AVIC loses free float, set to delist in unconditional offer

CATALIST-LISTED AVIC International Maritime Holdings has lost its free float ahead of the close of an offer from China Merchants Industry Investment, which intends to delist the marine and offshore firm.

As at 5pm on Friday, valid acceptances had been received for 90.86 per cent of shares in the firm.

With less than 10 per cent of AVIC's shares now held by the public, the Singapore Exchange will accordingly suspend trading in its shares at the close of the offer at 5.30pm on Jan 6.

The offeror intends to exercise its right to compulsorily acquire all the shares of shareholders who have not accepted the offer, at the offer price of S$0.15 per share. It will then delist the company, with the delisting date to be announced in due course.

AVIC shares closed unchanged at 14.9 Singapore cents on Friday.