In a significant development for shareholders of Dyna-Mac Holdings Ltd. (“Dyna-Mac”), United Overseas Bank Limited (“UOB”), acting on behalf of Hanwha Ocean SG Holdings Pte. Ltd. (“Hanwha Ocean”), has officially announced the completion of the compulsory acquisition of all outstanding shares in Dyna-Mac. The acquisition process, which was executed under Section 215(1) of the Singapore Companies Act, concluded on 8 January 2025, paving the way for Dyna-Mac’s delisting from the Singapore Exchange Securities Trading Limited (SGX-ST).

Key Details of the Acquisition

• The Offeror, Hanwha Ocean, has successfully acquired all remaining shares from dissenting shareholders at a final offer price of S\$0.67 per share.
• The transfer of shares has been completed, and payments to dissenting shareholders have been dispatched as of 8 January 2025.
• Dyna-Mac Holdings Ltd. will be officially delisted from the SGX-ST at 9:00 a.m. on 9 January 2025.

Important Notes for Shareholders

Shareholders who did not accept the initial offer by Hanwha Ocean will receive S\$0.67 per share as part of the compulsory acquisition terms. This marks the final payout for shareholders as the company transitions to private ownership under Hanwha Ocean SG Holdings Pte. Ltd. The delisting of Dyna-Mac from the SGX-ST means that the company’s shares will no longer be publicly traded, effectively concluding its status as a listed entity.

Background of the Acquisition

The acquisition process began with a voluntary conditional cash offer announced via an offer document on 2 October 2024. Subsequent revisions to the offer price and extensions to the acceptance deadline were communicated in announcements and notifications dated 14 October 2024, 23 October 2024, and 5 November 2024. The offer was declared unconditional in all respects on 15 November 2024, following which the Offeror expressed its intent to delist the company.

A final letter dated 2 December 2024 was sent to shareholders, detailing the Offeror’s intention to exercise its compulsory acquisition rights under Section 215(1) of the Companies Act. This was followed by an announcement on 3 January 2025 confirming the commencement of the compulsory acquisition process.

Implications for Investors

The completion of this acquisition and the subsequent delisting of Dyna-Mac Holdings Ltd. mark a key milestone for Hanwha Ocean SG Holdings Pte. Ltd. and its strategic consolidation of assets. For investors, the fixed price of S\$0.67 per share represents the final valuation for their holdings in Dyna-Mac, a figure that may affect the perception of the company’s overall worth and strategy in the oil and gas sector. The delisting also removes a trading option from the SGX-ST, which could have implications for liquidity in similar sectors.

Next Steps

As the delisting becomes effective on 9 January 2025, shareholders are advised to ensure receipt of their payment for the shares. Any inquiries related to the acquisition or payment processes can be directed to the UOB helpline at (65) 6539 7066 during office hours.