Cenvios Holdings Nears Full Control of Sen Yue Holdings with 97.57% Acceptances

Key Developments in Voluntary Unconditional General Offer

Singapore, 31 March 2026 – ZICO Capital Pte. Ltd. (“ZICO Capital”), acting for and on behalf of Cenvios Holdings Pte. Ltd. (“Offeror”), has provided a comprehensive update on the progress of its voluntary unconditional general offer to acquire all issued and paid-up ordinary shares of Sen Yue Holdings Limited (“Sen Yue” or “the Company”), excluding those already owned, controlled, or agreed to be acquired by Cenvios Holdings.

Key Points for Investors

• High Acceptance Level: As of 6.00 p.m. (Singapore time) on 31 March 2026, the Offeror has received valid acceptances for 3,159,333,144 Offer Shares, representing approximately 97.57% of the total issued shares of Sen Yue Holdings. This is a substantial acceptance level that brings the Offeror close to full ownership.
• Majority Achieved from Undertaking Shareholders: Out of the total acceptances, 2,848,809,046 Offer Shares (about 87.98% of total shares) were tendered by Undertaking Shareholders under Irrevocable Undertakings. Additionally, 377,000 Offer Shares (0.01%) were tendered by Mr Yap Yao Hui, a concert party of the Offeror.
• Pre-Offer Holdings: Before the offer period, the Offeror and its concert parties already controlled 1,756,327,000 shares (54.24% of the total shares).
• No Further Market Acquisitions: Since the announcement of the offer and up to 31 March 2026, aside from valid acceptances, the Offeror and its concert parties have not acquired or agreed to acquire any additional shares in the market.
• Compulsory Acquisition Threshold Crossed: With acceptances now exceeding 90% of the total shares, the Offeror is entitled to exercise the right of compulsory acquisition under the Companies Act, which allows them to acquire the remaining shares from shareholders who have not yet accepted the offer.
• Closing Date Extended: The offer remains open for acceptance until 5.30 p.m. (Singapore time) on 14 April 2026, or such later date(s) as may be announced. Shareholders who have not yet responded are urged to act promptly.
• Trading Suspension: A crucial note for shareholders is that trading in the shares of Sen Yue Holdings has been suspended since 4 May 2020, which may impact liquidity and marketability for those holding out.

Price-Sensitive, Share Value-Affecting Information

• Potential Delisting: With the Offeror now controlling over 97% of shares and exercising rights for compulsory acquisition, the public float has dropped significantly. This paves the way for possible delisting of Sen Yue Holdings from the Singapore Exchange, impacting the ability of remaining shareholders to trade their shares on the open market.
• Final Opportunity for Dissenting Shareholders: The extended closing date marks the final window for shareholders who have not accepted the offer to do so. If they do not, their shares may be subject to compulsory acquisition at the offer price.
• Offer Price (Implied): While the offer price per share is not stated in this announcement, shareholders should refer to the offer document dated 3 March 2026 for full terms and financial details. The high acceptance level suggests that the offer price was attractive to a significant majority of shareholders.

Procedures and Next Steps for Shareholders

1. Review the procedures for acceptance detailed in Appendix 2 of the Offer Document.
2. Submit the relevant Acceptance Forms and supporting documents before 5.30 p.m. on 14 April 2026 to participate in the offer and avoid compulsory acquisition.
3. Contact ZICO Capital Pte. Ltd. at +65 6636 4201 for further information or assistance.

Director’s Statement

The director of the Offeror has confirmed taking all reasonable care to ensure the accuracy and completeness of information provided. Where information has been extracted from public sources, the director has verified its accuracy.

Potential Impact on Shareholders and Share Price

Given the overwhelming acceptance of the offer and the impending compulsory acquisition, the shareholding structure of Sen Yue Holdings will fundamentally change, likely resulting in the company becoming a wholly-owned subsidiary of Cenvios Holdings and potential delisting. This is a major corporate event that will impact all remaining shareholders and could affect the intrinsic value and liquidity of the shares.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult their professional advisers and review the official offer documents before making any decision. The information herein is based on official announcements as of 31 March 2026 and may be subject to further updates.

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