Dyna-Mac shareholders may have dodged a bullet as company delists

WHEN South Korean conglomerate Hanwha first launched its cash offer for shares in offshore oil-and-gas contractor Dyna-Mac in September 2024, it purportedly had no plans to take the Singapore-listed company private.

To be precise, offeror Hanwha Ocean SG said then that it “does not have any present intention to actively pursue the delisting” of Dyna-Mac from the mainboard of the Singapore Exchange.

However, Hanwha also made it clear that, should trading in Dyna-Mac shares be suspended if it loses its free float – with less than 10 per cent of its shares in public hands by the end of the offer – the offeror would not undertake or support any action for the trading suspension to be lifted.