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Alpina Holdings&rsquo controlling shareholders and Savills propose to take company private at 37 cents per share
Alpina Holdings&rsquo controlling shareholders and founders, Low Siong Yong and Tai Yoon On are looking to take the company private with an offer of 37 cents per share. Low is the executive chairman and CEO while Tai is the executive director.
The offer is made by K& T Investment, a special purpose vehicle. (SPV) set up by Low and Tai to undertake the acquisition. Low holds a 55% stake in K& T Investment&rsquo s total share capital of $1,000 comprising 1,000 shares, while Tai holds the remaining 45%.
The news comes after a June 3 announcement that Low and Tai were in discussions over a &ldquo possible transaction&rdquo involving the company&rsquo s shares.
According to Alpina Holdings&rsquo Sept 3 announcement, the founders are conducting the acquisition to &ldquo build a more resilient business&rdquo for the group amid macroeconomic challenges and headwinds. Low trading liquidity and listing costs were also cited.
In addition to the founders, the acquisition will be done &ldquo with the support of&rdquo Savills Singapore, which will be part of a consortium with K& T Investment. According to the Securities Industry Council of Singapore (SIC), Savills and K& T Investment will be considered joint offerors.
On May 9, Savills signed an agreement to acquire a 70% stake in K& T Investment. The acquisition, which will take place upon the completion of the offer, will leave Low and Tai with respective stakes of 16.5% and 13.5% respectively.
In acquiring the shares in K& T Investment, Savills will pay Low and Tai an effective consideration of no more than 31 cents per share.
Under the consortium, the founders and Savills intend to use &ldquo reasonable commercial endeavours&rdquo to help Alpina sell the company&rsquo s leasehold property at 54 Senoko Road, Woodlands East Industrial Estate, at market value &ldquo as soon as reasonably practicable&rdquo .
The founders also intend to provide K& T Investment an interest-free loan facility of up to $10 million.
In addition, the founders and Savills intend to enter into a put and call option agreement. This is where Savills will grant the founders a put option to require the former to buy the founders&rsquo remaining shares in the offeror. The founders, in turn, will grant Savills a call option to require the former to sell Savills their remaining shares.
Under the consortium arrangements, the founders, Savills and K& T Investment, intend to enter into a shareholders' agreement to regulate the affairs of K& T Investment following the completion of the privatisation.
The completion of the acquisition is conditional when it receives approvals from Alpina&rsquo s shareholders holding at least 75% of the shares in the company. A court order sanctioning the scheme must also be granted, among other factors.
As at Sept 3, the founders collectively hold a total of 147.3 million shares or 79.93% of the total number of shares in Alpina Holdings. Low indirectly holds 81.0 million shares or 43.96% wholly-owned investment entity, Skky Investments, while Tai indirectly holds 66.3 million shares or 35.97% via his wholly-owned investment entity, Lezo Holdings. Savills and K& T Investment do not own any shares in Alpina Holdings.
As at the same day, K& T Investment has received irrevocable undertakings from Skky Investments and Lezo Holdings.
Per Alpina&rsquo s joint announcement, the offer price represents a 19.4% premium over the company&rsquo s&rsquo s last-traded price on Sept 1, being the last full day when the company&rsquo s shares were traded immediately before the announcement date.
It also represents a 48% premium over the volume-weighted average price (VWAP) of Alpina&rsquo s shares traded over the last month. The offer represents a premium of 72.9%, 77% and 85.9% over the VWAP of Alpina&rsquo s shares traded over the last three, six and 12 months.
The share offer of 37 cents comprises 31 cents in cash and six cents via a special dividend to be declared out of Alpina&rsquo s profits and retained earnings.
As at Sept 3, Alpina Holdings has an issued and paid up share capital of $22.6 million comprising 184.3 million shares. The company has no shares in treasury.
Alpina was listed on the Catalist board in January 2022. At its initial public offering (IPO), the company placed 37 million shares at 31 cents apiece.
In its latest 1HFY2025 ended June 30, the company&rsquo s net profit surged by 239.6% y-o-y to $2.7 million thanks to higher revenue, gross profit and gross profit margins.
