Isetan Singapore to stop trading on Aug 29 after court sanctions privatisation scheme

DEPARTMENT store operator Isetan Singapore’s last day of trading for its shares will be Aug 28, and trading will be suspended from 9 am on Aug 29.

This comes after the court on Friday (Aug 23) sanctioned a scheme of arrangement that would enable Japan’s Isetan Mitsukoshi to take Isetan Singapore private.

To recap, Isetan Mitsukoshi in April proposed to fully acquire all the shares of Isetan Singapore it does not own, at a consideration of S$7.20 for each target share. The consideration implies a 37.4 per cent premium over the counter’s highest closing market price of S$5.24 in the past five years, said the group.

In a bourse filing on Saturday, Isetan Singapore said the scheme of arrangement will become effective upon the lodgement of the court order with the Accounting and Corporate Regulatory Authority, subject to the satisfaction or applicable waivers of scheme conditions.

It added that the transfer books and register of members of the company will close at 5 pm on Sep 5, to determine the entitlements of the target shareholders under the scheme.

Shares of Isetan rose S$0.01 or 0.1 per cent to close at S$7.17 on Friday.