SG Dealbook: Tat Hong to go private in $283m deal; CWG note issue to fund M&As

Singapore skyline. Credit: CapitaLand.

Tat Hong is set to delist from the SGX in a privatisation deal while CWG International has subscribed to a promissory note to finance acquisitions.

Tat Hong considers privatisation offer

Roland Ng, the managing director of Tat Hong, which is reportedly the largest crawler crane rental company globally, is seeking to take the company private.

Ng and Standard Chartered Private Equity (Singapore) has made an S$0.50 per share pre-conditional cash offer for all the shares of the group, via takeover vehicle THSC Investments in a deal that values Tat Hong at S$377 million ($283.8 million). The deal will be financed through borrowings from financial institutions.

The transaction requires approval from the Australian Competition and Consumer Commission (ACCC).

Reasons cited for the delisting include low market liquidity, compliance costs and flexibility to manage the business.

CWG International unit invests $25m in US Hospitality Investments

CWG International’s wholly owned subsidiary, Chiwayland Group (S), has subscribed to a promissory note with a principal amount of $25 million issued by Delaware-incorporated US Hospitality Investments, LLC.

According to CWG International, the transaction will allow it to invest in an established business by way of debt financing. The note bears an interest rate of 10 per cent and will mature in 10 years.

CWG will utilise internal resources and an interest-free loan from controlling shareholder Sinway Investment to finance the subscription of the promissory note.

US Hospitality Investments holds hotel properties in the US while Urban Commons is an existing US joint venture (JV) partner of the CWG group. Investment proceeds will fund the acquisition of select hotel properties by US Hospitality.

Also Read:

SGX IPO pipeline set for strong 2018 despite lacklustre equities & delistings

Singapore’s BM Mobility offers to buy Malaysia’s electric car-sharing firm UNiRIDE

Singapore: EFA Group’s latest SME trade finance fund deploys $100m since launch

Singapore: Japan’s Itochu invests $59m in OUE Lippo Healthcare

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.