Kao Ching Fong nee Pan, Executive Director of San Teh Ltd, Kao Chuan Chi, Executive Chairman cum Chief Executive Officer of San Teh Ltd, Kao Chuan Trong, Managing Director of San Teh Ltd and Kao Hsien Yuan (offerors) made an offer to acquire remaining 35.68% stake in San Teh Ltd (SGX:S46) from San Teh Education Inc. and other shareholders for SGD 34.2 million on September 5, 2019. The offerors will acquire the shares at SGD 0.28 per share in cash. There is no intention to revise the offer price. In case of distribution with respect to offer shares, offer price might get changed for shareholders who accept the offer. The offerors intends to wholly own San Teh Ltd after completion of the transaction. CEL Impetus Corporate Finance confirms that sufficient financial resources are available to the offerors to satisfy in full all acceptances of the offer. It is the intention of offerors to carry on the existing business of San Teh Ltd without discontinuing the employment of any of the existing employees of San Teh Ltd. or its subsidiaries. The offerors do not intend to preserve the listing status of San Teh Ltd and are making the offer with a view to delisting and privatizing San Teh Ltd. The offer will be subject to offerors having received valid acceptances in respect of such number of offer shares which, together with shares acquired or agreed to be acquired before or during the offer, will result in offerors and parties acting in concert with it holding shares representing not less than 90% of the voting rights attributable to all the shares as at the close of the offer (the “acceptance condition”). The offer is unconditional in all other respects. The offerors intend to exercise their rights of compulsory acquisition. In addition, offerors also reserve the right to seek a voluntary delisting of San Teh Ltd from the SGX-ST. As of October 24, 2019, the total number of shares owned, controlled or agreed to be acquired by the offerors and their concert parties, and valid acceptances of the offer, amount to an aggregate of 315.7 million shares representing approximately 92.32% stake in San Teh Ltd. Accordingly the offer has become unconditional and Offerors are entitled to, and will in due course, exercise their rights of compulsory acquisition and do not intend to support any action or take any steps to maintain the listing status of San Teh Ltd or to restore the free float requirement. The offer will remain open for acceptances by shareholders for a period of at least 28 days from the date of posting of the offer document. The offer is posted on September 26, 2019 and is open till October 24, 2019. As of October 23, 2019 closing date of offer was extended to November 7, 2019. As of October 24, 2019, the offer will now close on November 21, 2019. CEL Impetus Corporate Finance Pte. Ltd. acted as the financial advisor to offerors. RHT Corporate Advisory Pte. Ltd. acted as the receiving agent to the offerors and registrar to San Teh Ltd. Asian Corporate Advisors Pte. Ltd. is appointed as independent financial advisor for the independent directors of San Teh Ltd. Danny Lim and Penelope Loh of Rajah & Tann acted as the legal advisors to San Teh Ltd. Kao Ching Fong nee Pan, Executive Director of San Teh Ltd, Kao Chuan Chi, Executive Chairman cum Chief Executive Officer of San Teh Ltd, Kao Chuan Trong, Managing Director of San Teh Ltd and Kao Hsien Yuan (offerors) completed the acquisition of remaining 35.68% stake in San Teh Ltd (SGX:S46) from San Teh Education Inc. and other shareholders for SGD 34.2 million on November 21, 2019. The offerors acquired 96.22 million as a part of the tender offer and will acquire the remaining through compulsory acquisition. Offerors exercised the right to compulsorily acquire all the Offer Shares of the Dissenting Shareholders at the Offer Price of SGD 0.28 for each Offer Share (the “Consideration”) and on the same terms and conditions of the Offer. As of December 17, 2019, the securities of San Teh Ltd will be delisted on December 19, 2019. As of December 18, 2019, the offerors completed the exercise of their right of compulsory acquisition.