23 Capital to buy Hap Seng's Hafary stake in $110M deal
What's the deal? Hap SengDealroom has a profile for this one. Try Dealroom → Consolidated has agreed to sell its 50.82% stake in Singapore-listed Hafary HoldingsDealroom has a profile for this one. Try Dealroom → to 23 Capital for US$102.7M in cash. The Malaysian conglomerate's wholly-owned subsidiary, Hap Seng Investment Holdings, will accept a voluntary conditional takeover offer for all 218.79 million Hafary shares it holds.
The terms: The offer values each Hafary share at US$0.47. Once complete, Hafary will cease to be a subsidiary of Hap Seng Investment Holdings.
Why now? Hap Seng framed the sale as a chance to cash out at a strong valuation. The disposal "enables the group to realise its investment in cash at an attractive valuation, thereby strengthening its financial position and enhancing financial flexibility," it said in a Bursa Malaysia filing.
What changes? Hap Seng gives up future earnings from Hafary in exchange for the cash proceeds. Control of the Singapore-listed company passes to 23 Capital.
The signal: The exit shows Hap Seng trimming its portfolio to free up capital, with a new owner stepping in to take majority control of Hafary.
Read more: klsescreener.com
Image credit: Generated with Gemini
