Penguin's acquisition offeror garners about 59.71% of shares

THE offeror for Penguin International has garnered about 59.71 per cent of the shares in the builder and operator of aluminium high-speed craft, as at Monday evening.

Penguin stated in a regulatory statement on Monday that the total number of shares owned, controlled or agreed to be acquired by the offeror Emet Grace and persons acting in concert with it as well as valid acceptances of the offer represent approximately 59.71 per cent of the shares in the company as at Monday 6pm.

The acquisition is conditional upon the offeror and its concert parties receiving enough acceptances - at S$0.65 per share - to take their collective stake past the 50 per cent mark.

However, should the shareholding be above 90 per cent of Penguin, the offeror intends to delist the stock from the Singapore Exchange's mainboard.

The counter closed unchanged at S$0.65 on Monday.