Dr. Kooi Ong Tong acquires major stake in Avarga Limited
- On November 11, 2024, Dr. Kooi Ong Tong filed an early warning report regarding his acquisition.
- The acquisition gave Dr. Tong control over a significant percentage of shares in Avarga Limited and Taiga.
- This move requires TKO Pte Ltd. to make a mandatory cash offer for Avarga shares not already owned.
On November 11, 2024, Dr. Kooi Ong Tong disclosed an early warning report regarding his significant acquisition involving Avarga Limited in Canada. Through his wholly-owned subsidiary, TKO Pte Ltd., Dr. Tong gained control over a total of 183,246,925 ordinary shares of Avarga, making him a key figure as Taiga Building Products' largest shareholder. Post-acquisition, he will own approximately 53.0% of Avarga's issued shares, which translates to control over 77,708,814 common shares of Taiga, equating to 69.7% of Taiga’s total shares. Following the disclosure, TKO is obligated to make a mandatory cash offer for the remaining shares of Avarga not already owned or agreed to be acquired by TKO and associated parties according to the Singapore Code on Take-overs and Mergers.