Hanwha Ocean SG Holdings Completes Acquisition of Dyna-Mac Holdings: Delisting Imminent

In a significant development for shareholders and the market, Hanwha Ocean SG Holdings Pte. Ltd. has successfully completed its voluntary unconditional cash offer to acquire all of the issued and paid-up ordinary shares of Dyna-Mac Holdings Ltd. As of 5:30 p.m. on November 20, 2024, the offer was closed, with the Offeror receiving valid acceptances for approximately 88.36% of the shares, excluding those already owned or controlled by the Offeror.

Importantly, the Offeror and its Concert Parties now own or have agreed to acquire a total of 1,188,655,282 shares, which constitutes approximately 95.15% of the total issued shares. This surpasses the compulsory acquisition threshold of 90%, granting Hanwha Ocean the right to acquire the remaining shares held by dissenting shareholders at the final offer price, as per Section 215(1) of the Companies Act.

Shareholders should note the impending delisting of Dyna-Mac Holdings from the Singapore Exchange Securities Trading Limited (SGX-ST). The Offeror will proceed with the necessary documentation for compulsory acquisition and subsequent delisting, as the free float requirement of at least 10% public shareholding is not met. The SGX-ST has announced the suspension of trading of these shares at the conclusion of the offer.

This move marks a significant change in the trading status of Dyna-Mac Holdings, with implications for share value as it transitions from public trading. Shareholders who have not yet accepted the offer are advised to seek independent legal counsel, especially regarding their rights under Section 215(3) of the Companies Act, which allows them to require the Offeror to acquire their shares at the final offer price.

The directors have emphasized their responsibility to ensure the accuracy of the information presented, extracted from publicly available sources. Queries regarding the offer can be directed to the United Overseas Bank helpline.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Investors are encouraged to conduct their own research and consult with financial advisors before making investment decisions.

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