SingHaiyi takeover bid from Celine and Gordon Tang set to become compulsory

Singapore 10-dollar billsSingapore 10-dollar bills

Haiyi Treasure, an entity controlled by Celine and Gordon Tang, now has acquired, agreed to acquire or controls 95.81 percent of SingHaiyi‘s shares after launching a takeover bid in November, according to a filing to SGX Thursday.

The offer price is S$0.117 a share, which at the time the bid was made in November was an around 19.4 percent premium over the 12-month volume weight average price. Shares of SingHaiyi ended Thursday at S$0.117, up 0.86 percent.

The takeover deal was conditional on obtaining acceptances of the bid by at least 90 percent of SingHaiyi’s outstanding shares, the threshold at which Haiyi Treasure can compulsorily acquire the remaining shares from any holdouts.

Haiyi Treasure said it will proceed to compulsorily acquire the remaining SingHaiyi shares it doesn’t already control or have acceptances for and to delist the company.

As the free float is now set to fall below 10 percent, SGX0ST may suspend trading in the shares, the filing said.

Haiyi Treasure is a holding company owned 30:70 respectively by married couple Celine Tang, also known as Chen Huaidan, and Gordon Tang, also known as Tang Yigang. Celine Tang is group managing director, and executive non-independent director of SingHaiyi, the filing said.

Neil Bush, son of former U.S. President George H.W. Bush and brother of former U.S. President George W. Bush, is chairman and non-executive non-independent director of SingHaiyi. Neil Bush is deemed to have a 5.22 percent interest in SingHaiyi via his holding in New Palace Developments, according to the annual report. Those shares do not appear to be part of the agreement to accept the takeover offer.

SingHaiyi is a property developer and investor of residential and commercial properties, mainly in Singapore, the U.S. and Malaysia. According to its 2021 annual report, SingHaiyi also holds a 1.63 percent stake in Australia-listed Cromwell Property Group.

UOB was appointed as the sole financial advisor to Haiyi Treasure.