LTC's controlling family to propose voluntary delisting offer at S$0.925 per share

Singapore

THE controlling shareholders of LTC Corp will propose a voluntary delisting and make an exit offer at 92.5 Singapore cents per share after failing to force compulsory delisting from their earlier takeover bid for the steel and property group.

Mountbatten Resources, a vehicle controlled by the family of managing director Cheng Yong Liang, has told the board of LTC that it will propose a voluntary delisting to shareholders, LTC announced on Friday. As part of the delisting proposal, Mountbatten will make an exit offer that matches the controlling shareholders' bid from its recently concluded takeover offer. Following that takeover bid, the Cheng family and its concert parties currently hold an 88.44 per cent stake in LTC.