Srs Auto Holdings Pte. Ltd. made a voluntary conditional cash offer to acquire 42.7% stake in Allied Technologies Limited from a group of shareholders for SGD 8.3 million on June 17,2022. The sellers are Lin Tah Hwa, Low Si Ren, Kenneth, Heng Hui Kiak, Robin, Lim Wei Kwang Lenny, Ooi Thean Yat Ronald Anthony, Loo Hui Lin, Emily, Choo Weng Wah, Ng Mui Soon, Tan May Hua Linda, Tong Yoke Chan, Lai Ping Liang Damien Iain, Wong Kiong Hong, Chiam Heng Huat, Low Yew Shen, Lam Yee Kee, Chew Soo Lin, Gary Lee Seaton, Lin Ai Ling, Hashimoto Yukinor, Desmond Tan Wee Min and Yinyu Pte Ltd. Srs Auto will acquire 756,024,400 shares at SGD 0.011 in cash.

The offer will be conditional upon the offeror having received, by the close of the offer, valid acceptances (which have not been validly withdrawn) in respect of such number of Offer Shares which, when taken together with the Shares owned, controlled or agreed to be acquired by the offeror and parties acting in concert with it before or during the Offer, will result in the offeror and its concert parties holding offer Shares representing not less than 90% of the total number of shares in issue (excluding treasury shares) as at the close of the offer. In the event that as a result of the offer or otherwise, the offeror and its concert parties own or control more than 90% of the shares in issue and Allied Technologies is no longer able to comply with the free float requirement. The offer will remain open for acceptances by shareholders for a period of at least 28 days from the date of posting of the offer document.

As of August 3, 2022, the Offer must be kept open for at least 14 days from the date of posting of the Revision Notification to Shareholders. The Offer will be open for acceptances until 5.30 p.m. (Singapore time) on August 19, 2022. Transaction is expected to close on September 20, 2022.

Ryan Lin of Bayfront Law LLC acted as legal advisor for Srs Auto Holdings Pte. Ltd.