Voluntary Conditional General Offer for Low Keng Huat (Singapore) Limited

Key Developments

• Consistent Record Pte. Ltd. (the Offeror), with UOB Kay Hian Private Limited acting as financial adviser, has made a voluntary conditional general offer to acquire all issued and paid-up ordinary shares in Low Keng Huat (Singapore) Limited (LKHS), except those already owned, controlled, or agreed to be acquired by the Offeror.
• The final Offer Price has been revised to S\$0.78 in cash per share, as announced on 13 January 2026. This is a crucial detail for investors, representing the price shareholders can expect if they accept the offer.
• The final extension of the Closing Date for the offer is set at 5.30 p.m. (Singapore time) on 13 February 2026. Shareholders must take note of this deadline for validity of their acceptance.

Recent Share Acquisitions

• On 26 January 2026, the Offeror purchased an additional 136,200 shares at S\$0.78 each on the SGX-ST, constituting approximately 0.02% of LKHS’s total issued shares (738,816,000 shares).
• These acquisitions are considered completed on the trade date, even though physical settlement occurs two market days later.

Level of Acceptances and Shareholding Structure

• As of 6.00 p.m. (Singapore time) on 26 January 2026, the Offeror and its Concert Parties (entities acting in concert with the Offeror) have achieved a dominant position in the shareholding of LKHS.
• Summary of shareholdings:
  • Shares held before the Offer Announcement Date:
    • Offeror: 400,245,345 shares (54.17%)
    • Concert Parties: 160,938,752 shares (21.78%)
  • Shares acquired between the announcement and 26 January 2026:
    • Offeror: 77,951,000 shares (10.55%)
    • Concert Parties: None
  • Valid acceptances received as at 26 January 2026:
    • From Shareholders (other than Concert Parties): 54,135,408 shares (7.33%)
    • From Concert Parties: 160,938,752 shares (21.78%)
• Total shares owned, controlled, or agreed to be acquired by the Offeror (including valid acceptances): 693,270,505 shares (93.84%)
• This means the Offeror now effectively controls LKHS, holding more than 90% of all shares.

Implications for Shareholders

• Majority Control: With over 90% of LKHS shares under the Offeror’s control, there is a high likelihood that the company could be privatized or delisted, subject to regulatory requirements. Minority shareholders should assess their options carefully as liquidity and future corporate actions (including possible compulsory acquisition) may be affected.
• Final Offer Price: The price of S\$0.78 per share is now fixed. Shareholders who have not yet accepted should compare this price to current market prices and assess whether to tender their shares before 13 February 2026.
• Price Sensitivity: The near-total acquisition means that LKHS is likely to see very limited trading volume on the market, and its share price may converge towards the offer price. Any remaining minority stake could be subject to further acquisition actions.
• Forward-Looking Statements: The announcement contains forward-looking statements regarding intentions and strategy, but also cautions investors that actual outcomes may differ due to risks and uncertainties.

What Should Investors Do?

• Review the Offer Document: Shareholders should read all materials provided, including the Offer Document and Revision Notification Letter, to fully understand terms and conditions.
• Consider Accepting the Offer: Given the high level of acceptances and the final offer price, shareholders who have not yet accepted should evaluate their position before the final closing date.
• Monitor for Further Announcements: Any change in regulatory approval, compulsory acquisition, or delisting plans could further impact share value and liquidity.

Contact Information

For any inquiries related to the offer, shareholders can contact UOB Kay Hian Private Limited, Corporate Finance, at [email protected].

Disclaimer

The information provided above is a summary and interpretation of the official offer announcement and related disclosures. Investors should not solely rely on this report to make investment decisions and are strongly advised to read all official documents and consult with their financial advisers. The article contains forward-looking statements that are subject to risks and uncertainties; actual outcomes may differ. The author does not accept any responsibility for actions taken based on this information.

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