Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 1 June, a consortium comprising Ong Choo Eng, his son Ong Eng Yaw, Roswell Assets, Dymon Asia, and Crytalic Star dispatched the Offer for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong (HWAH SP)</a>.</li>
<li>With shares trading through terms, there was no tendering. The consortium has now bumped the Offer to S$0.40 from S$0.37/share and declared the terms final.</li>
<li>The revised Offer price is a 37.9% premium to last close and a 9-year high. The question is whether this is enough to settle Hwa Hong's intergenerational shareholder squabble.</li>
</ul>


On the 1 June, a consortium comprising Ong Choo Eng, his son Ong Eng Yaw, Roswell Assets, Dymon Asia, and Crytalic Star dispatched the Offer for Hwa Hong (HWAH SP).
With shares trading through terms, there was no tendering. The consortium has now bumped the Offer to S$0.40 from S$0.37/share and declared the terms final.
The revised Offer price is a 37.9% premium to last close and a 9-year high. The question is whether this is enough to settle Hwa Hong's intergenerational shareholder squabble.


Hwa Hong Corp (HWAH SP): The Consortium Bumps And Declares Offer Final

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Sanjuro United has increased its voluntary conditional cash offer for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> by 8.1% to S$0.40 per share. The offer may be revised in a competitive situation.</li>
<li>The offer which closes on 28 June continues to be subject to a 50%+ minimum acceptance condition. The offeror including valid acceptances represents 24.70% of outstanding shares.</li>
<li>The shares are trading in line with the revised offer price. The brewing family feud for the control of Hwa Hong suggests a possibility of a counterbid. </li>
</ul>


Sanjuro United has increased its voluntary conditional cash offer for Hwa Hong Corp (HWAH SP) by 8.1% to S$0.40 per share. The offer may be revised in a competitive situation.
The offer which closes on 28 June continues to be subject to a 50%+ minimum acceptance condition. The offeror including valid acceptances represents 24.70% of outstanding shares.
The shares are trading in line with the revised offer price. The brewing family feud for the control of Hwa Hong suggests a possibility of a counterbid. 


Hwa Hong’s Revised Voluntary Conditional Offer at S$0.40

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> filed for a US$1bn IPO and <a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> aims to shortly launch a US$100-150m IPO.</li>
<li>On the Event-Driven front, key developments at <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a>.  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, WM Motor Technology Co Ltd (WMT CH) filed for a US$1bn IPO and GoGoX Holdings (GOGO HK) aims to shortly launch a US$100-150m IPO.
On the Event-Driven front, key developments at Xiamen International Port H (3378 HK), Link Net (LINK IJ), Link Administration Holdings (LNK AU), Yancoal Australia (YAL AU), Cocoaland Holdings (COLA MK).  


Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

<ul>
<li>On the 17 May, Ong Choo Eng, his son Ong Eng Yaw, along with Roswell Assets, Dymon Asia, and Crytalic Star launched an Offer for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>.</li>
<li>The Offer Doc is now out and is open for acceptances. The first close is the 28th June. </li>
<li>This Doc does not include an IFA opinion. That will be included in the Circular which is expected to be despatched on or before the 14 June.</li>
</ul>


On the 17 May, Ong Choo Eng, his son Ong Eng Yaw, along with Roswell Assets, Dymon Asia, and Crytalic Star launched an Offer for Hwa Hong Corp (HWAH SP).
The Offer Doc is now out and is open for acceptances. The first close is the 28th June. 
This Doc does not include an IFA opinion. That will be included in the Circular which is expected to be despatched on or before the 14 June.


Hwa Hong’s Conditional Offer Open For Acceptances

<ul>
<li>Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong (HWAH SP)</a>.</li>
<li>The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final. </li>
<li>However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month. </li>
</ul>


Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for Hwa Hong (HWAH SP).
The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final. 
However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month. 


Hwa Hong's Conditional Offer Amid Family Tussle

Singapore

Hwa Hong Corporation Limited is an investment holding company. The Company's subsidiaries operate in general insurance, warehouse rental, packing of edible oil products, general trading in consumer products, and property management and development activities.

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Hwa Hong Corp (HWAH SP)