1.4 Effective Consideration
S$0.37 in cash for each Share
Upon the Scheme becoming effective in accordance with its terms, each shareholder of the
Company ("Shareholder") as at the Record Date (as defined in paragraph 5.1(a) below) will
be entitled to receive, for each Share:
(a) S$0.31 in cash ("Scheme Consideration") and
(b) S$0.06 in cash from the Company by way of a special dividend to be declared out of
the profits and retained earnings of the Company ("Special Dividend", and collectively
with the Scheme Consideration, the "Effective Consideration").
The Effective Consideration will not be reduced or otherwise adjusted for the interim one-tier
tax exempt dividend of S$0.01 per Share declared by the board of directors of the Company
("Company Board") in respect of the six (6)-month financial period ended 30 June 2025
("Interim Dividend")
spursfan ( Date: 03-Sep-2025 18:37) Posted:
-PROPOSED PRIVATISATION OF ALPINA HOLDINGS LIMITED BY WAY OF A SCHEME OF ARRANGEMENT - 37cts
https://links.sgx.com/1.0.0/corporate-announcements/CN8BNJF3R8TLEIC2/858166_Alpina%20Holdings%20Limited%20-%20Joint%20Announcement%20-%203%20September%202025.pdf |
|
Including interim dividend will be $0.38.
SmallSmall ( Date: 03-Sep-2025 18:42) Posted:
$0.37 Scheme of Arrangement
SmallSmall ( Date: 03-Sep-2025 13:35) Posted:
| Privatisation likely as there were few holdings annoucements mad |
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$0.37 Scheme of Arrangement
SmallSmall ( Date: 03-Sep-2025 13:35) Posted:
Privatisation likely as there were few holdings annoucements made
kt3152 ( Date: 03-Sep-2025 13:05) Posted:
| Trading halt. Any good news?..... |
|
|
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-PROPOSED PRIVATISATION OF ALPINA HOLDINGS LIMITED BY WAY OF A SCHEME OF ARRANGEMENT - 37cts
https://links.sgx.com/1.0.0/corporate-announcements/CN8BNJF3R8TLEIC2/858166_Alpina%20Holdings%20Limited%20-%20Joint%20Announcement%20-%203%20September%202025.pdf
Privatisation likely as there were few holdings annoucements made
kt3152 ( Date: 03-Sep-2025 13:05) Posted:
| Trading halt. Any good news?..... |
|
Trading halt. Any good news?.....
$0.01 dividend !
Also there was a holding announcement on some possible corporate action.
Wonder if the owners are planning to privatize it as it was mentioned may involve the company' s shares.
" in relation to its controlling shareholders being in discussions in respect of a possible transaction involving the shares
of the Company ("
Shares" )."
This Contractor' s Profitability Shines After Completing Low-Margin COVID-Era Contracts
Leong Chan Teik
15 August 2025
Singapore&rsquo s construction boom has boosted many well-known industry players, but not all the beneficiaries are traditional builders.
Downstream in the value chain is Alpina Holdings&mdash an integrated building services and engineering provider that is experiencing a sharp upswing in profitability.
It even announced an interim dividend which is the largest single payout since its listing in January 2022. This is what the CEO says:
As an aside, Mr Mah Bow Tan, who held three ministerial posts in the Singapore government, including Minister for National Development (1999&ndash 2011), appears in the Top 20 shareholder list of Alpina' s FY2024 annual report (see below).
In fact, he has appeared in all past Alpina annual reports (FY2021-2024) with his 3,228,000 shares.
 |
| Understanding Alpina&rsquo s Business |
For those not familiar with Alpina, it has an operating history of over 20 years as a specialist in the following sectors:
-
Integrated Building Services (IBS): Providing ongoing facilities management to keep buildings safe, functional, and efficient. Contracts typically span 1&ndash 4 years, occasionally up to 6 years.
This is its engine for steady earnings that are less cyclical than large-scale construction projects.
-
Mechanical & Electrical (M& E) Engineering: Focused on project-based electrical and mechanical systems for both new and renovation projects.
-
Alteration & Addition (A& A) Works: Managing upgrades and structural changes to buildings.
|
| Good revenue visibility |
&bull In June 2024, Alpina was part of a consortium that was awarded a contract for the provision of integrated facilities management services for a tertiary education institution in Singapore. Provisional contract sum: ~S$115.7 million.
