LCT Holdings to delist as privatisation bid succeeds

MAINBOARD-LISTED LCT Holdings is set to delist after a successful privatisation bid by co-founder Du Junhong.

The property investment company's voluntary conditional cash offer closed on Tuesday, with the offeror Superior Partners and concert parties holding 95 per cent of total issued shares.

The remaining shares will be acquired via compulsory acquisition, with the relevant documentation having been despatched to dissenting shareholders on Nov 12.

As LCT no longer meets the requirement of a 10 per cent free float, trading in its shares will be suspended.

After completion of the compulsory acquisition, LCT will become a wholly-owned subsidiary of the offeror and be delisted, with the date and time of delisting to be announced in due course.

With an offer price of S$0.60 per share and over 35 million issued shares, the cash offer valued the company at about S$21 million.

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In the offer document, the offeror had said that delisting will give LCT greater control and flexibility to respond to any changes in the "uncertain economic environment" resulting from Covid-19, and achieve "greater efficiency and competitiveness".

LCT shares closed unchanged at S$0.58 on Tuesday.