Tat Hong reveals $41m war chest to mop up Tutt Byrant

Buyer of heavy haulage company Tutt Bryant sets aside $41 million to mop up outstanding shares

By Rob McKay | August 4, 2010

It will be business as usual for Tutt Bryant once full ownership goes overseas, a bidder’s statement released today reveals.

The statement also shows that Singapore’s Tat Hong Holdings has a $41 million war chest to mop up outstanding shares in the Sydney heavy haulage and crane firm.

The cash has been secured from the Sydney branch of the island nation’s Overseas-Chinese Banking Corporation by way of an acquisition loan facility available until May.

Tat Hong said in mid-July that it would buy the 30 percent of Tutt Bryant that it does not already own for 92 cents a share.

It had said this had valued the Australian company at $132 million, or 30 percent more than at present.

Success would see the Singapore firm keep David Haynes as Managing Director, though there may be management changes depending on whether Tutt Bryant’s listing is retained.

Tat Hong would continue the business as is, holding on to employees on current terms and leaving fixed assets in place.

Tutt Bryant owns Bradshaw Ultra Heavy Haulage, the former Brambles Heavy Haulage, and Kingston Industries Heavy Haulage, which it acquired in 2008 and 2004 respectively.

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