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Mary Chia to be suspended as CEO's spouse holds 93.2% at close of general offer
THE stock of Mary Chia Holdings will be suspended after a general offer closed on Friday with the chief executive's husband controlling a 93.18 per cent stake in the beauty and wellness company.
Because the public float is now below the 10 per cent minimum required to remain listed on the Singapore Exchange Mainboard, the counter may not be traded until the public float can be restored.
The offeror is Suki Sushi, which is controlled by Lee Boon Leng, the spouse of Mary Chia CEO Ho Yow Ping.
Suki Sushi has said that it plans to keep Mary Chia listed, and said on Friday that it will "take such steps which are necessary to restore the company's public float".
No timeline was given for doing so.
Suki Sushi's offer was at 11.1 Singapore cents per share.