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Mary Chia Holdings granted extension until March 9 to raise public float to at least 10%
SLIMMING services chain Mary Chia Holdings said on Wednesday that it has been granted an extension until March 9 to raise its public float to at least 10 per cent, and keep its listing status.
Trading of the company's shares has been suspended since Oct 9, 2017 following a mandatory unconditional cash offer by Suki Sushi.
The offer for Mary Chia was triggered after Suki Sushi entered into a deal to acquire 60.98 per cent of the firm from founder Mary Chia for S$11 million. Suki Sushi now has a 93.18 per cent stake in the firm.
Mary Chia said in a bourse filing that after the offer closed, the controlling shareholder of Suki Sushi had identified placees to place out the shares that it held in Mary Chia to meet requirements.
Under Catalist listing rules, no transfer of securities can take place unless approved by the Singapore Exchange where the trading of shares of an issuer is suspended.
Suki Sushi had submitted the documents necessary for the approval of the share transfer to facilitate the placement, and Mary Chia had applied for an extension as more time was needed to facilitate the process.