JK Global Wealth Pte. Ltd. made a voluntary conditional cash offer to acquire a 40.7% stake in Global Dragon Limited (Catalist : 586) from Tan Soo Lung, Ko Lee Meng and others for SGD 33.3 million on February 10, 2023. The offer price for each GDL share is SGD 0.12 in cash. JK Global Assets Pte. Ltd. related party of offeror hold in aggregate 404,381,666 GDL shares representing approximately 59.30% of all issued GDL shares. Upon closing of all shares, offeror with its elated party will own a 100% stake in GDL. The offeror intends for the GDL to continue with its existing activities and has no intention to introduce any major changes to the business, re-deploy the fixed assets and discontinue the employment of any of the existing employees of the Group, other than in the ordinary course of business.

As at February 28, 2023, the aggregate shareholding of the Offeror and the Offeror Concert Parties is 582,797,166 Target Shares, representing 85.46 per cent. of the total number of issued Target Shares. The offeror received irrevocable understanding from Tan Soo Lung and Ko Lee Meng to accept the offer in regard of 154,681,500 shares, representing 22.68% stake in GDL. The transaction is subject to the Board approval of GDL and will also be subject to the offeror receiving valid acceptance in respect of such number of GDL shares which, will result in the offeror and parties acting in concert with the offeror holding GDL shares representing not less than 90%. The offeror will have a right of compulsory acquisition upon valid acceptance of minimum 90% stake in target at close of offer. The offer will remain open for acceptances by shareholders for a period of at least 28 days from the posting of the Offer Document. As of March 3, 2023, the aggregate shareholding of the Offeror and the Offeror Concert Parties (excluding any valid acceptances of the Offer) is 582,853,466 Target Shares, representing 85.47 per cent. of the total number of issued Target Shares after an open market purchase of 1.5% shares on March 3, 2023. As on March 10, 2023, Offer has become unconditional and close date of offer has been extended from April 7, 2023 to April 10, 2023.
As of March 17, 2023, Offeror has received valid acceptances pursuant to the Offer of not less than 90% of the total number of Target Shares in issue1(excluding treasury shares), the Offeror is entitled to, and will exercise its right under Section 215(1) of the Companies Act to compulsorily acquire all the Target Shares held by the Dissenting Shareholders at the Offer Price of SGD 0.12 for each Target Share.
DBS Bank acted as financial adviser to the offeror in connection with the offer. ZICO Capital Pte. Ltd. acted as financial advisor to Global Dragon Limited.

JK Global Wealth Pte. Ltd. completed the acquisition of 40.7% stake in Global Dragon Limited (Catalist : 586) from Tan Soo Lung, Ko Lee Meng and others on April 10, 2023.