Hafary’s founding family offers 64 cents a share to take company private
The offer values Hafary’s 430.55 million issued shares at about $275.6 million.
Hafary Holdings, a local tile supplier, has launched a cash offer to take the company private, according to a Sept 28 exchange filing. The offer, made by the family-owned 23 Capital, values the company at $275.6 million. The family, which holds 89.96% of Hafary's shares, has committed to accepting the offer, which is 4.9% above the company's last traded price and 19.9% above its 12-month average price.
Hafary's three family members, who together own 39.14% of the company, have agreed to accept the offer, as has Hap Seng Investment Holdings, which holds 50.82% of the shares. The offer is conditional on 23 Capital receiving enough acceptances to compel the purchase of the remaining shares. If successful, Hafary would become a wholly owned subsidiary of 23 Capital and delist from the Singapore Exchange.
The family believes the privatisation would save listing costs and provide management with greater flexibility. Hafary, founded in 1980, has grown from a ceramic tile shop in Balestier to a supplier of stone, mosaics, wood flooring, and bathroom fittings to homeowners, designers, contractors, and property developers.
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