Received a comprehensive acquisition offer, Low Keng Huat rose 16% in early trading | Lianhe Zaobao
Developer Low Keng Huat announced that its stock price surged over 16% in the morning session after receiving a voluntary conditional general offer for acquisition. The special purpose company Consistency Record plans to privatize the company at a price of HKD 0.72 per share. The company is held by Managing Director Liu Pingjie and his mother. The acquisition price represents a premium of approximately 17.1% over the previous trading price
After announcing the receipt of a voluntary conditional general offer for acquisition, developer Low Keng Huat's stock price surged over 16% in the morning session.
As of 9:55 AM, Low Keng Huat was trading at SGD 0.72, an increase of 16.26%.
Low Keng Huat announced last Friday (November 28) after the market closed that it had received a voluntary conditional general offer. The special purpose company Consistency Record intends to privatize Low Keng Huat at a price of SGD 0.72 per share.
This special purpose company is owned by Low Keng Huat's managing director Liu Pingjie and his mother Xie Suzheng, holding 75% and 25% of the shares, respectively. Liu Pingjie is the son of the company's founder, Low Keng Huat.
The proposed offer price represents a premium of approximately 17.1% over the company's previous trading price and is about 8.9% higher than the volume-weighted average price over the past month.
Originally from Malaysia, Low Keng Huat is a well-known figure in the construction industry in Singapore and Malaysia. He was a pioneer in developing shopping malls in both regions, having built the Chinatown Pearl Centre and the Kuala Lumpur Anbang Shopping Centre.
The developer named after him, Low Keng Huat, was listed locally in 1992, primarily engaged in real estate development and construction. He passed away in February 2019 at the age of 88.
According to the company's latest announcement of its financial results for the first half of the fiscal year 2026, Low Keng Huat reported a loss of SGD 10.17 million, compared to a net profit of SGD 5.79 million in the same period last year. Due to declines in contributions from real estate, hotel, and investment businesses, revenue fell sharply by 85% year-on-year to SGD 38.74 million
