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

Union Steel is a multi-business investment holding company primarily engaged in metals, scaffolding, and engineering. Its activities include recycling and trading of ferrous and non-ferrous scrap metals, steel leasing, and the supply of construction steel. The company also provides scaffolding services and a range of engineering services, including marine deck equipment. Union Steel was founded in 1984 and is headquartered in Singapore.

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Union Steel (USH 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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