Courts Asia to delist on May 3 after Nojima takeover

FURNITURE and electronics retailer Courts Asia will delist from the Singapore Exchange (SGX) with effect from 9am on May 3, after losing its free float status.

The delisting will take place following the completion of Japanese electronics retailer Nojima Asia Pacific's compulsory acquisition of all the remaining shares of the company from shareholders who did not accept its offer of S$0.205 per share.

Nojima exercised its right of compulsory acquisition on April 23. Courts Asia has also received approval from SGX for the delisting.

It was reported in January that after the offer is completed, Nojima may undertake a strategic and operational review of Courts, "with a view to realising synergies, economies of scale, cost efficiencies and growth potential".