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Action Asia may be suspended after public float falls on planned delisting

CONSUMER electronics manufacturer Action Asia Limited may now be suspended from trading on the Singapore Exchange (SGX), after its public float fell below the required 10 per cent.

The company is planning to delist from SGX. A subsidiary of Taiwan-listed Action Electronics Co, Almond Garden Corp, in February offered 19 Singapore cents for each share, representing a 70 per cent premium over the last traded share price on Feb 26, the day before the announcement was made.

Almond Garden Corp and its concert parties have so far acquired shares represent about 90.19 per cent of all issued shares.

The exit offer will remain open until 5.30pm on Aug 14.