Challenger's chairman Loo teams up with Dymon for another 56 cents privatisation bid

The previous offer was made in 2019 but was voted down by minority shareholders

Challenger Technologies' 573 chairman Loo Leong Thye (picture), with the help of private equity firm Dymon Asia, is making yet another attempt to take the company private.

On May 30, via a vehicle called DigiTech Holdings, minority shareholders are being offered 56 cents to sell their Challenger shares.

Challenger shares last traded at 55 cents on May 29, before trading was halted ahead of the offer announcement.

The company trades at a PE of 22.4 times.

Back in 2019, Loo and Dymon had made an offer also at 56 cents, which was rejected by minority shareholders at an EGM.

Currently, Dymon Asia already holds an indirect stake of 17.44% in Challenger. Loo and his family collectively hold another 47.32%.

In addition, another substantial shareholder, Ng Leong Hai, who holds 20.68%, has given his irrevocable undertaking to sell his shares to the offeror.

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