Amcorp Global gets SGX nod for extension to restore free float

THE Singapore Exchange (SGX) has granted Amcorp Global, formerly known as Tee Land, an extension of time till Oct 20 to restore its free float.

In a bourse filing on Wednesday, Amcorp said it remains "firmly committed" to conducting a private placement.

However, as it is headquarted in Malaysia, its efforts to restore its public float through the placement of shares have been limited by the lockdown, as well as social distancing measures in Malaysia and Singapore due to the Covid-19 pandemic, the company said.

"As the international border between Malaysia and Singapore remains closed, it is unclear when Amcorp can next arrange for physical meetings with potential investors in Singapore. Substantive discussions with potential investors from both countries will similarly be limited," Amcorp said.

It added that investors' interest in participating in equity fundraisings has been adversely affected by market volatility brought about by the outbreak. Therefore it will require more time to market to investors and to negotiate terms in a private share placement, said Amcorp.

The company said it intends to maintain its listing status, following the completion of an offer by Amcorp Group.

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As at March 17, the percentage of shares owned, controlled or agreed to be acquired by offeror Amcorp Group stood at 91.06 per cent - exceeding the minimum in public's hand to qualify as a free float.

Amcorp Group said then that it plans to restore the free-float status, so as to lift the trading suspension and keep Tee Land listed. This is by undertaking or supporting any action that ensures at least 10 per cent of the total number of shares - excluding treasury shares - are held by at least 500 shareholders who are members of the public.

The counter been suspended and last traded at 17.9 Singapore cents on March 18.