Business · Singapore Bureau
Hafary founding family bids 64 cents per share to delist company
The offer values the building materials retailer at approximately $275.6 million, seeking to take the firm private in a move by the controlling shareholders.
LSN Singapore ·
Hafary's founding family has launched a privatisation bid for the Singapore-listed building materials and home improvement retailer at 64 cents per share. The proposal, put forward by the company's controlling shareholders, values the group's 430.55 million issued shares at around $275.6 million. The offer represents a premium to recent trading levels and seeks to return the company to private ownership. The bid comes as the family looks to consolidate control of the business, which has established itself as a major player in the regional home and building supplies sector. Shareholders will be required to vote on the privatisation proposal, with an independent financial adviser expected to assess the fairness of the valuation. The delisting, if approved, would mark a significant shift in Hafary's corporate structure after its time as a publicly traded entity on the Singapore Exchange.