Hanwha to Delist Dyna-Mac from SGX Following Acquisition

In a significant development for shareholders of Dyna-Mac Holdings Ltd., Hanwha Ocean SG Holdings Pte. Ltd. has announced the successful closure of its offer to acquire all issued ordinary shares of the company. As of 5:30 p.m. Singapore time on November 20, 2024, Hanwha and its concert parties have acquired approximately 95.15% of the total issued shares of Dyna-Mac, equivalent to 1,188,655,282 shares.

This acquisition means that the free float requirement is no longer satisfied, and trading of Dyna-Mac shares on the SGX-ST will be suspended. Hanwha has declared its intention to exercise its right to compulsorily acquire all remaining shares not tendered under the offer at the final offer price, leading to the subsequent delisting of Dyna-Mac from the SGX-ST.

For shareholders who did not accept the offer, known as dissenting shareholders, Hanwha will provide the necessary documentation for the compulsory acquisition process. Shareholders are advised to seek independent legal advice if they wish to exercise their rights under Section 215(3) of the Companies Act.

The acquisition is expected to bring about potential synergies, such as enhanced productivity, economies of scale, and strengthened domain expertise. Hanwha plans to leverage combined resources, optimize operations, and invest in research and development to advance technology and deliver long-term benefits.

Hanwha’s strategy includes implementing a multi-yard approach, expanding its presence in strategic locations like Singapore, Korea, the US, and China. The company aims to reinforce Dyna-Mac’s competitiveness locally and accelerate international expansion.

As South Korea’s seventh-largest business group, Hanwha is committed to sustainable growth and innovation. Its acquisition of Dyna-Mac is poised to strengthen its position in the Singapore energy market while maintaining Dyna-Mac’s status as a home-grown enterprise.

This move could significantly impact Dyna-Mac’s share value due to the shift from a publicly traded entity to a privately held company under Hanwha’s ownership.