Mainboard-listed LHT Holdings has received an irrevocable offer from its managing director and CEO, Yap Mui Kee, to purchase the company’s assets and business.

The term sheet dated May 19 stated that Yap would like to buy all, or substantially all of the company’s operating assets and business undertakings as at the cut off date of March 31.

Yap is also LHT’s controlling shareholder. The company did not solicit the offer, says LHT in its May 20 announcement.

As at Dec 31, 2024, the company's net asset value per share was 101.77 cents, slightly above LHT's last traded price of 92 cents, giving it a market cap of nearly $49 million.

According to LHT's annual report, as at March 11, Yap holds 18.45% of the shares.

The offer is valid till Aug 19 and is subject to LHT’s acceptance in writing. The term does not constitute any legally binding obligations or commitments from the company.

According to LHT, the board, except Yap and her alternate director, Sally Yap Mei Yen, is currently reviewing and considering the offer.

LHT Holdings is a manufacturer of wooden pallets, boxes and crates, flooring, furniture components and doors for both local and overseas markets. It also imports chip-moulded pallets, slip-sheet pallets and plastic pallets and provides industrial packing and supply packaging supports to its customers.