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Otto Marine's chairman seeks firm's delisting

Plan for cash exit offer of S$0.32 a share, a 39.13% premium to the last transacted price of S$0.23 on June 1, prior to the stock's trading halt

Published Wed, Jun 8, 2016 · 09:50 PM

Privatisation

Singapore

OTTO Marine's executive chairman and controlling shareholder Yaw Chee Siew has proposed a voluntary delisting for the offshore and marine player amid a protracted industry downturn.

Ocean International Capital (OIC), the vehicle through which Mr Yaw is undertaking the delisting, will be making a cash exit offer of S$0.32 per share, representing a 39.13 per cent premium to the last transacted price of S$0.23 on June 1 prior to a trading halt. Mr Yaw, the sole director of OIC, has a total interest of 61.2 per cent in Otto.

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