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Offeror exercises right of compulsory acquisition for rest of shares in Poh Tiong Choon Logistics, plans delisting
THE offeror for Poh Tiong Choon Logistics (PTC Logistics), Respond Logistics, has exercised its right of compulsory acquisition on Thursday to acquire the shares of the dissenting shareholders at S$1.30 per share - the same as its original offer price.
Respond Logistics is a vehicle backed by PTC Logistics chairman and chief executive Poh Choon Ann and Tower Capital Logistics.
Respond Logistics plans to privatise PTC Logistics and does not intend to preserve the listing status of the group.
The Thursday circular by United Overseas Bank said: "Following the compulsory acquisition, the company will become a wholly owned subsidiary of the offeror. The date and time of such delisting is expected to be announced by the company in due course."