China Auto Electronics asks for trading suspension
CHINA Auto Electronics Group has requested before the market opened on Wednesday a trading suspension as its shares held by the public have fallen below 10 per cent.
The listed group on Dec 12 announced a loss of its free float on the Singapore bourse. This came as a mandatory unconditional cash offer from anchor shareholder THB Auto Electronics garnered acceptances representing 90.26 per cent of the listed group's total issued shares.
British Virgin Islands-incorporated THB Auto Electronics through Stirling Coleman Capital in an Oct 24 disclosure announced the offer to buy out China Auto Electronics Group at S$0.16 and take the listed group private.
The Oct 24 disclosure said the mandatory unconditional cash offer provides shareholders who find it difficult to exit the company as a result of low trading volume an opportunity to liquidate and realise their investment at a premium to the prevailing market prices.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Electrolux Q1 loss nearly triples on weak demand but beats expectations
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals
Meituan to debut in Riyadh as expansion beyond China quickens
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters