Best World International issues offer letter for 10% share buyback

BEST World International has issued its offer letter and acceptance forms to shareholders on Monday (Jan 17), as part of its off-market offer. The beauty product distributor announced on Dec 31 last year that it will buy back up to 54.4 million or about 10 per cent of its issued shares at S$1.36 apiece.

Shares of Best World International have been suspended from trading since 2019 after SGX RegCo raised concerns over the legality of its business model in China - following questions raised by The Business Times, and later by short seller Bonitas Research.

On Nov 11, the company said that it "might be appropriate to consider a delisting".

The share buyback offer, which is priced at its last trading price, will close on Feb 14, 2022.

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