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GP Batteries' public float drops below 10%, slated to suspend trading of shares

GP Batteries International Limited said its public free float has fallen below the 10 per cent level required under listing rules.

The Singapore Exchange (SGX) will suspend trading of its shares at the close of the offer at 5.30pm on Nov 17, it added.

GP Industries Limited had in September launched a voluntary conditional cash offer for GP Batteries International at S$1.30 per share in a bid to privatise and delist the 64.88 per cent subsidiary.

The percentage of shares held by the public as at Tuesday was 9.63 per cent, with an aggregate 142.9 million shares of 90.37 per cent of the total number of issued shares being owned, controlled or agreed to be acquired by the offeror and its concert parties.

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Listed on the mainboard of the SGX since 1991, GP Batteries produces and distributes primary and rechargeable batteries, with production plants in China, Taiwan, Vietnam and Malaysia, as well as sales and marketing offices in Asia, Europe and North America.

Its parent firm, GP industries, which produces and markets a wide range of products including electronics and acoustics, had said that a delisting and privatisation of GP Batteries would provide more flexibility in managing the business of the company.