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T03 - Tat Hong Holdings News Story

S$0.545 0.0  0.0%

Last Trade - 04/06/18

Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £270.0m
Position in Universe th / 5992

StanChart Private Equity offers to buy Singapore crane company for $277 mln

Fri 10th November, 2017 7:00am
SINGAPORE, Nov 10 (Reuters) - Tat Hong Holdings Ltd 
 TAT.SI , a Singapore-based supplier of cranes, said it had 
received a non-binding letter from Standard Chartered Private 
Equity (Singapore) proposing to buy it in a deal that values the 
company at S$377 million ($277 million). 
    Standard Chartered PE (SCPE) has offered S$0.50 per share 
under the proposal, which is subject to conditions including an 
agreement of definitive partnership terms with the existing 
management team and founding family members, Tat Hong said a 
filing to the stock exchange on Friday. 
    The offer represents a premium of nearly 9 percent to Tat 
Hong's closing price of S$0.46 on Thursday. Trading in the stock 
was halted on Friday ahead of the announcement.   
    There was no certainty that any transaction would arise from 
the proposal by SCPE, the company said. Tat Hong informed the 
markets in September about being approached by certain parties 
for a potential transaction. 
    Tat Hong has been listed on the mainboard of the Singapore 
Stock Exchange since 2000. It says it is the largest 
crane-owning company in the Asia-Pacific region with a fleet 
size of more than 1,500 crawler, mobile and tower cranes.  
    The controlling shareholders, Chwee Cheng and Sons along 
with related parties, own more than half the shares, according 
to its latest annual report. 
    ($1 = 1.3591 Singapore dollars) 
 (Reporting by Aradhana Aravindan; Editing by Stephen Coates) 
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters 
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net)) 
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