SINGAPORE (Reuters) - Tat Hong Holdings Ltd (SI:TAT), a Singapore-based supplier of cranes, said it had received a non-binding letter from Standard Chartered (LON:STAN) Private Equity (Singapore) proposing to buy it in a deal that values the company at S$377 million (210.97 million pounds).
Standard Chartered PE (SCPE) has offered S$0.50 per share under the proposal, which is subject to conditions including an agreement of definitive partnership terms with the existing management team and founding family members, Tat Hong said a filing to the stock exchange on Friday.
The offer represents a premium of nearly 9 percent to Tat Hong's closing price of S$0.46 on Thursday. Trading in the stock was halted on Friday ahead of the announcement.
There was no certainty that any transaction would arise from the proposal by SCPE, the company said. Tat Hong informed the markets in September about being approached by certain parties for a potential transaction.
Tat Hong has been listed on the mainboard of the Singapore Stock Exchange since 2000. It says it is the largest crane-owning company in the Asia-Pacific region with a fleet size of more than 1,500 crawler, mobile and tower cranes.
The controlling shareholders, Chwee Cheng and Sons along with related parties, own more than half the shares, according to its latest annual report.