Hanaan Health Group Ltd., Beh Suan Tiong, Heng Tung Lan, Lee Keen Whye, Joyce Lim Teng Ee and Choo Wan Ling made an offer to acquire Singapore O&G Ltd. (Catalist:1D8) from Heng Siok Hong Veronica, Wong Chui Fong, Anna, Lee Tian Loon, Lee Tian Yang, Lee Tian Mun, Lee Wen Yi, Lee Wai Chan, Choo Wan Mei and Kessler Investment Holding Limited for approximately SGD 140 million on March 7, 2022. The buyer group will pay SGD 0.295 in cash for each share. Offeror doesn't hold any share before transaction.

The offeror acquires not less than 90% of the total number of issued shares and the offeror will be entitled to exercise the right to compulsorily acquire all the shares from shareholders who have not accepted the offer at a price equal to the offer price. On March 30, 2022, the offeror had valid acceptances of an aggregate of 394,477,012 Shares representing approximately 82.64% of the total number of issued share. On April 6, 2022, the offeror had valid acceptances of an aggregate of 409,555,012 shares representing approximately 85.80% of the total number of issued share.

On April 8, 2022, the offeror had valid acceptances of an aggregate of 413,122,712 shares representing approximately 86.55% of the total number of issued share. On April 13, 2022, the offeror had valid acceptances of an aggregate of 422,637,512 Shares, representing approximately 88.54% of the total number of issued Shares. As of April 18, 2022, offer period has been extended from April 18, 2022 to May 4, 2022.

Xandar Capital Pte. Ltd. appointed as the independent financial advisor to Singapore O&G. United Overseas Bank Limited (SGX:U11) acted as financial advisor to offerors group. BDO acted as financial due diligence provider of Dymon Asia Private Equity (Singapore) Pte Ltd,