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Manlift

Private Equity bid for Tat Hong

13. November 2017 | Comments (0)

Tat Hong has now revealed that the company interested in acquiring, or making a substantial investment in it, is Standard Chartered Private Equity (Singapore).
The word is that the private equity firm is looking at an initial investment of just under 30 percent.

Tat Hong released a statement saying: “The company has received a non binding letter from Standard Chartered Private Equity (Singapore) Pte. confirming its proposal to acquire the shares of the company at an offer price of S$0.50 per share, subject to various conditions, including: 1. Obtaining all necessary rulings and confirmations from the Securities Industry Council. 2. Agreement of definitive partnership terms, including binding debt financing terms, with the existing management team and founding family members, and 3. Final approval by the investment committee of Standard Chartered Private Equity of such terms.

The letter from Standard Chartered states that it does not constitute a firm intention to make an offer for any shares in the Company and should not be construed as creating any legally binding obligations.”

Tat Hong also said that it is not involved in the discussions relating to the definitive partnership terms. And warned shareholders that there is no certainty or assurance that any transaction will arise from the proposal by Standard Chartered and advise its shareholders to refrain from taking any action at this time.
See Tat Hong in play

Tat Hong recently warned that it would make a first half loss, although the loss would be lower than during the same period last year, thanks to a stronger performance from its Australian operations and its tower crane rental operations in China.
Palfinger

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