&bull In total, the Group secured 20 new contracts with an aggregate provisional contract sum of S$172.7 million. Expected completion dates: between April 2024 and March 2030.
(Source: FY2024 annual report) |
The clientele is primarily public sector: government ministries, statutory boards, and public education institutions.
Alpina also owns investment properties and participates in Singapore&rsquo s growing renewable energy sector, having won in 2022 a S$117 million joint contract to deliver 70MW-peak of solar capacity.
Alpina holds the highest accreditation for integrated building and electrical engineering services in Singapore, allowing it to bid for unlimited-value public sector projects&mdash a major competitive advantage.
| 1H2025 Financial Performance |
The first half of 2025 saw robust growth for Alpina, underpinned by the strong performance in its core segments and boosted rental income from a 2024 property acquisition, including a workers' dormitory:
Metric
|
1H2025
|
1H2024
|
Change (%)
|
Revenue
|
$47.9m
|
$44.1m
|
+8.7%
|
Gross Profit
|
$6.2m
|
$4.1m
|
+50.5%
|
Gross Profit Margin
|
13.0%
|
9.4%
|
+3.6ppt
|
Net Profit
|
$2.7m
|
S$0.8m
|
+239.6%
|
Net Cash from Operations
|
$8.6m
|
$9.4m
|
+8%
|
-
Revenue growth was driven primarily by the IBS segment, which saw a 29.2% uptick thanks to higher-value projects.
Rental income soared by 87.8%, reflecting the full period contribution from the Group&rsquo s newly acquired property situated at 180 Woodlands Industrial Park E5.
-
The gross profit margin improved to 13.0%, up from 9.4% a year earlier.
Older contracts signed before COVID-19 have been completed, incuring higher operating costs but clearing the way for newer, more normalised profitable deals.
-
Net profit surged by 239.6% to S$2.7million&mdash already exceeding the full-year 2024 figure of S$2.4million.
Alpina&rsquo s Executive Chairman and CEO, Mr. Low Siong Yong, credits the Group&rsquo s strong start in 2025 to improved contract margins and a disciplined approach to operational costs.
He stressed a dedication to delivering value for stakeholders and confidence in the company' s business model&mdash a stance echoed in the highest-ever single dividend payout.
FY
|
Interim (c)
|
Final (c)
|
Total (c)
|
2021
|
--
|
0.2712
|
0.2712
|
2022*
|
0.4339
|
0.1085
|
0.5424
|
2023
|
--
|
--
|
--
|
2024
|
--
|
0.1899
|
0.1899
|
2025
|
1.0
|
N/A*
|
N/A
|
*Alpina listed in Jan 2022
|
Stock price
|
29 c
|
52-wk range
|
15 &ndash 30 c
|
PE (ttm)
|
22.5
|
Market cap
|
$54.4 m
|
Dividend
yield (ttm)*
|
4.1%
|
1-yr return
|
76%
|
P/B
|
1.8
|
*Based on 0.1899 cent (FY2024) + 1-cent (1HFY2025).
Source: Yahoo!
|
With an operating history of over 20 years, Alpina is closely connected to the efficient functioning of Singapore&rsquo s public infrastructure ranging from HDB blocks to tertiary institutions, from schools to ministries.
Its ability to secure and profit from multi-year contracts from a reliable client (ie the government) and strategic investments is vital for long-term stability.
Alpina has rebounded after a period of challenging, COVID-era contracts, now delivering substantially improved profitability.
 It has a strengthened balance sheet and commitment to shareholder returns -- and a stock price that has gained 76% in the past year.
