Consistent Record Pte. Ltd. Revises Offer for Low Keng Huat (Singapore) Limited

Key Points and Investor Considerations

Consistent Record Pte. Ltd. (“Offeror”), via UOB Kay Hian Private Limited (“UOBKH”), has announced a final revision to its voluntary conditional general offer for all ordinary shares in Low Keng Huat (Singapore) Limited (“Company”) not already owned, controlled, or agreed to be acquired by the Offeror.

1. Final Revision of Offer Price

• The Final Offer Price is set at S\$0.78 in cash per Share. This is an increase of S\$0.06 (or about 8.3%) over the initial offer price of S\$0.72 per share.
• No further revisions to the offer price will be made. Shareholders who have already accepted are entitled to this final price, subject to the offer becoming unconditional.
• The Final Offer Price is higher than the highest closing price of the Company’s shares for more than five years prior to this announcement.
• The offer price represents significant premia over historical traded prices:
  • 6.1% premium over last traded price on 13 January 2026 (S\$0.735)
  • 26.8% premium over price on 28 November 2025 (S\$0.615)
  • 18.0% premium over one-month VWAP (S\$0.661)
  • 26.2% premium over three-month VWAP (S\$0.618)
  • 38.3% premium over six-month VWAP (S\$0.564)
  • 47.4% premium over twelve-month VWAP (S\$0.529)
  • 59.2% premium over thirty-six-month VWAP (S\$0.490)

2. Offer Timeline and Final Closing Date

• The offer will close at 5:30 p.m. (Singapore time) on 13 February 2026. The Offeror has stated no intention to extend the offer beyond this final closing date.
• Acceptances received after the deadline will be rejected.

3. Level of Acceptances and Resultant Shareholding

• As of 6:00 p.m. on 13 January 2026, the Offeror and its concert parties collectively own, control, or have agreed to acquire 602,389,531 shares, representing approximately 81.53% of the total issued shares of the Company.
• This includes shares held before the offer, those acquired or agreed to be acquired since the offer announcement, and valid acceptances received.

4. Compulsory Acquisition and Listing Status

• If acceptances reach or exceed 90% of total shares (excluding those already held by the Offeror and related parties), the Offeror may exercise its right to compulsorily acquire all remaining shares from dissenting shareholders at the Final Offer Price.
• Shareholders also have the right to require the Offeror to acquire their shares if the Offeror and related parties reach 90% ownership.
• Listing Status: If public float falls below 10% (less than 10% of shares held by at least 500 public shareholders), the SGX-ST may suspend trading of the shares. The Offeror has stated it does not intend to preserve the listing status and may pursue compulsory acquisition or voluntary delisting.

5. Procedures for Acceptance

• Shareholders who have already accepted the Offer do not need to take further action.
• Those wishing to accept must do so by submitting the relevant forms and documents by the Final Closing Date. Electronic submission via SGX-ST’s Investor Portal is also available.
• Details and forms are available on the SGX-ST website and the Company’s investor relations page.
• CPFIS and SRS investors should instruct their agent banks directly before the Final Closing Date.

6. Financial Resources and Independent Advice

• UOB Kay Hian confirms the Offeror has sufficient financial resources to satisfy full acceptance at the Final Offer Price.
• Independent directors and their financial adviser have issued advice on the offer, and shareholders are encouraged to review their opinion before acting.
• Shareholders uncertain about the Offer should consult professional advisers.

Potential Price-Sensitive Implications

• The upward revision of the Offer Price to S\$0.78 could potentially move share prices, especially considering the significant premia over historical prices.
• The possibility of compulsory acquisition and delisting is critical—remaining shareholders may lose liquidity and listing status if the Offeror crosses the 90% threshold.
• The Offeror’s clear intent not to preserve listing status is highly price sensitive and may affect the value of remaining shares for those who do not accept the offer.
• The final closing date and lack of extension mean shareholders have a finite window to act.

Contact Information

• For questions, shareholders can contact UOB Kay Hian Corporate Finance at [email protected].
• For issues regarding forms or procedures, contact The Central Depository (Pte) Limited at +65 6535 7511 or KCK CorpServe Pte. Ltd. at [email protected].

Disclaimer

This article is for informational purposes only and does not constitute financial advice or an offer to buy or sell any securities. Investors should consult their own financial, legal, tax, or other professional advisers before making any investment decisions. All forward-looking statements are subject to risks and uncertainties; actual outcomes may differ materially from those expressed. The information is accurate as of the date of the announcement and may be subject to change. Neither the reporter nor the publisher assumes any responsibility for losses that may arise from reliance on this article.

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