Date: May 27, 2022
SIAS had a good meeting with Hwa Hong yesterday. Hwa Hong’s Directors came to see SIAS proactively to seek SIAS’ independent guidance on the related issues and to brief SIAS on the next steps.
SIAS was informed by Hwa Hong directors that under The Singapore Code on Take-overs and Mergers (Code), the current directors are deemed to be “independent” of the Offeror. Further, SIAS understands that under the Code, Hwa Hong will need to proceed with the appointment of the IFA.
Therefore, SIAS has no objection to the appointment of the IFA ahead of the Independent Reviewer (IR). In relation to the appointment of the IR, we understand that the Company has been working closely with the SGX RegCo on an appropriate choice of the IR. We look forward to this appointment expeditiously.
Founder, President & CEO