Parent company's exit offer for Pan Ocean turns unconditional

HARIM Holdings' exit offer for bulk shipping company Pan Ocean AZY has turned unconditional after the latter's shareholders approved its voluntary delisting from the Singapore Exchange (SGX).

Valid acceptances and the total shares owned, controlled or agreed to be acquired by offeror Harim Holdings and its concert parties amounted to 54.71 per cent as at 6 pm on Monday (Dec 20).

At the last extraordinary general meeting held on Monday, 94.6 per cent of Pan Ocean's shareholders had voted to approve the voluntary delisting of the company, while 5.5 per cent had voted against.

Pan Ocean and Harim Holdings - who is also the former's South Korean parent company - had said that the proposed delisting is not a privatisation exercise.

The company intends to maintain its primary listing on the Korea Exchange, and Singapore registered shareholders can elect to have their shares transferred from the Singapore branch to the South Korea register if they wish.

The exit offer remains open for acceptance until 5.30 pm on Jan 3, 2022.

Shares of Pan Ocean closed S$0.01 or 0.1 per cent higher at S$8.27 on Dec 20.