CM Pacific joins delisting train as majority shareholder launches offer

Singapore

TOLL road operator China Merchants Holdings (Pacific) - a billion-dollar company - has moved to delist from the Singapore stock exchange in yet another sign of hollowing out in the local market.

The firm, which has a reputation among investment circles as a dividend stock, is currently valued at S$1.5 billion.

China Merchants, or CM Pacific, announced a cash offer of S$1.02 a share on Monday morning. A similar offer was also made for the firm's HK$150 million (S$26 million) of convertible bonds.

The offer price is at a 23 per cent premium to the company's last full trading day's closing price of S$0.83, which is also the counter's approximat…