Jardine Strategic acquisition completed; shares to delist from three exchanges

JARDINE Matheson Holdings (JMH) has completed its 15 per cent stake acquisition in Jardine Strategic Holdings, announced the conglomerate in a filing to the Singapore Exchange (SGX) on Thursday morning.

This follows approval of JMH's acquisition by shareholders of Jardine Strategic at a special general meeting held on Monday.

Jardine Strategic has since applied to cancel the listing of its shares on the Financial Conduct Authority's Official List with effect from 8am (UK time) on April 15.

It has also made applications to delist from the SGX mainboard with effect from 9am today; the London Stock Exchange from April 15, 8am (UK time); and the Bermuda Stock Exchange from April 14, 5pm (Bermuda time).

Jardine Strategic's shareholders' circular previously indicated that the company's shares were expected to be suspended from trading on the SGX mainboard by 7.30am on Tuesday.

While a number of Jardine Strategic shareholders had voted against the acquisition, JMH noted that "a large number of shares" that voted against the resolution were held by investors who were not shareholders at the time of the announcement of the acquisition on March 8.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Shares of JMH ended Wednesday US$0.20 or 0.3 per cent lower at US$64.87.

READ MORE: 

• Jardine Matheson to incorporate Jardine Strategic via US$5.5b cash acquisition
• Jardine Strategic offer is 30% off net asset value; deal could affect ST Index
• Jardine Strategic acquisition: A shortfall of corporate governance