AYS Ventures' Associate Company Acquires More Than 90 Pct Shares In CosmoSteel

KUALA LUMPUR, Aug 1 (Bernama) -- AYS Ventures Bhd's associate company, 3HA Capital Pte Ltd and parties acting in concert with it has acquired more than 90 per cent equity interest in Singapore-listed CosmoSteel Holdings Ltd. 

AYS Ventures' wholly-owned subsidiary Ann Yak Siong (Singapore) Pte Ltd holds 14.9 per cent interest in 3HA Capital.

In a filing with Bursa Malaysia today, AYS Ventures said that Evolve Capital Advisory Pte Ltd, acting on behalf of 3HA Capital, had acquired an additional 22,500 shares in CosmoSteel on July 31, 2025, at S$0.25 per share via Singapore Exchange (SGX). 

“Accordingly, based on information available to the offeror, as at 6 pm (Singapore time) on July 31, 2025, the offeror and its concert parties owns, controls or have agreed to acquire (including by way of valid acceptances of the offer) an aggregate of 237.10 million shares, representing approximately 90.72 per cent of the total number of issued shares of the company,” it added.

Having crossed the 90 per cent ownership threshold, excluding treasury shares and pre-offer holdings, 3HA Capital Private is now entitled to exercise its right under Section 215(1) of the Companies Act to compulsorily acquire the remaining shares from dissenting shareholders at the final offer price.  

Following the acquisition, CosmoSteel no longer meets SGX’s free float requirement of at least 10 per cent public shareholding, and trading in its shares will be suspended at the close of the offer. 

The closing date for the offer, previously extended, remains open until 5.30 pm (Singapore time) today, Aug 1, 2025.

-- BERNAMA