Low Keng Huat's privatization is imminent, with the acquirer's shareholding increasing to 93.84% | Lianhe Zaobao

The local mainboard-listed builder Low Keng Huat is about to be delisted, completing its privatization. According to a statement released by UOB Kay Hian on Monday (January 26) on behalf of the acquirer, Malaysian parent company Consistent Record currently holds 93.84% of the issued share capital of Low Keng Huat. This has reduced the public shareholding ratio to below 10%, falling below the minimum threshold required to maintain listing. Consistent Record is a special purpose company effectively controlled by Low Keng Huat's director and manager Liu Pingjie and his family. Liu Pingjie is the son of the company's founder, Low Keng Huat. It issued its final offer on January 13 to acquire the remaining shares of Low Keng Huat it does not already own at SGD 0.78 per share, which is SGD 0.06 or 8.3% higher than the initial offer price. Further Reading One of Low Keng Huat's major shareholders sold all shares at SGD 0.78 per share Received a full acquisition offer, Low Keng Huat rose 16% in early trading Before announcing the privatization offer, Consistent Record already held about 400.02 million shares of Low Keng Huat, accounting for 54.2% of the issued share capital; concert parties held about 160.9 million shares, accounting for 21.8%; the two combined held about 76%. UOB Kay Hian noted in the statement that since the offer period began, Consistent Record has acquired approximately 78 million shares through the market, equivalent to 10.6% of Low Keng Huat's capital. During Monday's trading session, Consistent Record further increased its holdings by 136,200 shares at the day's price of SGD 0.78, accounting for 0.02% of the capital. The effective acceptance of shares from other shareholders outside the concert parties accounted for about 7.3% Low Keng Huat's company received a voluntary conditional general offer for acquisition in early December last year. This company, founded by the well-known figure in the construction industry, Low Keng Huat, was listed locally in 1992. Low Keng Huat's stock price remained flat at SGD 0.78 on Monday