KUALA LUMPUR (Nov 10): AYS Ventures Bhd (KL:AYS) said its wholly owned unit, Ann Yak Siong (Singapore) Pte Ltd, has subscribed for an additional 9.74 million shares in 3HA Capital Pte Ltd for S$9.74 million (RM31.15 million) in cash.
The latest subscription raises AYS Singapore’s total holding to 10.03 million shares, representing a 14.9% equity interest in 3HA Capital — the vehicle that recently completed the acquisition of CosmoSteel Holdings Ltd, a Singapore-based steel supplier serving construction, marine, oil & gas, and infrastructure sectors in Southeast Asia.
In April 2025, AYS Singapore had initially subscribed for 298,000 shares in 3HA Capital for S$298,000 (RM1 million).
Following the latest exercise, AYS Singapore’s shareholding in 3HA Capital remains proportionate with other consortium members under a shareholders’ agreement signed earlier this year. The other members of the consortium are HHH Group Pte Ltd, Hanwa Singapore (Private) Ltd, and Thor Capital Pte Ltd.
3HA Capital was incorporated in Singapore on April 16, 2025, as an investment holding company to undertake a voluntary conditional cash offer for all the issued shares in CosmoSteel Holdings Ltd, then listed on the Singapore Exchange (SGX). The offer was completed on Sept 23, 2025, and CosmoSteel was delisted from the SGX the following day.
The takeover bid was initially launched on May 15 at S$0.20 per share. On June 23, 3HA Capital raised its offer price by 25% to S$0.25 per share.
AYS said the subscription was funded internally and carried no liabilities or guarantees. The exercise does not require shareholder or regulatory approval and will not affect the group’s issued share capital or substantial shareholders’ interests.
“Barring unforeseen circumstances, CosmoSteel’s performance will depend on its ability to implement cost-optimisation measures, maintain prudent working capital management, and diversify into higher-margin engineered products and related services,” AYS said.
As of end-June, AYS held total cash balances of RM34.51 million against total borrowings of RM405.65 million.
By Monday’s closing, shares in AYS were half a sen or 2% at 25 sen, valuing the group at RM104.61 million. Year to date, the stock has declined 16.7%.