SP Corp to delist on Dec 23

MAINBOARD-LISTED commodities trading group SP Corporation will delist on Dec 23, following its privatisation by Tuan Sing Holdings , SP said in a bourse filing on Monday (Dec 20).

The scheme of arrangement that effected the acquisition by Tuan Sing had taken effect on Dec 9, and payment would have been made to shareholders by Monday, according to a previous regulatory filing.

The scheme consideration for each scheme share was S$1.59 in cash, equivalent to SP’s book value per share as at June 30, 2022.

SP is engaged in commodities trading activities in coal, rubber, metals as well as other commodities and products used in the energy, metal and automotive industries in Asia.

The acquisition of SP allows Tuan Sing to reduce the duplication of compliance and associated costs in maintaining the listing status of both companies, and optimises the use of their capital and management resources.

Shares of SP last traded flat at S$1.58 on Dec 6.