Chew Group's controlling shareholder to retain listing, even as free float falls under 10%

EGG seller Chew's Group said that trading in its shares has been suspended, as the total acceptance for a mandatory general offer that closed on Tuesday has crossed more than 90 per cent. But the controlling shareholder said that it still intends to hold on the egg farmer's listing status on the Catalist board, and will look to restore the free float.

The controlling shareholder Goldhill Trust made a mandatory general offer for the rest of the group that it did not own at S$0.2107 per share. The offer was triggered by Goldhill's purchase of a 68.14 per cent stake in Chew's for S$12.13 million from members of the Chew family. The offer was at a discount of 27.3 per cent to the last transacted price of Chew's shares, S$0.29, on the Singapore Exchange on Aug 21, the last trading day before the announcement. 

At close of the offer, Goldhill controlled 93.4 per cent of the company. All listed companies must have a free float of at least 10 per cent.

Goldhill is owned by businessmen Alex Tan Pei Hong and Amos Tan Theng Hong.