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Compact Metal shares to stop trading on SGX from Feb 28

SHARES in Mainboard-listed aluminium dealer Compact Metal Industries will stop trading at the market close on Feb 27, as the group has received High Court approval for its restructuring, the board said on Thursday.

Trading will be suspended the next morning. Shareholders had voted on Jan 25 for a scheme of arrangement that will see Compact Metal transfer its shares and listing to International Cement Group.

Under the deal, Compact Metal will become a wholly-owned subsidiary of International Cement, which is owned by executive directors Ma Zhaoyang and Zhang Zengtao.

The scheme of arrangement takes effect when Wednesday's court order is lodged with the Accounting and Corporate Regulatory Authority. The company's books and shareholder register are slated to close on March 1 at 5pm, the board said in an announcement signed by Mr Zhang, the chief executive.

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Compact Metal revived, back in March 2018, an old plan to trade as a cement dealer. It said at the time that the restructuring would give it greater flexibility in doing business.