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Challenger Tech gets go-ahead from SGX for delisting

CHALLENGER Technologies said on Tuesday night that the Singapore Exchange has no objection to its delisting, subject to compliance with listing rules.

This follows the mainboard-listed electronics retailer's March 20 announcement of its proposed voluntary delisting, with Digileap Capital making a cash exit offer for all Challenger shares at 56 Singapore cents apiece.

Digileap Capital is 70 per cent owned by the Loo family, and 30 per cent by Dymon Asia Private Equity.

Challenger said it will send the delisting circular and exit offer letter to shareholders in due course, including notice of the extraordinary general meeting at which shareholder approval for the delisting will have to be obtained.

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Four members of the Loo family, including Challenger chief executive officer Loo Leong Thye and Ng Leong Hai, who together hold 78.64 per cent of the total shares, have provided undertakings to vote in favour of the delisting resolution and accept the exit offer.

Challenger advised shareholders to exercise caution in dealing in its shares.

Challenger shares closed down 0.5 Singapore cent or 0.91 per cent at 54.5 Singapore cents on Tuesday.