and 24.0% stakes, respectively.

The directors of the offeror are Tan Ah Lye, Tan Cheng Kwong, and Teo Yi-dar.

Tan Ah Lye is the executive director and chief executive officer of the company and a director of TALHPL. Tan Cheng Kwong is the executive director and deputy chief executive officer of the company and a director of TALHPL. Teo Yi-dar is the sole shareholder and director of UHPL.

The offeror is making the offer with a view to delist and privatise the company.

The offer price of $0.0058 per share is 6.4% higher than the last transacted price per Share of S$0.00545 on 13 March which was the last full market day on which the shares were traded.

In a bourse filing, Maybank said the offer price is subject to the condition that the offer shares include the right to receive any distributions declared, paid, or made by the company on or after the offer announcement date.

If a shareholder who accepts the offer has already received any distribution from the company, the offer price payable to that shareholder will be reduced by an amount equal to the distribution received.

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