Climate seeks delisting of Devotion from SGX

CLIMATE Holding, a special purpose vehicle in which its shareholders have a collective 43 per cent control of Devotion Energy Group, is seeking voluntary delisting of the Singapore Exchange (SGX) mainboard company.

A joint announcement yesterday said that Climate is proposing to purchase all of Devotion's issued ordinary shares (excluding treasury shares) at 19 cents each. The exit offer price represents a 23.4 per cent premium above the last transacted price on Oct 3, and a 43.9 per cent premium over the volume weighted average price for the 12-month period prior.

Devotion was incorporated in Singapore in 2002, and was listed on the mainboard on Aug 1, 2003; Climate was incorporated in the British Virgin Islands on May 9 this year.