BRC Asia to resume trading on Dec 1 after free float restored

STEEL prefabrication firm BRC Asia will resume trading of its shares on Friday Dec 1 after its free float was restored to the 10 per cent level required under exchange rules.

Trading in its shares had been suspended on Oct 31 after a takeover bid by Esteel Enterprise - an investment vehicle for a trio of Chinese iron and trading businessmen - ended with Esteel holding a 95.83 per cent in the firm.

Esteel has disposed of 12.86 million shares, comprising 6.9 per cent of BRC Asia's entire issued shares, to six independent and unrelated buyers at 95 Singapore cents a share. It had offered 92.5 Singapore cents for each share in its takeover bid.

With the disposal, it now holds 167 million BRC Asia shares, or 89.61 per cent of the firm.

Esteel had said in its offer announcement that it intended to keep BRC Asia listed, although it retained the right to revisit that plan if the public float falls below 10 per cent.