THC Venture, an investment holding company set up by TTJ Holdings’ executive chairman and controlling shareholder Teo Hock Chwee, says it does not intend to increase its offer price of 23 cents per share.
See: "Hold out for better offer" says Lim & Tan to TTJ's minority shareholders and Reject TTJ’s privatisation offer, says IFA as offer price below valuation
Teo owns 84.4% of the shares in TTJ while his daughter, Teo Geok Hong, owns 0.1%.
TTJ Holdings, on May 20, made a voluntary conditional offer (VCO) for the shares it does not own in TTJ.
Teo has undertaken to accept the offer in respect of all his shares, as has Chiong Su Been, TTJ Holdings’ executive director and CFO.
TTJ’s net asset value (NAV) per share stood at 37 cents according to its balance sheet for the 1HFY2022 ended Jan 31.
Based on some assets held for sale, the adjusted NAV (ANAV) is estimated at 37.3 cents.
However, based on the net revaluation surplus of $30.8 million in a valuation undertaken by valuers, the revalued ANAV (RANAV) works out as 46 cents as at Jan 31.
Shares in TTJ Holdings closed flat at 24.5 cents on June 29.
