Otto Marine extends trading halt to assess an offeror's proposal

OFFSHORE marine group Otto Marine on Monday evening said it has obtained approval from the Singapore Exchange to extend its trading halt by two market days, so that it can convene a board meeting to consider the proposal from an offeror.

Otto Marine had on Monday evening received a proposal for a delisting, which carries certain conditions.

This was received from RHB Securities Singapore, the financial adviser to the potential offeror, which remains unnamed.

Last Friday at 7pm, Otto Marine had received a request from RHB requesting the board maintain the trading halt for one more day until Monday.

Its shares last traded at S$0.23 last Thursday before the trading halt.