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# Hap Seng discloses conditional offer for Hafary stake
- URL: https://www.southeastasiaconnect.com/hap-seng-hafary-conditional-offer/
- Published: 2026-09-28T11:52:17.000Z
- Updated: 2026-09-28T12:09:16.000Z
- Author: Lars Voedisch
- Tags: News

[**Hap Seng Consolidated**](https://www.hapseng.com.my/?ref=southeastasiaconnect.com) has disclosed that its wholly owned subsidiary accepted a conditional offer involving its stake in Hafary Holdings. The company’s 28 September investor-relations announcement identifies 218.79 million shares, representing a 50.82% equity interest, and states total cash consideration of approximately S$140.03 million. Those figures, and any anticipated effects described in the announcement, are deal terms rather than evidence that a sale or privatisation has already been completed.

Hafary operates in Singapore's building-materials market, while Hap Seng is a Malaysia-listed conglomerate. That cross-border connection makes the disclosure relevant to readers tracking ownership changes around Southeast Asian distribution businesses and the built environment. It is an update on a proposed corporate step, not a direct measure of construction demand, property activity or Hafary's operating performance.

The conditional nature of the offer is central. Hap Seng states that its subsidiary resolved to accept the voluntary conditional offer and provided an irrevocable undertaking in respect of its shares. Conditional transactions can still require the offer to close successfully and may be subject to stated terms. The announcement does not establish that ownership has transferred, that a subsequent step has occurred, or that the proposed outcome is final. Any account of the development must keep that distinction prominent.

The stated consideration is also not a forecast of Hafary's future revenue or a valuation of the wider materials sector. It is consideration attached to the stake under the described offer. Readers should avoid treating it as a direct price benchmark for other building-materials companies without additional transaction context, financial information and comparable disclosures.

For the regional business landscape, the update points to how listed groups may reshape holdings tied to Singapore-based operating businesses. The next material signal would be a formal company, exchange or regulatory update setting out whether the offer closed and what action follows. Until then, the safe description is that Hap Seng has disclosed acceptance of a conditional offer for its Hafary stake.

**Source:** [Hap Seng Consolidated’s official announcement of the proposed disposal](https://www.hapseng.com.my/en/links/bursa-announcements/2026/september/20260928-01.html?ref=southeastasiaconnect.com) ([attachment](https://www.hapseng.com.my/en/download/bursaannouncements/2026/sep/HSCB-ProposedDisposal.pdf?ref=southeastasiaconnect.com)).