DLF buyout offer closes with 64% shares acquired

THE buyout offer for Catalist-listed DLF Holdings closed on Friday at 5.30pm, with valid acceptances amounting to 6.98 per cent of total issued shares received by the close.

This brings the total number of shares acquired by offeror QRC Pte Ltd to approximately 64.13 per cent.

QRC's mandatory takeover offer for the mechanical and electrical engineering services firm was triggered when it entered into an agreement to acquire a 57.16 per cent stake in the company for S$0.0809 per share. It then offered S$0.081 for each share that it did not already own.

The offeror has indicated that it intends to carry on DLF's existing business and maintain its listing status.

QRC was locally incorporated in 2018. The entity's directors include its owner and individuals Mishima Yusaku and Zhang Congxi.

DLF shares closed unchanged at S$0.185 on Friday.