Loo Leong Thye, Chief Executive Officer and Executive Director of Challenger Technologies Limited, Loo Pei Fen, Chief Marketing Officer of Challenger Technologies Limited, Ong Sock Hwee, Loo Wei Kiat along with Dymon Asia Private Equity (S.E. Asia) Fund II Pte. Ltd. managed by Dymon Asia Capital (Singapore) Pte. Ltd. made an offer to acquire the remaining 35.24% stake in Challenger Technologies Limited (SGX:573) from its shareholders for SGD 79.3 million on May 30, 2023. The offer is not conditional upon a minimum number of acceptances being received by the offeror. Under the offer, the offeror and persons acting in concert will acquire 141.6 million shares at an offer price of SGD 0.56 per share in cash. As of June 6, 2023, the offer price was increased from SGD 0.56 to SGD 0.6 per share in cash resulting in total consideration of SGD 84.9 million. As of June 14, 2023, post valid acceptances, the offerors hold 271.4 million shares, representing 67.55% stake in Challenger Technologies. As of June 30, 2023, the offerors hold an aggregate of 293.9 million shares, representing approximately 73.16% of Challenger Technologies. As of July 5, 2023, the offerors hold an aggregate of 297.1 million shares, representing approximately 73.94% of Challenger Technologies. The offer will close on July 11, 2023. The offer will close on July 25, 2023.

United Overseas Bank Limited (SGX:U11) acted as a financial advisor to Loo Leong Thye, Loo Pei Fen, Ong Sock Hwee, Loo Wei Kiat and Dymon Asia Capital (Singapore) Pte. Ltd. Boardroom Corporate & Advisory Services Pte. Ltd. acted as share registrar for Challenger Technologies Limited. Deloitte & Touche Corporate Finance Pte Ltd. acted as financial advisor to the Board of Challenger Technologies and Morgan Lewis Stamford LLC acted legal advisor.

Loo Leong Thye, Chief Executive Officer and Executive Director of Challenger Technologies Limited, Loo Pei Fen, Chief Marketing Officer of Challenger Technologies Limited, Ong Sock Hwee, Loo Wei Kiat along with Dymon Asia Private Equity (S.E. Asia) Fund II Pte. Ltd. managed by Dymon Asia Capital (Singapore) Pte. Ltd. completed the acquisition of 97.8% stake in Challenger Technologies Limited (SGX:573) from its shareholders for approximately SGD 240 million on July 25, 2023.