Controlling shareholder’s offer for ICP crosses 50% threshold, turns unconditional

THE substantial shareholder of Catalist-listed ICP , Aw Cheok Huat, has amassed more than 50 per cent of the total number of shares in the company, turning his offer unconditional in all respects.

ICP on Friday (Aug 18) announced that he received valid acceptances amounting to over 178.1 million offer shares, or 5.34 per cent of the total number of shares, as at 6 pm on Thursday.

This brought the shares that he and his concert parties owned, controlled or agreed to be acquired to 50.98 per cent.

Aw launched a mandatory conditional cash offer for ICP shares at S$0.007 apiece on Jul 11, after acquiring an additional 773.2 million shares.

Before the offer was announced, the shares he already owned and controlled, including those which were agreed to be acquired by him and his concert parties, made up 45.64 per cent of the total number of shares.

Despite the offer turning unconditional, the offeror does not intend to extend it beyond 5.30 pm on Aug 29.

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The offer will not be open for acceptances beyond that time on that day, said the filing.