Ding Liguo, Executive Chairman and Chief Executive Officer of Delong Holdings Limited, made an offer to acquire an additional 18.5% stake in Delong Holdings Limited (SGX:BQO) for approximately SGD 140 million on July 29, 2019. Under the terms of the offer, each shareholder will receive SGD 7 in cash for each Delong’s share. Ding Liguo does not intend to revise the offer price. If any dividend, other distribution or return of capital is declared, made or paid by the Delong on or after the offer, Ding Liguo reserves the right to deduct from the offer price payable to each shareholder who has accepted the offer the amount of such dividend, distribution or return of capital received by such shareholder. In respect of valid and complete acceptances of the offer received on or before August 15, 2019, consideration shall be settled by August 22, 2019 (or such other time as may be required by The Singapore Code on Take-overs and Mergers) and in respect of valid and complete acceptances received after August 15, 2019 but before September 10, 2019, consideration shall be settled within seven business days after the date of receipt of each such acceptance (or such other time as may be required by The Singapore Code on Take-overs and Mergers). Ding Liguo and Zhao Jing (spouse of Ding Liguo) beneficially own 81.5% stake in Delong and on successful completion of the offer, Ding Liguo and Zhao Jing will own 100% stake in Delong. The offer will be funded by bank facilities extended to Ding Liguo by Deutsche Bank AG, Singapore Branch pursuant to a loan facility agreement. It is the intention of Ding Liguo to carry on the existing business activities of Delong Holdings Limited and Ding Liguo presently has no intention to introduce any major changes to the existing businesses of Delong Holdings Limited, re-deploy any of the major fixed assets of Delong Holdings Limited or discontinue the employment of any employees of Delong Holdings Group save in the ordinary course of business. However, Ding Liguo retains the flexibility at any time to consider any options or opportunities in relation to Delong Holdings Limited which may present themselves and which Ding Liguo may regard to be in the interest of Delong Holdings Limited. Ding Liguo intends to delist Delong. The offer is conditional upon Ding Liguo having received, by the close of the offer, valid acceptances in respect of 90% of the total number of offer shares. Save for the offer acceptance condition, the offer is unconditional in all other respects. Ding Liguo has received irrevocable undertakings to accept the offer from a group of shareholders holding 7.1% stake in Delong. Ding Liguo intends to compulsorily acquire all the shares not tendered in the offer, if the minimum acceptance condition is fulfilled. As on August 15, 2019, Ding Liguo along with parties in concert hold 99.97 million shares representing 90.73% stake in Delong. Accordingly, the offer has become unconditional as to acceptances and is declared unconditional in all respects as on August 15, 2019. Ding Liguo is entitled to, and will in due course, exercise the rights of compulsory acquisition under Section 215(1) of the Companies Act to compulsorily acquire all the shares of shareholders of Delong who have not accepted the offer. Ding Liguo intends to exercise the compulsory acquisition right on or about September 23, 2019. As on August 15, 2019, the transaction has been approved by nine-tenths in nominal value of the total number of ordinary shares holders. PricewaterhouseCoopers Corporate Finance Pte Ltd recommended the shareholders to accept the offer. The Independent Directors concur with the advice and recommendation of PricewaterhouseCoopers Corporate Finance Pte Ltd and accordingly, the Independent Directors recommended the shareholders to accept the offer. The offer is expected to close on September 10, 2019. Ding Liguo does not intend to extend the offer beyond September 10, 2019. Stirling Coleman Capital Limited acted as financial advisor for Ding Liguo. B.A.C.S. Private Limited acted as registrar for Delong Holdings. Ling Tok Hong of PricewaterhouseCoopers Corporate Finance Pte Ltd has been appointed as financial advisor for the independent Directors of Delong. Ding Liguo, Executive Chairman and Chief Executive Officer of Delong Holdings Limited, completed the acquisition of an additional 17.27% stake in Delong Holdings Limited (SGX:BQO) on September 10, 2019. The offerors received valid acceptances in respect of 19.03 million shares of Delong Holdings. Post completion, the offerors hold 98.75% stake in Delong Holdings. The offerors intend to exercise its compulsory acquisition right to acquire all the offer shares held by the dissenting shareholders on or about September 23, 2019. As of September 25, 2019, as a result of the offer transaction, Delong Holdings Limited will delist from Stock Exchange of Singapore effective September 26, 2019.