SINGAPORE (Apr 26): THSC Investments has upped its offer price for Tat Hong by 5 cents to 55 cents in cash from 50 cents initially.

The closing date for the offer has been extended from today to May 14.

The revised offer price is 10% higher than the initial offer price and values the crawler crane rental company at $414 million. The offeror says it does not intend to revise the final offer price.

THSC Investments made the voluntary conditional cash offer for Tat Hong Holdings as first announced on March 9.

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THSC is owned by TH60 Investments, a special purpose vehicle owned by Roland Ng, managing director of Tat Hong, and Standard Chartered Private Equity (Singapore).

As at 5pm on Wednesday, the total number of shares controlled by the offeror and its concert parties amount to 82.50%.

As announced earlier, the offer is conditional upon the offeror having received valid acceptances of not less than 90% of the shares.

Shareholders who have earlier validly accepted the offer are entitled to receive the final offer price, subject to the offer being declared unconditional.

Shares in Tat Hong closed at 48 cents on Wednesday.