Halcyon Agri allowed time to restore free float; Swiber’s proposed delisting granted

THE Singapore Exchange (SGX) has no objections to granting Halcyon Agri Corporation an extension to meet the free float requirement as well as to Swiber Holdings ’ proposed delisting, the two companies said in their respective filings on Monday (Jun 19).

In its filing, Halcyon Agri said it had been granted a three-month period commencing from Apr 24 to raise the percentage of its shares in public hands to at least 10 per cent. The issuer may be removed from the mainboard if it fails to meet the free float requirement after the period.

The mandatory conditional cash offer for Halcyon Agri at S$0.413 per share by China Hainan Rubber Industry Group’s wholly-owned subsidiary closed on Apr 24 with the free float dropping to less than 10 per cent. Halcyon Agri shares have been suspended from trading since Apr 25.

But the offeror did not intend for the natural rubber supplier to be delisted and privatised following the close of the offer.

Meanwhile, insolvent offshore and marine group Swiber Holdings has been allowed by SGX to delist, with the date of its exit from the exchange to be announced, its liquidator said. The firm was listed in 2006.