Tycoon Oei 'would have revived offer for Intraco'

He says conditions he sought were granted to TH Investments instead

Businessman Oei Hong Leong said he would have revived his 70-cents-a-share offer for Intraco if Hanwell Holdings had got its main shareholders to promise to support the deal just as it has now done with TH Investments.

Mr Oei's offer to buy Hanwell's 29.87 per cent stake in Intraco lapsed last month after Hanwell did not meet certain conditions surrounding the sale.

But similar conditions have been granted to TH Investments, an investment vehicle controlled by the family running crane equipment firm Tat Hong, such as the undertaking by major shareholders to support the deal.

Mr Oei told The Straits Times on Tuesday that he had not called off the deal; in fact, he had been fully committed to it. He said: "I had lined up financing and investment bankers were standing by for the announcement of the deal being sealed."