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Parent firm to buy out GP Batteries

THE parent firm of GP Batteries International has exercised its right of compulsory acquisition to buy out the remaining shares in the subsidiary that it does not own at S$1.30 per share.

GP Industries has arranged to pay GP Batteries a sum representing the aggregate offer consideration for the shares to be acquired from dissenting shareholders.

This sum of money will be credited into a separate bank account and held by GP Batteries on trust for the dissenting shareholders.

GP Industries had earlier indicated the intent to delist and privatise GP Batteries after buying out shares in its subsidiary.