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Cash offer for San Teh closes; shares suspended pending delisting
AN offer by the Kao family and its concert parties for all shares of property firm San Teh at S$0.28 apiece in cash closed on Thursday, after the offeror acquired 95.38 per cent of the company's shares.
The family - whose members include directors, and the chairman and CEO of San Teh - has crossed the 90 per cent shareholding threshold, triggering a compulsory acquisition.
San Teh has on Friday morning requested for its shares to be suspended. It had on Nov 1 applied to delist from the Singapore Exchange.
The Kao family had previously extended their voluntary conditional cash offer's closing date from Oct 24 to Nov 7 after managing to garner only 89.83 per cent of San Teh's shares.
The counter closed unchanged at S$0.275 on Thursday.