Thomas Chua Kee Seng, Chua Kee Hin, Chua Kee Kiat, Chua Kee Teang, Lee Chee Peck, Lee Siew Lay, Lim Seok Ho, Lee Siew Lay, Lee Siew Yeong, Chua Thian Poh and Ng Noi Hinoy made an offer to acquire the remaining 43.9% stake in Teckwah Industrial Corporation Ltd (SGX:561) from Chua Seng Tek Holdings Pte Ltd, Lee Kay Huan Holdings Pte Ltd, Airjet Investments Pte Ltd and other shareholders for SGD 66.6 million on August 12, 2020. Under the terms of the transaction, the buyers will acquire approximately 100 million shares in Teckwah for SGD 0.65 per share. The offer price is final and is not subject to adjustments. Prior to the transaction, Chua Seng holds 69.8 million shares representing 29.89% stake, Lee Kay Huan holds 29.2 million shares representing 11.23% stake and Airjet Investments holds 35 million shares representing 15% stake in Teckwah. In connection with the Offer, the buyers entered into a facility agreement with Oversea-Chinese Banking in which Oversea-Chinese Banking will make available to the buyers loan facilities which may be utilized for the transaction. The buyers intends for Teckwah to continue its existing business activities and there are currently no plans to introduce any major changes to the business of Teckwah, and re-deploy any of the fixed assets of Teckwah or discontinue the employment of any of the existing employees of the Company or its subsidiaries, other than in the ordinary course of business. The offer is subject to minimum acceptances in which such number of shares which will result in the parties acting or deemed to be acting in concert with it holding 90% or more of the total number of Shares of Teckwah at the closing of the offer. If the Offeror receives valid acceptances pursuant to the Offer or acquires the Shares during the offer period otherwise than through valid acceptances of the Offer in respect of not less than 90% of the total number of shares, the Offeror will be entitled to exercise its right to compulsorily acquire all the Shares of the Shareholders who have not accepted the Offer on the same terms as those offered under the Offer. The transaction has been approved by Board of Teckwah. As on September 29, 2020, the total number of shares owned, controlled or agreed to be acquired by the Offeror and the Offeror’s Concert Parties amount to an aggregate of 202.7 million shares, representing approximately 86.77% of the total number of shares. As of September 29, 2020, the transaction has become unconditional. Offer period will end on September 30, 2020. As on September 29, 2020, the transaction is extended to close on October 13, 2020. As on September 30, 2020, the total number of shares owned, controlled or agreed to be acquired by the Offeror and the Offeror’s Concert Parties (including valid acceptances of the Offer) amount to an aggregate of 212 million shares representing approximately 90.76% of the total number of shares and the offer period was extended to October 27, 2020. Oversea-Chinese Banking Corporation Limited acted as financial advisors to the offerors in the transaction. RHT Capital Pte. Ltd. acted as financial advisor to the independent directors of Teckwah Industrial in the transaction. Tricor Barbinder Share Registration Services acted as registrar to Teckwah Industrial in the transaction.