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Catalist-listed Junma Tyre Cord Company is proposing a voluntary delisting, with Ultimative making an exit offer price of 20 Singapore cents - in cash - for all the 15,875,600 offer shares.
Ultimative is a special purpose vehicle incorporated in the British Virgin Islands for the purposes of the proposed exit offer.
Its sole shareholder is Yang Cong, who currently owns a 0.86 per cent shareholding in Junma Tyre. Other parties acting in concert with Ultimative include Yang Cong's father and uncles; together, the concert parties hold a total 57,524,400 shares, representing 78.37 per cent of all the shares of Junma Tyre.