Dyna-Mac delists from SGX after Hanwha Ocean completes compulsory acquisition

SINGAPORE: Dyna-Mac Holdings Ltd, an offshore oil-and-gas contractor, announced it would delist from the Singapore Exchange (SGX) mainboard from 9 am on Thursday (Jan 9), as reported by The Business Times.

The decision follows the completion of a voluntary unconditional cash offer by Hanwha Ocean SG on Nov 20. The company said that the compulsory acquisition of all shares not bought under Hanwha’s offer had been completed.

Hanwha Ocean SG first made a conditional cash offer in September, proposing a price of S$0.60 per share. This offer was later increased to S$0.67 per share in October. By Nov 15, the offer had turned unconditional.

On Dec 16, former Dyna-Mac executive chairman and chief executive officer Lim Ah Cheng was removed from his position following a business review after the acquisition by Hanwha Ocean SG.

The company’s board of directors stated that Mr Lim’s termination was part of an effort to identify areas for improvement in the company’s strategic direction and operations.

Mr Lim had been leading the company since 2020, a period during which he played a key role in its financial turnaround. When he took over, Dyna-Mac faced significant challenges, including a net loss of S$14.2 million in the first half of FY2020. Despite these difficulties, the company began to see profits in FY2021 under his leadership.

By June 2024, Dyna-Mac’s order book had grown to S$681.3 million. For the first half of FY2024, the company reported a year-on-year (YoY) increase in earnings to S$38.8 million, with revenue climbing 42.5% to S$259.7 million. /TISG