Hanwha Ocean SG Holdings Set to Compulsorily Acquire Dyna-Mac Holdings Shares

Hanwha Ocean SG Holdings Pte. Ltd. has announced its intent to compulsorily acquire all remaining shares of Dyna-Mac Holdings Ltd. This follows the closure of its offer on November 20, 2024, where it received valid acceptances amounting to over 90% of the total issued shares. The acquisition will be executed under Section 215(1) of the Singapore Companies Act, with dissenting shareholders set to receive a final offer price of S\$0.67 per share.

The company has issued letters to dissenting and non-assenting shareholders, highlighting that they will proceed with the compulsory acquisition of shares on or after January 3, 2025. This process will see the company transfer the shares to itself and credit the consideration to shareholders’ accounts, either through CDP’s Direct Crediting Service or by cheque, depending on how the shares are held.

Importantly, shareholders are also reminded of their rights under Section 215(3) of the Companies Act. Non-assenting shareholders have the right to require Hanwha Ocean SG Holdings to acquire their shares within three months from December 2, 2024, at the same consideration offered during the initial offer period.

Shareholders are encouraged to seek independent advice if they are in doubt about the contents of the letter or their rights under the Companies Act. The process and terms for the compulsory acquisition are detailed in forms provided to shareholders, Form 57 and Form 58, respectively.

This move could potentially impact the share price of Dyna-Mac Holdings, given the fixed acquisition price and the finality of the compulsory buyout. Stakeholders should stay informed and consider their options carefully in light of these developments.

Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Readers are encouraged to consult with financial advisors before making any investment decisions.

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