Hwa Hong offer closes with around 92% acceptance
This is equivalent to 602 million shares.
The valid acceptances of the offer to acquire Hwa Hong Corp. reached an aggregate share of 602.34 million shares, or 92.29%.
This comes as Sanjuro United Pte. Ltd. sought to acquire Hwa Hong Corp. and turn it into its wholly-owned subsidiary. Under the acquisition offer, Sanjuro seeks to abandon the listing status of Hwa Hong.
Considering more than 90% of the total shares were acquired, Sanjuro will be entitled to exercise its right to compulsorily acquire shares from shareholders who have not accepted the offer.
It was earlier reported that if the acquisition falls short of the 90% threshold, Hwa Hong will remain listed.