Pang Lim and Ng Hoon Tien made an offer to acquire additional 22.077137% stake in Koufu Group Limited (SGX:VL6) for SGD 94 million on December 29, 2021. Under the terms the offer price is SGD 0.77 per share. Pre acquisition Pang and Ng have a deemed interest in 428,048,800 Shares, representing approximately 77.41% of Koufu Group Limited. The transaction is subject to Minimum Acceptance Condition. If the Offerors receives valid acceptances pursuant to the Offer in respect of not less than 90% of the total number of issued Shares of Koufu, the Offerors would have the right to compulsorily acquire all the Shares of Shareholders who have not accepted the Offer, and the Offeror intends to exercise its right to compulsorily acquire all the Offer Shares not acquired under the Offer in the event it is entitled to do so. The Offeror's intention is to delist Koufu Group Limited following compulsory acquisition. On January 27, 2022, the Offeror has received a valid acceptances in respect of 498,331,711 Offer Shares, representing approximately 90.12% of the total number of issued Shares, accordingly, minimum acceptance condition is satisfied and the Offer has therefore become unconditional in all respects. As of February 15, 2022, SGX-ST gave its approval for delisting of Koufu Group Limited.

The deal is expected to be completed by no later than February 9, 2022. The Offer remains open for acceptances until 5.30 p.m. (Singapore time) on February 23, 2022 as announced in the Unconditional Offer. United Overseas Bank Limited acted as the financial advisor to Pang Lim and Ng Hoon Tien. CIMB Bank Berhad, Singapore Branch acted as financial advisor and Messrs Lee & Lee acted as legal advisor to Koufu Group Limited in the deal. RHT Corporate Advisory Pte. Ltd. acted as registrar to Koufu Group Limited.