Teo Teck Leong, Teo Eng Hwee, Teo Eng Shing and Teo Eng Thian (Teo Family Group) made an offer to acquire remaining 70.98% stake in Shinvest Holding Ltd. (SGX:BJW) for SGD 58 million on February 16, 2022. Under the terms the offer price is SGD 3.5 per share, Prior to acquisition, Teo Family Group holds 8,677,520 Shares in aggregate, which represents approximately 29.02% of the total number of issued Shares of Shinvest Holding. Teo Family Group has obtained financing from UOB. 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. In such event, the Offeror intends to exercise its right to compulsorily acquire all the Shares not acquired under the Offer. The Offeror will then proceed to delist the Company from the SGX-ST. On March 4, 2022 16,558,048 shares representing 55.37% (more than 50%) stake of total issued and outstanding of Shinvest Holding has accepted the offer, offer became unconditional.

The deal is expected to be completed from March, 30 2022 to April 13, 2022. United Overseas Bank Limited acted as the financial advisor to Teo Teck Leong, Teo Eng Hwee, Teo Eng Shing and Teo Eng Thian.

Teo Teck Leong, Teo Eng Hwee, Teo Eng Shing and Teo Eng Thian (Teo Family Group) completed the acquisition of remaining 70.98% stake in Shinvest Holding Ltd. (SGX:BJW) on April 13, 2022. Shinvest Holding will be delisted from the Official List of the SGX-ST on 17 May 2022.