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Offeror for LTC to exercise compulsory buyout of shares from dissenting shareholders

STEEL trading and property group LTC Corporation on Thursday said that it has received sufficient valid acceptances to exercise its right of compulsory acquisition for all the shares of the shareholders who have not accepted the exit offer. This will occur on or after Feb 21.

Mountbatten Resources, the investment vehicle for LTC’s controlling Cheng family, will then proceed to delist LTC from the Singapore Exchange.

As at the close of offer, the total number of shares owned, controlled or agreed to be acquired by the offeror and its concert parties, including valid acceptances, amounted to about 91.01 per cent of the total number of shares.

Trading in LTC's shares is expected to be suspended at 9 am on Feb 1.