Hafary Holdings seeks to delist from Singapore market via cash offer

Hafary Holdings is seeking to delist from the Singapore market by taking the company private. The founding family, alongside majority shareholder Hap Seng Investment Holdings, made a cash offer of S$0.64 per outstanding share. The bid was made through investment vehicle 23 Capital and was filed on September 28, 2026. The bloc holds an 89.96 per cent stake in the company.

The move is intended to take the building-materials supplier private, citing low trading liquidity and mounting compliance costs. Hafary, which supplies premium tiles, stone, and sanitary ware, has historically relied on alternative funding sources like bank borrowings rather than tapping equity capital markets.