Tan Ah Lye, executive director and president of Sin Heng Heavy Machinery, and Teo Yi Dar, president of United Hope, jointly proposed a voluntary and unconditional acquisition proposal to the company to fully acquire unsold equity for RMB 0.58 per share.

They plan to delist and privatize the company after the acquisition is completed.

After the market closed on Friday (March 14), Xinxing Heavy Machinery issued a statement on the Singapore Exchange saying that Chen Yalai intends to acquire Xinxing Heavy Machinery through investment holding company TAL United. The bid price of RMB 0.58 per share is the final price, and TAL United does not intend to increase the bid price.

The bargaining price was 0.545 yuan higher than the closing price of the last full-day trading day before the announcement of the acquisition (March 13), 6.4%.

This price is 5.8%, 4.3%, 7.6%, 11.8% and 19.3% higher than the Volume Weighted Average Price per Share (VWAP) for the past month, three, six, 12 and 24 months.

Further reading

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TAL United is composed of TAL Holdings and United Hope, with 76% and 24% stakes, respectively. Chen Yalai currently holds 29.96% of the equity of Xinxing Heavy Machinery Company, and Zhang Yida holds 28.46% of the equity.