Dyna-Mac loses free float as Hanwha secures 92.22% of total shares

Hanwha and its concert parties agreed to acquire 1.2 billion shares.

Dyna-Mac Holdings has lost its free float after Hanwha Ocean SG Holdings and its allied parties agreed to acquire 1.2 billion shares, representing 92.22% of its total issued shares.

In a bourse filing, Dyna-Mac disclosed that Hanwha and its concert parties achieved valid acceptances for at least 90% of the total shares, allowing them to proceed with the compulsory acquisition of all remaining shares.

After completing the compulsory acquisition, Hanwha will delist the Dyna-Mac from the SGX-ST.

Hanhwa has offered to take over Dyna-Mac for $0.67 per share.

The offer will close on 20 November, 5:30 p.m.

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