Courts Asia to be delisted after losing free float in Nojima buyout

FURNITURE and electronics retailer Courts Asia will be delisted from the Singapore Exchange Securities (SGX-ST), after losing its free float status.

In a regulatory filing by Courts on Wednesday, offeror Nojima Asia Pacific said it "does not intend to support any action or take any steps" to maintain the listing status of Courts Asia, and intends to delist it after its offer closes.

As at 5pm on March 13, Nojima now owns, controls or have agreed to acquire 90.07 per cent or 471.4 million of Court's shares. Listing rules require Courts to ensure at least 10 per cent of all shares, excluding treasury shares, to be held by the public.

Nojima's offer of S$0.205 in cash per Courts share remains open until 5:30pm on March 15, 2019.

In February, Nojima said it did not intend to revise its offer price despite independent financial adviser KPMG Corporate Finance calling it "not fair but reasonable".

Shares of Courts Asia closed flat at S$0.20 apiece on Wednesday.