Fairfax Asia Ltd. made an offer to acquire an additional 65.82% stake in Singapore Reinsurance Corporation Limited (SGX:S49) from Dalton Investments LLC and others for approximately SGD 150 million on March 19, 2021. Under the terms, the offer per share is SGD 0.3535 in cash. If the settlement date of the offer falls after the record date, i.e., May 7, 2021, the amount of dividend in respect of offer shares will be deducted from offer price. As of March 19, 2021, there are no outstanding instruments convertible into, rights to subscribe for, nor options in respect of, securities which carry voting rights of Singapore Reinsurance Corporation Limited. The offeror directly holds 115,370,835 shares, representing approximately 19.35% stake in Singapore Reinsurance Corporation and Newline Corporate Name Limited, related corporation of offeror, directly holds 52,665,122 shares, representing approximately 8.83% stake in Singapore Reinsurance Corporation. The offer is conditional upon the offeror having received valid acceptances in respect of such number of offer shares which will result in the Offeror and the parties acting or deemed to be acting in concert with it holding such number of shares carrying more than 50% of the voting rights attributable to the issued shares as at the close of the offer. If the offeror and its concert parties hold more than 90% stake in Singapore Reinsurance Corporation post offer the SGX-ST will suspend trading of the shares of Singapore Reinsurance Corporation at the close of the offer and the offeror would be entitled to exercise the right to compulsorily acquire all the shares of shareholders who have not accepted the offer. Transaction is subject to approval from Securities Industry Council of Singapore and Monetary Authority of Singapore. As of April 2, 2021 Dalton, has provided an irrevocable undertaking in favor of the Offeror. The Offer will close on May 4, 2021. As on April 21, 2021, Offeror has received valid acceptances of the Offer in respect of an aggregate of 132,646,493 Offer Shares. As on April 21, 2021, Minimum Acceptance Condition of the Offer has been satisfied and the Offer has therefore become and is hereby declared unconditional in all respects. As on April 26, 2021, The Offeror and its Concert Parties owned, controlled or agreed to acquire an aggregate of approximately 56.2% of the total issued Shares. The Offer Price of SGD 0.3535 is final. For Non-Assenting shareholders offer price should be reduced by the amount of dividend of SGD 0.0035 in respect of each Offer Share payable. Accordingly, SGD 0.35 will be paid for each Offer Share transferred by Non-Assenting shareholders to the Offeror. The Offeror does not intend to revise the Offer Price under any circumstances whatsoever. The Closing Date for the Offer will be extended from May 4, 2021 to May 18, 2021. As of May 18, 2021, offer period has been extended to June 2, 2021. As on June 1, 2021, offeror received valid acceptances for 376,279,174 shares, representing 63.1% stake in Singapore Reinsurance Corporation, resulting Offeror and its concert parties holding 92.09% stake in Singapore Reinsurance Corporation and the offer has been extended till June 17, 2021. As on June 8, 2021, the offeror has received valid acceptances comprise 90% or more of the total number of issued Shares. As of June 16, 2021, Offeror got valid acceptance and now holds 93.64% and hence it will apply compulsory acquisition rights. Foo Siang Sheng and Carin Tan of SAC Capital Private Limited acted as financial advisor to Fairfax Asia Ltd. Prime Partners Corporate Finance Pte. acted as financial advisor for independent directors of Singapore Reinsurance. M & C Services Private Limited acted as the share registrar of the Singapore Reinsurance Corporation Limited and the receiving agent of the Fairfax Asia Ltd. The Central Depository (Pte) Limited acted as depository bank and M & C Services Private Limited acted as registrar for Singapore Reinsurance in the transaction.