Maybank Securities has announced a voluntary unconditional cash offer on behalf of TAL United to acquire all issued and paid-up ordinary shares of Sin Heng Heavy Machinery Limited (Sin Heng) at S$0.58 per share in cash.
TAL United, a consortium formed by TAL Holdings (TALHPL) and United Hope (UHPL)—the controlling shareholders of Sin Heng—holds 76% and 24% stakes, respectively. The offeror’s board consists of Tan Ah Lye, Tan Cheng Kwong, and Teo Yi-dar, all of whom hold key leadership roles within the consortium.
The offer aims to delist and privatize Sin Heng, providing shareholders with an exit opportunity at a premium. The offer price of S$0.58 per share represents a 6.4% increase over the last traded price of S$0.545 on March 13, the most recent full trading day before the announcement.
According to Maybank’s bourse filing, the offer price includes the right to receive any declared or paid distributions. However, if an accepting shareholder has already received a distribution, the payable offer price will be adjusted accordingly.
With this move, TAL United seeks to take Sin Heng private, consolidating ownership and potentially reshaping the company’s future direction.