04.08.2010

Tat Hong confirms Tutt Bryant offer

Singapore base crane specialist Tat Hong has filed all the relevant paperwork and filings for its proposed purchase of the 30 percent holding in Australian based crane company Tutt Bryant,, that it dos not already own.

Tat Hong International announced the 92 Aussie cents a share offer for the outstanding shares in mid July. The offer was recommended by Tutt Bryant directors and we understand that most acceptance large shareholdrs have already accepted..

The company has submitted the offer documentation and acceptance forms to the Australian Securities Exchange this morning. The company is publicly traded on the ASX in spite of Tat Hong’s 70 percent holding.

Tat Hong raised $41 million for the purchase from the Sydney branch of Singapore’s Overseas-Chinese Banking Corporation valuaing the company at around £132 million.

The Tutt Bryant Group includes: Tutt Bryant Crane Hire, BT Equipment, EQ Hire,
Kingston Industries, Paramount Hire Services,Bradshaw Ultra Heavy Haulage,
and Muswellbrook Cranes