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China Auto Electronics asks for trading suspension
CHINA Auto Electronics Group has requested before the market opened on Wednesday a trading suspension as its shares held by the public have fallen below 10 per cent.
The listed group on Dec 12 announced a loss of its free float on the Singapore bourse. This came as a mandatory unconditional cash offer from anchor shareholder THB Auto Electronics garnered acceptances representing 90.26 per cent of the listed group's total issued shares.
British Virgin Islands-incorporated THB Auto Electronics through Stirling Coleman Capital in an Oct 24 disclosure announced the offer to buy out China Auto Electronics Group at S$0.16 and take the listed group private.
The Oct 24 disclosure said the mandatory unconditional cash offer provides shareholders who find it difficult to exit the company as a result of low trading volume an opportunity to liquidate and realise their investment at a premium to the prevailing market prices.