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Atlantic Navigation suspends trading after free float falls below 10%
ATLANTIC Navigation Holdings suspended trading in its shares on Friday morning, after a share subscription completed on Dec 11 caused the percentage of its publicly held shares to fall below 10 per cent.
After the investment holding company issued about 263 million shares to Saeed Investment to raise US$26 million in proceeds, the percentage of its free float shares fell to 8.43 per cent. According to Singapore Exchange (SGX) rules for Catalist-listed companies, the company's shares may be suspended for three months or longer to allow the company to restore free float to at least 10 per cent or be removed from the SGX official list.
The company's circular to shareholders on Nov 23 said that Atlantic Navigation and Saeed Investment intend to maintain a public float in compliance with the rules to maintain listing status, and the subscriber will use best efforts to sell the shares required to restore the float.
Shares of Atlantic Navigation last traded at S$0.10 before the suspension.