UOB-Kay Hian Holdings Announces Voluntary Delisting of Thai Subsidiary

Key Highlights from the Announcement

• Voluntary Delisting Plan: UOB-Kay Hian Holdings Limited (UOBKH), a leading Singapore-based financial services group, has announced its intention to voluntarily delist its subsidiary, UOB Kay Hian Securities (Thailand) Public Company Limited (“UOBKH Thailand”), from The Stock Exchange of Thailand (SET).
• Delisting Mechanism: The delisting will be executed via a Voluntary Delisting Tender Offer to acquire all issued and outstanding shares of UOBKH Thailand that are currently held by minority shareholders.
• Ownership Structure: UOBKH already controls 89.72% of UOBKH Thailand’s shares, both directly and indirectly. The tender offer targets the remaining minority shareholders.
• Offer Price: The offer price is set at THB 8.17 per share. This price is based on UOBKH Thailand’s book value per share as of 30 September 2025, with adjustments for market prices of specific assets and liabilities.
• Trading Suspension: Trading in UOBKH Thailand’s shares has already been suspended on the SET due to non-compliance with the exchange’s free float distribution requirement.
• Regulatory and Shareholder Approval Required: The voluntary delisting and tender offer are conditional on approvals from UOBKH Thailand’s shareholders and relevant Thai regulatory authorities. The process also requires that no material adverse changes occur in the subsidiary’s status or assets, and that no other events arise which would prevent the delisting.
• SGX-ST Rule 1006 Relevance: The transaction’s relative figures, as computed under Rule 1006 of the Singapore Exchange Listing Manual, are less than 1%, indicating the offer’s scale in relation to UOBKH’s operations.

Investor Considerations and Potential Share Price Sensitivity

• Potential Share Price Impact: The delisting and buyout of the remaining shares could streamline UOBKH’s corporate structure and allow for greater operational and financial flexibility within the group.
• Unlocking Subsidiary Value: The buyout at book value may reflect UOBKH’s intention to consolidate the subsidiary fully, possibly preparing for further strategic moves in the region or operational restructuring.
• Minority Shareholder Exit: Minority shareholders in UOBKH Thailand are being provided a clear exit opportunity at a fixed price, which may be of interest to investors seeking liquidity.
• Conditionality Risk: Investors should note that the delisting is not yet finalized, as it is subject to shareholder and regulatory approvals and the absence of any material adverse changes.
• SET Suspension: With shares already suspended on the SET, the delisting process is likely to be closely watched by market participants both in Thailand and Singapore.

Details for Shareholders

Offer Price Basis: The THB 8.17 per share offer is based on UOBKH Thailand’s book value as of 30 September 2025, taking into account certain market price adjustments for assets and liabilities. Shareholders should review this valuation in the context of the company’s recent financial performance and asset quality.

Key Conditions: The completion of the voluntary delisting tender offer is subject to:

• Approval by UOBKH Thailand shareholders
• Approval from relevant Thai regulatory authorities
• No material adverse change in the status or assets of UOBKH Thailand
• No other event that would prevent the delisting

Strategic Implications: The consolidation of UOBKH Thailand under full control of UOB-Kay Hian Holdings may position the group for more decisive actions in the Thai market, including potential restructuring, integration, or redeployment of resources.

Conclusion

The proposed voluntary delisting and tender offer for UOBKH Thailand is a significant corporate action by UOB-Kay Hian Holdings and may be price sensitive. Investors should monitor further announcements, particularly around regulatory and shareholder approvals, as these could impact both the parent company’s and the subsidiary’s valuation and outlook.

Disclaimer: This article is provided for informational purposes only and should not be construed as investment advice. Investors are encouraged to conduct their own due diligence and consult professional advisors before making investment decisions. The information is based on the company’s official announcement and may be subject to updates or changes.

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