Global Palm Resources allowed to delist

PALM oil producer Global Palm Resources has been allowed to delist, as the offeror has snagged more than 90 per cent of its shares and intends to compulsorily acquire the remaining stakes and take the company private.

There was no objection by the bourse regulator to the delisting of Global Palm Resources, with the shares in public hands having dropped to below 10 per cent, the firm said in a regulatory filing on Wednesday (Jun 21).

The date of delisting, it added, will be announced upon the completion of the offeror’s compulsory acquisition of the shares it does not already own.

The offeror is Global Palm Resources chief executive Suparno Adijanto’s special-purpose vehicle ATH Holdings. The takeover price was S$0.25 per share.