|
Building on the Positive Momentum in FY2024, Alpina Achieved Net Profit of S$2.7 million in 1H2025 Proposed Interim Dividend of 1.0 Singapore Cents per Share
- Revenue from the integrated building services (&ldquo IBS&rdquo ) business segment and rental income from investment property increased by 29.2% and 87.8% respectively, driving overall revenue growth of 8.7% in 1H2025 as compared to 1H2024
- Gross profit margins continued to improve, increasing by 3.6 percentage points to 13.0% in 1H2025 (1H2024: 9.4%) as majority of the contracts for the IBS business segment which were secured prior to the COVID-19 pandemic and had recorded lower gross profit margins had been completed over the past two years
- Corresponding to revenue growth and higher gross profit margins in 1H2025, gross profits surged by 50.5% to S$6.2 million in 1H2025
- Net profit increased 239.6% to S$2.7 million in 1H2025, which has surpassed the net profit of S$2.4 million in FY2024
- Net cash of S$8.6 million generated from operating activities in 1H2025, with strengthened balance sheet with total assets and total equity increasing to S$83.6 million and S$32.3 million respectively as at 30 June 2025
- Proposed interim dividend of 1.0 Singapore cent per share represents approximately 69.4% of the net profit attributable to shareholders in 1H2025 and marks the Company&rsquo s largest single dividend payout since its listing in 2022
Commenting on the Group&rsquo s 1H2025 results, Alpina&rsquo s Executive Chairman and Chief Executive Officer, Mr. Low Siong Yong (刘 常 勇 先 生 ), said, &ldquo Building on the positive momentum from FY2024, we are pleased to start the new financial year on a strong footing, with increased profitability and resilient cash flow generation.
With the COVID-era projects now behind us, gross profit margins have improved, and our net profit in 1H2025 has already surpassed our full-year performance in FY2024&mdash a clear indication of our continued progress.
These results also reflect the dedication and execution capabilities of our team. Looking ahead, we remain focused on delivering consistent performance, and creating long-term value for our stakeholders."
Mr. Low added, &ldquo Our strong performance in 1H2025 reinforces our confidence in the Group&rsquo s business model, and we are pleased to propose an interim dividend of 1.0 Singapore cent per share to reward shareholders.
This represents approximately 69.4% of our net profit attributable to shareholders in 1H2025 and marks the Company&rsquo s largest single dividend payout since our listing in 2022."
What a crazy set of results!!!
Alpina: Expects to Post Significant Improvement in 1H2025 results
Based on a preliminary review of the unaudited financial results of the Group for the six months period ended 30 June 2025 (&ldquo 1H2025&rdquo ), the Group is expected to report a significant improvement in its profit before income tax for 1H2025, as compared to the corresponding six months period ended 30 June 2024 (&ldquo 1H2024&rdquo ), due mainly to the completion of projects under its integrated building services business segment during 1H2025 which had recorded higher gross profit margins as compared to the projects completed during 1H2024, as those projects were secured prior to the COVID-19 pandemic.
The Company is still in the process of finalising its unaudited financial results for 1H2025 and will provide further details of the Group&rsquo s financial performance when it announces the unaudited financial results of the Group for 1H2025 on or before 14 August 2025.
a. 1 work order for the supply and installation of solar panels for a private company in Singapore
with a total provisional contract sum of approximately
S$0.1 million, which is expected to be
completed by December 2025.
b. 1 contract for the provision of solar photo voltaic systems for a statutory board of the Singapore
Government with a total provisional contract sum of approximately
S$0.2 million, which is
expected to be completed by June 2036.
What? this one normal hawker more than that.
For_The_Next_Leg ( Date: 28-Jul-2025 09:17) Posted:
New award contracts and potential delisting. This is looking good.
https://links.sgx.com/1.0.0/corporate-announcements/0A1PKLD9H42CYOTD/216159f58629957dd314817973706ae8a3a3dbf368dcc94a5b85ed550ba12e95
|
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New award contracts and potential delisting. This is looking good.
https://links.sgx.com/1.0.0/corporate-announcements/0A1PKLD9H42CYOTD/216159f58629957dd314817973706ae8a3a3dbf368dcc94a5b85ed550ba12e95
Alpina Holdings' controlling shareholders in ' possible transaction' of shares
Alpina Holdings, which was listed in just Jan 2022, says its controlling shareholders are in discussions over a " possible transaction" involving the company' s shares.
" The company understands that the discussions are confidential and ongoing and there is no certainty or assurance that such discussions will progress beyond the current stage or that any transaction will proceed as a result of the discussions," says the mechanical and electrical engineering contractor on June 3.
The company' s executive chairman and CEO Low Siong Yong, as indicated in its annual report, holds just over 81 million shares, equivalent to 43.96% as at March 18.
