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SINGAPORE'S bourse operator has given the green light for Halcyon Agri to delist mainboard-listed rubber producer GMG Global.
SGX on Tuesday informed Halcyon Agri, a natural rubber supply chain manager, that it has no objection to the delisting of GMG, subject to completion of the compulsory acquisition, said Deutsche Bank on behalf of Halcyon Agri in a filing to SGX on Wednesday.
The date and time of delisting of GMG will be announced in due course.
In addition, SGX has agreed to a waiver of Rule 1307, which concerns seeking shareholders' approval to a proposed delisting, provided an announcement is made of the wavier granted, the reasons for seeking the waiver and the conditions as required under Rule 107 of the Listing Manual; and submission of a written confirmation from GMG that the waiver does not contravene any laws and regulations governing it and its articles of association.
In addition, SGX has also informed Halcyon Agri that Rule 1309 of the Listing Manual is not applicable to GMG.
Halcyon Agri, now majority-owned by China's Sinochem International Corp, was seeking to take GMG private as part of Sinochem's plans to consolidate its natural rubber businesses under Halcyon. It is offering 0.9333 Halcyon share for every GMG share as part of the multi-deal transaction. It held more than 90 per cent of GMG's shares as at Nov 9, 2016.