Hap Seng’s S$140 Million Hafary Exit Puts Debt Reduction First

Kuala Lumpur, 28 September 2026 – Hap Seng Consolidated Bhd is preparing to exit its controlling stake in Singapore-listed Hafary Holdings through a conditional takeover offer, placing debt reduction ahead of continued ownership of the building-materials distributor. Its wholly owned Hap Seng Investment Holdings has given an irrevocable undertaking to accept an offer for 218.79 million Hafary shares, representing 50.82% of the company, according to the exchange announcement. The proposed transaction has not yet completed.

The offeror, 23 Capital Pte Ltd, is offering S$0.64 for each share. Multiplying that price by the disclosed share count gives about S$140.03 million, consistent with the company’s announced consideration and an equivalent of roughly RM446.38 million at the transaction’s stated conversion. The values are approximate across currencies; final ringgit receipts can differ with exchange movements and the offer’s closing mechanics. Investors should not treat the headline sum as realised cash today.