Bromat Holdings (SGX:9I7) non-executive director, Frank Liu Tao, has reached a global settlement agreement with Valiant Investments and Michael Koh Tat Lee, triggering a mandatory unconditional cash takeover offer for all remaining shares of the company.

Under the terms of the corporate transaction, the director will extend an offer of SG$0.031 per share in cash, taking his stake in the company to 80.69%.

The settlement was concluded via a conversion of debt into equity, resolving previous loans and advances valued at nearly SG$7 million extended to Valiant. In return, Valiant transferred approximately 365.7 million ordinary shares to Tao.

The offeror intends to preserve the food and beverage restaurant operator's listing status on the board and does not plan to introduce any major changes to the company's existing business operations or core assets.