United Overseas Bank Limited announced on Sep, 28 2026 that it is acting for 23 Capital Pte. Ltd. in a voluntary conditional cash offer to acquire all outstanding ordinary shares of Hafary Holdings Limited.

The offer is priced at 0.64 Singapore dollars in cash for each Hafary share, valuing the entire equity of the tile and surface-material supplier at roughly 276 million Singapore dollars based on 430.55 million shares in issue.

The bid is conditional on 23 Capital obtaining enough acceptances to exercise compulsory acquisition rights under Section 215(1) of the Companies Act, which would allow it to delist and wholly own the company.

Irrevocable undertakings to accept the offer have been secured from the Low family and Hap Seng Investment Holdings Pte. Ltd., covering 387.32 million shares, or about 89.96% of the stock.

UOB stated that sufficient financial resources are in place to fund full acceptance of the offer, which is final at the stated price unless a competing bid emerges.