Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

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<li>On 15th May 2025, 3HA Capital (a consortium formed by HHH Group,Hanwa Co, AYS and Thor Capital) launched a takeover offer for <a href="https://www.smartkarma.com/entities/cosmosteel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15964:1" rel="noopener">Cosmosteel Holdings (CSMS SP)</a> at S$0.20/share.</li>
<li>After the offer was deemed unfair but unreasonable, 3HA Capital revised the offer upwards to S$0.25/share on 23rd Jun 2025 but also announced that it was final.</li>
<li>We opine it would not be in the minority shareholders’ interests to continue holding onto their stakes.  <strong>We advise shareholders to accept the deal or sell in the open market.</strong>
</li>
</ul>


On 15th May 2025, 3HA Capital (a consortium formed by HHH Group,Hanwa Co, AYS and Thor Capital) launched a takeover offer for Cosmosteel Holdings (CSMS SP) at S$0.20/share.
After the offer was deemed unfair but unreasonable, 3HA Capital revised the offer upwards to S$0.25/share on 23rd Jun 2025 but also announced that it was final.
We opine it would not be in the minority shareholders’ interests to continue holding onto their stakes.  We advise shareholders to accept the deal or sell in the open market.



Cosmosteel Holdings Special Report - Decent Premium Above the 10Y Average

Singapore

Asia Enterprises is a Singapore-based distributor of a comprehensive range of steel products to industrial end-users in Singapore and the Asia-Pacific region. The company supplies over 1,200 steel products, including shipbuilding plates, beams, and various processed steel materials, serving industries such as marine and offshore, oil and gas, and construction. Asia Enterprises was founded in 1961 and is headquartered in Singapore.

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Asia Enterprises (ASEH SP)

Cosmosteel Holdings Special Report - Decent Premium Above the 10Y Average

3HA Capital's final offer for the takeover of CosmoSteel Holdings is at S$0.25 / share. We advise shareholders to accept the deal or sell in the...

Evolve Capital Advisory Pte Ltd

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