SGX approves Roxy-Pacific's application to delist
THE Singapore Exchange Securities Trading (SGX-ST) has approved the delisting application for Roxy-Pacific Holdings, as the residential property managing company's free float has fallen below the 10 per cent threshold.
This comes as offeror TKL & Family and its concert parties now hold more than 90 per cent of all company shares, excluding treasury shares, the company said in a bourse filing on Wednesday (Feb 16).
TKL & Family is a bid vehicle launched by Roxy-Pacific chairman and chief executive Teo Hong Lim and 10 others in September 2021 to privatise the company, citing a "challenging macro and operating environment" and other factors.
It had offered S$0.485 per share in cash, valuing the company at S$630.5 million - an offer that the deal's independent financial adviser said, on Jan 19, was "not fair but reasonable", advising shareholders to accept.
In the filing, the company said the application for delisting was sought on Feb 7 after the offeror announced on Jan 28 it had become entitled to, and would exercise its statutory right to a compulsory acquisition under the Companies Act, after which it would own 100 per cent of the company's shares.
SGX-ST had taken this into consideration when approving the delisting application, it added.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Roxy-Pacific shares were trading flat at S$0.48 as at 2.42 pm on Wednesday.
READ MORE:
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Cordlife directors offer differing views on future oversight if board is rejigged
Tesla lays off more staff in software, service teams, Electrek reports
Robinhood Crypto gets Wells notice from US SEC
Morgan Stanley strategists see inflation as key for path of US stocks
US: Wall Street opens higher as rate-cut hopes linger
Tyson raises outlook as lower costs boost chicken segment