Consistent Record Pte. Ltd. Makes Major Moves in Voluntary Conditional General Offer for Low Keng Huat (Singapore) Limited

Key Points from the Announcement

• Consistent Record Pte. Ltd. (the “Offeror”), through UOB Kay Hian Private Limited, has launched a voluntary conditional general offer to acquire all issued and paid-up ordinary shares of Low Keng Huat (Singapore) Limited (the “Company”) not already owned, controlled, or agreed to be acquired by the Offeror.
• Final Offer Price: The Offer price has been revised to S\$0.78 per share in cash.
• Final Closing Date: The Offer is set to close at 5.30 p.m. (Singapore time) on 13 February 2026.
• Significant Acquisition Activity: On 16 January 2026, the Offeror purchased 13,400,300 Offer Shares on the SGX-ST, representing approximately 1.81% of the Company’s total issued shares.
• Substantial Shareholding: As at 6.00 p.m. on 16 January 2026, the Offeror and its Concert Parties collectively own, control, or have agreed to acquire 618,393,197 shares, representing approximately 83.70% of the Company’s total issued shares.
• Valid Acceptances: Offer acceptances from shareholders (excluding Concert Parties) as at the same time amount to 43,808,800 shares (5.93%).

Critical Information for Shareholders

• Potential Change in Control: The Offeror, together with its Concert Parties, is close to securing overwhelming control of the Company. With a cumulative holding of 83.70%, the Offeror could potentially surpass thresholds for compulsory acquisition or delisting if further acceptances are received.
• Offer Price Sensitivity: The final revision of the Offer Price to S\$0.78 is a critical figure for investors deciding whether to tender their shares. This price may be above, below, or at the prevailing market price, and the closing date extension gives shareholders more time to decide.
• Liquidity and Minority Shareholder Impact: If the Offeror achieves a very high percentage of control, minority shareholders may face reduced liquidity in the shares, and the risk of the Company being delisted increases. These are highly price-sensitive developments that could impact share value and trading activity.
• Director and Concert Party Acceptances: Concert Parties and directors of the Company have already tendered acceptances, further consolidating the Offeror’s position.
• Forward-Looking Statements: The announcement contains forward-looking statements relating to intentions, strategies, and expectations. Investors should note that actual outcomes may differ significantly due to uncertainties and risks.

Detailed Summary

On 28 November 2025, Consistent Record Pte. Ltd., via UOB Kay Hian Private Limited, initiated a voluntary conditional general offer for Low Keng Huat (Singapore) Limited. This offer targets all ordinary shares not already held by the Offeror or its Concert Parties. A key update was announced on 13 January 2026, with the Offer Price set at S\$0.78 per share and the Closing Date extended to 13 February 2026, 5.30 p.m. (Singapore time).

On 16 January 2026, the Offeror acquired 13,400,300 shares on the SGX-ST at S\$0.78 per share, increasing its stake to a total of 574,584,397 shares (77.77%). Including valid acceptances, the Offeror and its Concert Parties now control 618,393,197 shares, or 83.70% of the Company.

Notably, valid acceptances from non-Concert Party shareholders total 43,808,800 shares (5.93%), while Concert Parties contributed 160,938,752 shares (21.78%). These figures indicate strong momentum toward a change of control, with implications for the future governance, strategic direction, and potentially the public status of the Company.

The Offeror’s Director has affirmed responsibility for the accuracy of all statements and data disclosed. Shareholders are reminded that much of the information is forward-looking and subject to change.

Implications for Share Price and Shareholders

• The high level of acceptances and share acquisitions make a change in control highly likely. This could result in a delisting if thresholds are met, directly affecting share liquidity and valuation.
• Shareholders should urgently review the Offer Price of S\$0.78 against market trends and their own investment strategies, especially as the final acceptance date approaches.
• Minority shareholders need to be aware of the risks of holding shares in a potentially delisted or tightly held company, including reduced ability to sell shares and less transparency.
• The market may react to the news of the Offeror nearing overwhelming control, potentially making the share price volatile as investors reassess prospects.

Contact Information

For inquiries regarding the Offer or this announcement, shareholders may contact UOB Kay Hian Private Limited, Corporate Finance at [email protected].

Disclaimer

This article is for informational purposes only and does not constitute financial advice or a solicitation to buy or sell any securities. Investors should make their own independent evaluation of the Offer and consult their professional advisors before making any decisions. All forward-looking statements are subject to risks and uncertainties, and actual outcomes may differ materially. The author and publisher do not accept any liability for actions taken based on the information provided herein.

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