Luzhou Bio-Chem gets in-principle approval for delisting

MAINBOARD-LISTED Luzhou Bio-Chem Technology has received in-principle approval for its delisting, it announced on Thursday night in a Singapore Exchange filing.

This follows the offer for and resulting compulsory acquisition of the company's shares by founder Niu Ji Xing in a bid to take the firm private via investment holding company Starnova, of which he is the sole director.

Luzhou had applied on Oct 14 to seek approval for the proposed delisting.

In its Thursday announcement, it said that the Singapore Exchange (SGX) had informed it that there were no objections to the proposed delisting, and that the SGX's decision "is not an indication of the merits of the proposed delisting".