SINGAPORE (THE BUSINESS TIMES) – Mainboard-listed property developer SingHaiyi on Friday (Dec 17) morning mentioned it has misplaced its free float and will likely be delisted, after its controlling shareholders’ voluntary unconditional money provide secured 95.8 per cent legitimate acceptances, as at 6 pm on Thursday (Dec 16).
This implies lower than 10 per cent of SingHaiyi shares are actually held by the general public.
To recap, SingHaiyi on Nov 9 obtained the privatisation provide from its homeowners Gordon and Celine Tang for 11.7 cents per provide share in money, representing a big 21.8 per cent low cost to the group’s internet asset worth per share of 14.96 cents as at end-September 2021.
The corporate’s shares hit a 3.5-year excessive on the morning of Nov 10, following information of the provide.
The provide stays open for acceptance till its last cut-off date on Jan 10, 2022, when buying and selling of SingHaiyi shares will likely be suspended.
The Tangs intend to train their rights of obligatory acquisition and delist the corporate following the provide’s shut.
Shares of the group ended 0.1 cent or 0.9 per cent increased at 11.7 cents on Thursday.
