Court sanctions Aspial Corp's bid to privatise World Class Global

ASPIAL Corporation's bid to take its property developer subsidiary World Class Global (WCG) private via a scheme of arrangement has been sanctioned by the court on Monday, the jewellery group said in a Singapore Exchange filing that evening.

Subject to the satisfaction - or waiver, where applicable - of the scheme conditions, it will become effective and binding upon the lodgement of the court order with the Accounting and Corporate Regulatory Authority.

The effective date of the scheme is expected to be on July 22, said Aspial, adding that this is indicative and may be subject to change.

Shareholder approval for the move had earlier been gained at a scheme meeting on June 15. Under the acquisition offer by Aspial Corp, all WCG shares held by shareholders other than Aspial will be transferred to the jewellery group.

WCG shareholders will receive new ordinary shares in Aspial in exchange, at a rate of S$0.21 per WCG share to S$0.19 per Aspial share.

Aspial shares closed up 0.2 Singapore cent or 1.56 per cent at S$0.13 on Monday before the news.