Xyec to be absorbed into Tokyo-listed Mamezou after delisting

XYEC Holdings, currently in the process of a privatisation bid, will be merged with its controlling shareholder after it is delisted.

The Japanese integrated engineering and IT services provider said on Friday that it has entered into a merger agreement with Tokyo-listed Mamezou Holdings, with Mamezou being the surviving legal entity.

Xyec will hold its extraordinary general meeting on the proposed merger on or around June 30. As the EGM will take place after the delisting of the firm, the notice of the merger EGM will be made in accordance with Japanese law, and not with the Catalist rules of Singapore law, said Xyec.

Mamezou had earlier said it intends to merge with Xyec within six months of the completion of the offer.