SINGAPORE (Mar 9): With all the pre-conditions in its Jan 11 offer satisfied, Roland Ng, managing director of Tat Hong, is going ahead with his plans to privatise the crawler crane rental company.

See: Tat Hong gets 50 cents a share offer from group CEO Roland Ng to privatise company

Offeror THSC Investments on Friday night announced its firm intention to make a voluntary conditional cash offer for all the issued and paid-up ordinary shares of Tat Hong, excluding the ones in treasury.

THSC is owned by TH60 Investments, a special purpose vehicle owned by Ng, and Standard Chartered Private Equity (Singapore).

The offer is now conditional on THSC holding not less than 90% of the shares at the close of the offer. The offeror has since secured irrevocable undertakings representing 66.82% of the shares.

Under the Jan 11 offer, Ng is seeking to privatise Tat Hong for $376.6 million, or 50 cents per share.

The offer represents a premium of 35.5% over the three-month volume-weighted average price for the period up to and including the last undisturbed trading date.

"Shareholders now have an opportunity to exit their investment at a premium over market-traded prices without incurring brokerage and other trading costs," says THSC in the offer document.

Last month, Tat Hong reported its third straight FY18 quarter in the red with a loss of $2.3 million.

See: Tat Hong records third straight quarter of loss in FY18

In its outlook, Tat Hong cautions there may be “pockets of weaknesses” arising from challenging market conditions in certain parts of the Asean region, as well as newly-announced environmental regulations affecting the Beijing area.

The group nonetheless remains positive on the business climate for the crane rental market.

Shares in Tat Hong closed at 49 cents on Friday.