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Chew's Group restores free float to above 10%, plans to resume trading on Friday

CHEW’S Group said on Thursday that it has restored its free float to meet the regulatory requirement of at least 10 per cent held in a set number of public shareholders, and plans to resume trading of its shares from Friday at 9 am.

This comes as its controlling shareholder Goldhill Trust sold 19.5 per cent of the company to 42 independent and unrelated purchasers at the price of about S$0.2107 per share, or for a total of S$3.47 million.

Following the sale, Goldhill Trust will hold 73.9 per cent of the firm, while one of the purchasers, Ang De Yu, will become a substantial shareholder of the company with his 5.6 per cent stake.

Consequently as well, the free float - referring to the amount of shares held by public shareholders - stands at about 20.5 per cent. Under Catalist rules, at least 10 per cent of the total number of issued shares - excluding treasury shares and subsidiary holdings - are to be held by at least 200 shareholders of the company who are members of the public.

Goldhill Trust had earlier made a mandatory general offer for the rest of the group that it did not own at S$0.2107 per share, as triggered by Goldhill's purchase of a 68.14 per cent stake in Chew's for S$12.13 million from members of the Chew family. Goldhill is owned by businessmen Alex Tan Pei Hong and Amos Tan Theng Hong. 

Shares of Chew's Group last traded at S$0.21.