CosmoSteel (SGX:B9S) Chief Executive Officer Ong Tong Hai believes a recent voluntary takeover offer from 3HA Capital undervalues the company, The Straits Times reported on Tuesday.
3HA Capital made an offer on May 15 to acquire more than 50% of CosmoSteel's shares at SG$0.20 per share.
3HA Capital cited the risk of CosmoSteel being suspended from trading or delisted, given its presence on the SGX watch list since June 2018, as a reason why shareholders may prefer an exit.
Ong said the offer "does not represent fair value for shareholders," according to the report.
The offer price is below the company's net asset value per share of approximately SG$0.293 as of March 31, The Straits Times wrote.
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