QRC launches takeover bid for DLF at S$0.081 per share

QRC Pte Ltd, a consultancy solely owned by Enomoto Hiroyuki, has launched a mandatory takeover offer for Catalist-listed DLF Holdings, offering S$0.081 for each share it does not already own, the engineering firm announced in a Friday bourse filing after market close.

The offeror intends to maintain DLF's listing status on the Singapore Exchange.

QRC's offer price represents a steep 54.5 per cent discount from DLF's volume-weighted average price (VWAP) of S$0.178 for the month up to Sept 5, and a narrower 29.6 per cent discount to the one-year VWAP and 4.71 per cent discount to the six-month VWAP.

The offer was triggered on Friday, after QRC entered an agreement to acquire a 57.16 per cent stake in the company for S$5.6 million, or S$0.0809 per share. Under the agreement, QRC bought 45 million shares from DLF's former chief executive Wong Ming Kwong and 24.2 million shares from founder Fan Chee Seng.

QRC was locally incorporated in 2018. The entity's directors include its owner and individuals Mishima Yusaku and Zhang Congxi.

More information on the offer will be set out in the offer document to be issued to shareholders.

Shares of DLF closed flat at S$0.185 on Friday.