Tai Yoon On, the company' s other founder and executive director, holds 35.97%.
Other shareholders among the top 20 listed in the annual report include one Mah Bow Tan with just over 3.2 million shares or 1.75%.
Alpina Holdings' IPO was priced at 31 cents.
There will be more liquidity to the company and as well as to the public. This is a win-win.
https://www.straitstimes.com/business/controlling-shareholders-of-alpina-holdings-in-talks-over-potential-share-sale
Alpina Holdings' controlling shareholders in ' possible transaction' of shares
Alpina' s Low Siong Yong (left) and Tai Yoon On / Photo: Alpina Holdings
Alpina Holdings, which was listed in just Jan 2022, says its controlling shareholders are in discussions over a " possible transaction" involving the company' s shares.
" The company understands that the discussions are confidential and ongoing and there is no certainty or assurance that such discussions will progress beyond the current stage or that any transaction will proceed as a result of the discussions," says the mechanical and electrical engineering contractor on June 3.
The company' s executive chairman and CEO Low Siong Yong, as indicated in its annual report, holds just over 81 million shares, equivalent to 43.96% as at March 18.
Tai Yoon On, the company' s other founder and executive director, holds 35.97%.
Other shareholders among the top 20 listed in the annual report include one Mah Bow Tan with just over 3.2 million shares or 1.75%.
Alpina Holdings' IPO was priced at 31 cents. It last traded at 25 cents.
Another company going to be taken over or privatised......
spursfan ( Date: 04-Jun-2025 08:41) Posted:
HOLDING ANNOUNCEMENT
The board of directors (" Board" or " Directors" ) of Alpina Holdings Limited (" Company" ) wishes to announce that the Company has been informed by its controlling shareholders that they are in discussions in respect of a possible transaction involving the shares of the Company (" Shares" ). The Company understands that the discussions are confidential and ongoing and there is no certainty or assurance that such discussions will progress beyond the current stage or that any transaction will proceed as a result of the discussions.
The Company will make an appropriate announcement in the event of any material developments.
The Company wishes to advise the shareholders of the Company to refrain from taking any action in respect of their Shares which may be prejudicial to their interests, and to exercise caution when dealing in the Shares. Shareholders who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor or other professional advisers.
The Directors (including those who may have delegated detailed supervision of the preparation of this announcement) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this announcement are fair and accurate and that no material facts have been omitted from this announcement, the omission of which would make any statement in this announcement misleading, and they jointly and severally accept responsibility accordingly.
By Order of the Board
Low Siong Yong
Executive Chairman and Chief Executive Officer
03 June 2025 |
|
HOLDING ANNOUNCEMENT
The board of directors (" Board" or " Directors" ) of Alpina Holdings Limited (" Company" ) wishes to announce that the Company has been informed by its controlling shareholders that they are in discussions in respect of a possible transaction involving the shares of the Company (" Shares" ). The Company understands that the discussions are confidential and ongoing and there is no certainty or assurance that such discussions will progress beyond the current stage or that any transaction will proceed as a result of the discussions.
The Company will make an appropriate announcement in the event of any material developments.
The Company wishes to advise the shareholders of the Company to refrain from taking any action in respect of their Shares which may be prejudicial to their interests, and to exercise caution when dealing in the Shares. Shareholders who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor or other professional advisers.
The Directors (including those who may have delegated detailed supervision of the preparation of this announcement) have taken all reasonable care to ensure that the facts stated and all opinions expressed in this announcement are fair and accurate and that no material facts have been omitted from this announcement, the omission of which would make any statement in this announcement misleading, and they jointly and severally accept responsibility accordingly.
By Order of the Board
Low Siong Yong
Executive Chairman and Chief Executive Officer
03 June 2025
I believe this is the most important sentence in the recent financial report - " In FY2024, the Group secured a total of 20 new contracts with an aggregate provisional contract sum of approximately S$172.7 million, with varying expected completion dates between April 2024 and March 2030."
https://links.sgx.com/1.0.0/corporate-announcements/T4LDMWKIKBTOEWY5/ef2fa0584128e500fb7d7e76517cd79c2482106a7df2284f617c06baf123c5ce
