This comes after it fired its then executive chairman and chief executive Lim Ah Cheng following a business review in mid-December
OFFSHORE oil-and-gas contractor Dyna-Mac announced that it will delist from the mainboard of the Singapore Exchange (SGX) with effect from 9 am on Thursday (Jan 9) .
This follows the close of the voluntary unconditional cash offer made by offeror Hanwha Ocean SG on Nov 20 and the completion of the compulsory acquisition of all offer shares not acquired under Hanwha’s offer, said the company on Thursday.
Hanwha in September launched a voluntary conditional cash offer for Dyna-Mac at the offer price of S$0.60 apiece, which was subsequently raised to a final offer price of S$0.67 apiece in October. The offer turned unconditional in all respects on Nov 15.
On Dec 16, Dyna-Mac fired its executive chairman and chief executive Lim Ah Cheng following a business review after Hanwha completed the acquisition of the company.
The company’s board of directors said that they had decided to terminate Lim in order to identify areas of improvement for Dyna-Mac’s strategic direction and operations.
Lim, who helmed the company for four years since 2020, oversaw Dyna-Mac’s turnaround from crisis when he managed to bring it back from the brink of bankruptcy.
Merely months after Lim became CEO, the company was in the red with a S$14.2 million net loss for the first half of FY2020. A year later in FY2021, it started to turn a profit.
Under his leadership, the company made improvements to its bottom line and cash position – as at June 2024, its order book had grown to S$681.3 million. For the first half of FY2024 ended June, its earnings more than trebled on the year to S$38.8 million as revenue climbed 42.5 per cent to S$259.7 million.
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