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Delong to resume trading from Friday 1pm after privatisation plan scuppered
SHARES in mainboard-listed Delong Holdings, which have been suspended since Oct 5, will resume trading on the Singapore bourse from 1pm on Friday.
This follows the withdrawal of an offer made by Best Decade, an investment vehicle of Delong chief executive Ding Liguo, amid a probe by the Securities Industry Council (SIC) into any potential breach of Singapore's Take-over Code.
Mr Ding, who is also the company's executive chairman, pulled his bid vehicle's S$7-a-share cash offer on Thursday, citing a requirement to hike the offer price to S$7.42 a share.
Best Decade said on Sept 27 that it planned to delist the company and turn it into a wholly owned subsidiary in the same line of business, should it get valid acceptances for 90 per cent of the shares it did not hold, by the offer's unspecified close date.