United Overseas Bank Limited, acting for 23 Capital Pte. Ltd., announced on Sep, 28 2026 a voluntary conditional cash offer for all issued shares of Hafary Holdings Limited at 0.64 Singapore dollars per share.

The offer price is declared final, with the bidder reserving the right to revise only in a competitive situation. Shares tendered must be fully paid and free of encumbrances; any dividends or other distributions declared after the announcement may reduce the offer price by an equivalent amount.

Completion is conditional on 23 Capital securing enough acceptances to exercise compulsory acquisition rights under Section 215(1) of the Companies Act. Irrevocable undertakings already cover about 89.96 % of Hafary’s 430.55 million shares, including 39.14 % held by company founders and 50.82 % held by Hap Seng Investment Holdings Pte. Ltd.

If the 90 % threshold is reached, 23 Capital intends to acquire all remaining shares and delist Hafary from the Singapore Exchange, citing low trading liquidity, compliance cost savings and greater management flexibility.

The 0.64-dollar offer represents a 4.9 % premium to the last traded price of 0.61 dollar on Sep, 25 2026, a 19.9 % premium to the 12-month volume-weighted average price of 0.534 dollar and a 43.8 % premium to the one-year low of 0.445 dollar.

An offer document detailing terms and acceptance procedures will be dispatched within 14 to 21 days, and the offer will remain open for at least 28 days from its posting. United Overseas Bank confirmed that sufficient financial resources are in place to fund full acceptance of the offer, excluding amounts waived by the founding shareholders.