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SGX agrees to defer Gaylin's MTP review
GAYLIN Holdings said after Tuesday trading hours that the Singapore Exchange (SGX) has approved its application to defer the listed company's minimum trading price (MTP) review, taking into consideration its proposed share placement to a private equity fund.
The MTP review of the Mainboard-listed offshore and marine (O&M) company is now pushed back to June 1, 2018 from Dec 1, 2017.
Gaylin added that its board of directors is evaluating options to comply with the MTP requirement including consolidating the company's shares after the completion of the placement.
The company is looking to raise about S$68 million in proceeds from the placement of 1.36 billion new ordinary shares at S$0.05 apiece to PeakBayou, a wholly-owned unit of closed-end private equity fund ShawKwei Asia Value Fund 2017.
This new share placement to the private equity fund represents a 75.64 per cent stake in enlarged share capital of the listed company.
The proposed placement is subject to shareholders' approval at an extraordinary general meeting.