Frank Liu Tao lifts Bromat Holdings stake to 81.33% as cash offer closes
What's the deal? Frank Liu TaoDealroom has a profile for this one. Try Dealroom → has closed his mandatory unconditional cash offer for Bromat Holdings LtdDealroom has a profile for this one. Try Dealroom →, a Singapore-incorporated company, lifting his stake to 81.33%. The offer closed at 17:30 SGT on July 8, 2026.
The numbers: Valid acceptances during the offer amounted to 2,879,036 shares, or about 0.64% of Bromat's issued shares. Combined with the 365,742,469 shares — roughly 80.69% — Liu already held, he now controls 368,621,505 shares.
Why now? The offer was triggered under Section 139 of the Securities and Futures Act 2001 and Rule 14 of the Singapore Code on Take-overs and Mergers, which required Liu to bid for all shares he did not already own or control. It drew limited take-up, adding under 1% to his position.
What could go wrong? A further 52,818,995 shares — about 11.65% of the total — are held by shareholders who gave irrevocable undertakings not to accept the offer. Those shares cannot be acquired while the undertakings remain binding, leaving a sizeable minority outside Liu's control.
What's the endgame? With over 81% ownership, Liu has tightened his grip on the company, a level that could shape future strategic decisions, governance changes, delisting, or restructuring. The remaining minority stake is relevant to any compulsory acquisition threshold or future buyout.
The signal: The concentration of shares under a single owner shrinks Bromat's free float, which can reduce liquidity and affect share price volatility. The muted acceptance rate suggests remaining holders are content to sit tight rather than cash out.
Read more: MiniChart
Image credit: Visualvalhalla
