Starland to be suspended after GRP offer hits 99.1%

TRADING in Catalist-listed Chinese property developer Starland Holdings will be suspended from 8.30am on March 2, after an offer by industrial product supplier GRP Limited's indirect subsidiary GRP Chongqing Land took Starland's free float below 10 per cent.

When the offer closed at 5.30pm on March 1, GRP Chongqing Land controlled or had received valid acceptances for 99.10 per cent of the total number of issued shares in Starland, mainboard-listed GRP Limited said in a Singapore Exchange (SGX) filing on Tuesday.

GRP had said that it intends to preserve the listing status of Starland on the Catalist board and "does not intend to exercise its rights of compulsory acquisition", going by a Starland circular to shareholders.

Under Catalist rules, if an offeror manages to get enough acceptances such that the total number of issued shares held in public hands drops below 10 per cent, the SGX will suspend trading of the counter only at the close of the offer.

Starland has a period of three months from March 2, or longer if the SGX agrees, to restore the public float to at least 10 per cent, Starland said in a bourse filing on Tuesday night.