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THE offeror for Poh Tiong Choon Logistics Limited (PTC Logistics) will exercise its right to compulsorily acquire all remaining shares after its resulting stake in PTC Logistics - including valid acceptances and market purchases - reached 90.17 per cent of the total issued shares.
This brings the public float of PTC Logistics to below 10 per cent, which will trigger a trading suspension of PTC Logistics' shares under listing rules.
PTC Logistics had in September received a buyout offer pegged at S$1.30 per share from Respond Logistics, a vehicle backed by the firm's chairman, Poh Choon Ann, and Tower Capital Logistics, an affiliate of Tower Capital Asia. The offer values the firm at S$275.5 million.
The closing date for the buyout offer on Poh Tiong Choon Logistics Limited (PTC Logistics) has been extended from Monday to Nov 27, the offeror said on Monday.
It intends to privatise PTC Logistics and does not intend to preserve the listing status of the group.