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BRC Asia suspended as takeover bid ends with offeror holding 95.8% stake
STEEL prefabrication firm BRC Asia has been suspended after a takover bid ended with the offeror controlling a 95.83 per cent stake in the steel mesh maker.
Esteel Enterprise's 92.5 Singapore cents per share offer for BRC closed on Monday with the offeror, an investment vehicle for a trio of Chinese iron and trading businessmen, holding acceptances worth 52.06 per cent of BRC's issued share capital. In addition to a 43.77 per cent stake already held by Esteel and its concert parties, that left BRC Asia with a public float of just 4.17 per cent, which is below the 10 per cent minimum to be traded on the Singapore Exchange.
Esteel had said in its offer announcement that it intended to keep BRC Asia listed, although it retained the right to revisit that plan if the public float falls below 10 per cent.