Consistent Record Pte. Ltd. Voluntary Offer for Low Keng Huat (Singapore) Limited – Key Developments
Consistent Record Pte. Ltd. Raises Stake in Low Keng Huat (Singapore) Limited to Over 95% Following Voluntary General Offer
Key Highlights
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Consistent Record Pte. Ltd. (the “Offeror”) has increased its ownership of Low Keng Huat (Singapore) Limited (“LKHS”) to approximately 95.35% as of 4 February 2026 after a voluntary conditional general offer.
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The final Offer Price was revised to S\$0.78 per share in cash, with the offer closing at 5:30 p.m. (Singapore time) on 13 February 2026.
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Significant acceptances have been received, and the Offeror, together with its concert parties, now effectively controls LKHS.
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Offeror acquired an additional 593,500 shares through market purchases on 4 February 2026.
Detailed Summary of Events
UOB Kay Hian Private Limited, acting for and on behalf of Consistent Record Pte. Ltd., announced the results of the voluntary conditional general offer for all issued and paid-up ordinary shares of Low Keng Huat (Singapore) Limited, with the exception of shares already owned, controlled, or agreed to be acquired by the Offeror.
Chronology of the Offer
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Initial Offer Announcement: On 28 November 2025, the Offeror made public its intention to acquire all remaining shares of LKHS not already owned or controlled.
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Offer Terms Disclosed: On 17 December 2025, the Offer Document was issued, detailing the terms and conditions.
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Final Offer Revision: On 13 January 2026, the Offer Price was increased to S\$0.78 per share and the final closing date set for 13 February 2026.
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Notification to Shareholders: On 20 January 2026, shareholders were formally notified in writing of the revised offer terms.
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Market Purchase: On 4 February 2026, the Offeror purchased an additional 593,500 shares on the SGX-ST at S\$0.78 per share.
Level of Acceptances and Shareholding Structure
| Category |
Number of Shares |
Percentage of Total Shares (738,816,000) |
| Shares held before Offer Announcement (Offeror) |
400,245,345 |
54.17% |
| Shares held before Offer Announcement (Concert Parties) |
160,938,752 |
21.78% |
| Shares acquired post-Announcement (Offeror) |
80,227,300 |
10.86% |
| Valid Acceptances (Shareholders excluding Concert Parties) |
63,021,408 |
8.53% |
| Valid Acceptances (Concert Parties) |
160,938,752 |
21.78% |
| Total Shares controlled or agreed to be acquired |
704,432,805 |
95.35% |
The aggregate shareholding controlled by the Offeror and its concert parties following the Offer now stands at 95.35% of the company, a significant increase that gives the Offeror effective control over LKHS.
Implications and Price-Sensitive Information for Shareholders
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Trigger for Compulsory Acquisition: With ownership at 95.35%, the Offeror may be in a position to exercise its right for a compulsory acquisition of remaining shares, subject to Singapore’s Companies Act. This could result in the delisting of LKHS from the Singapore Exchange if the free float falls below the required threshold.
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Liquidity Risk: Remaining shareholders may face reduced liquidity and fewer opportunities to trade LKHS shares on the open market.
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Final Cash Offer: The Offer Price of S\$0.78 per share in cash may represent the last opportunity for minority shareholders to exit at a fixed price. Shareholders who have not yet accepted the offer should consider their options carefully.
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Significant Change in Control: The Offeror’s near-complete control of LKHS could lead to strategic changes, restructuring, or other corporate actions that may affect the company’s future direction and share value.
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Deadline for Action: The final closing date for the offer is 5:30 p.m. (Singapore time) on 13 February 2026.
Responsibility Statement
The sole director of Consistent Record Pte. Ltd. has affirmed that all facts and opinions stated in the announcement are fair and accurate, and that there is no omission of material facts that could render the announcement misleading.
Contact for Inquiries
Any questions about this Offer or the contents of the announcement should be directed to UOB Kay Hian Private Limited, Corporate Finance, at [email protected].
Disclaimer
This article is based on the official offer announcement and related disclosures issued by UOB Kay Hian Private Limited on behalf of Consistent Record Pte. Ltd. All forward-looking statements are subject to risks and uncertainties. Investors and shareholders are advised to consider their own investment objectives and seek professional advice before taking any action. The author of this report does not accept any liability for the accuracy, completeness, or reliance on the information provided herein.
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