Offer for Low Keng Huat turns unconditional with 95.5% of shares secured

[SINGAPORE] The privatisation bid for construction and property developer Low Keng Huat (LKH) has turned unconditional, with the offerer securing 95.47 per cent of shares as of 6 pm on Thursday (Feb 5).

The offerer – a special-purpose vehicle effectively controlled by managing director Marco Low and his family – had already secured more than 90 per cent of votes in late-January, crossing the required threshold.

In a bourse filing on Thursday, Low Keng Huat confirmed that the company no longer meets the free float requirement – that at least 10 per cent of its shares is held by the public – to remain listed.

Low and his family launched the privatisation bid in December last year at an initial offer price of S$0.72 a share, but last month increased the offer price to S$0.78 per share.

In seeking to delist LKH, Low cited the need to save on compliance costs and gain greater flexibility to manage the business in a challenging environment.

LKH shares ended Thursday flat at S$0.78.