Hanwha Aerospace Co., Ltd. (KOSE:A012450) and Hanwha Ocean Co., Ltd. (KOSE:A042660) proposed to acquire remaining 74.6% stake in Dyna-Mac Holdings Ltd. (SGX:NO4) for SGD 190 million on September 11, 2024. A cash consideration valued at SGD 0.6 per share will be paid by Hanwha Aerospace Co., Ltd. and Hanwha Ocean Co., Ltd. As of October 14, 2024, the price per share is revised from SGD 0.6 to SGD 0.67 per share. The deal is expected to be completed on November 6, 2024. As of November 4, 2024, the Offeror has received valid acceptances of the Offer in respect of an aggregate of 554,004,556 Offer Shares representing approximately 44.45%2 of the total number of issued Shares which, when taken together with the Shares owned, controlled or agreed to be acquired by the Offeror and its Concert Parties, result in the Offeror holding such number of Shares amounting to more than 50% of the maximum potential issued share capital of the Company. Accordingly, the Minimum Acceptance Condition of the Offer has been satisfied and the Offer has therefore become and is hereby declared unconditional as to acceptances. The Offer remains subject to the satisfaction of the Merger Control Condition. Accordingly, the Offer has not become unconditional in all respects. The closing date for the Offer will be extended from November 6, 2024 to November 20, 2024. The Offer will remain open for acceptance for not less than 14 days after the date on which it would otherwise have closed. As of November 18, 2024, the transaction has been approved by Competition and Consumer Commission of Singapore.

United Overseas Bank Limited acted as financial advisor for Hanwha Ocean Co., Ltd. and Hanwha Aerospace Co., Ltd. ZICO Capital Pte. Ltd. acted as financial advisor for Dyna-Mac Holdings Ltd.

Hanwha Aerospace Co., Ltd. (KOSE:A012450) and Hanwha Ocean Co., Ltd. (KOSE:A042660) completed the acquisition of remaining 74.6% stake in Dyna-Mac Holdings Ltd. (SGX:NO4) on November 20, 2024. As of December 2, 2024, the compulsory acquisition was completed.