Offeror snags more than 90% of Challenger Technologies shares

THE offeror for Challenger Technologies who intends to take it private has garnered more than 90 per cent of the total shares of the consumer electronics retailer, resulting in the public float of the shares dropping to under 10 per cent.

In a bourse filing on Friday (Jun 23), Challenger Technologies announced that DigiTech Holding has verified that substantial shareholder Ng Leong Hai, who has provided an irrevocable undertaking to accept the offer, holds 20.68 per cent of its shares.

The firm also noted that DigiTech Holding had bagged 71.1 per cent of the total number of shares as at 6 pm on Thursday.

The percentage of shares in public hands is therefore less than the requisite 10 per cent. Following this, Challenger Technologies may be suspended from trading, based on listing rules.

The counter closed unchanged at S$0.60 – the revised offer price – on Friday, before the announcement on the public float was made.