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PS Group to delist on Nov 11
PS Group will be delisted from the Singapore Exchange at 9am on Nov 11, following the move by two of the company's directors to take it private.
In August, PS Group's two directors made a voluntary conditional cash offer of 11.8 Singapore cents per share for the Catalist-listed fastener supplier. Executive chairman Teo Choon Hock and executive director Kwek Keng Seng made the offer via PS Investment.
The offer document cited low trading liquidity of shares, a premium offer price, greater management flexibility and cost of maintaining its listing as reasons for the offer.
The offer was declared unconditional on Sept 17, as the total number of shares owned, controlled or agreed to be acquired by the offeror and its concert parties, and valid acceptances of the offer, amounted to about 90.59 per cent of the total number of shares.
Subsequently, the independent financial adviser (IFA) of PS Group Holdings deemed the offer by the directors as "fair and reasonable".
The company's independent directors agreed with the recommendations of the IFA, Hong Leong Finance, and recommended that shareholders accept the offer.
Trading in PS Group shares has been suspended. They last traded at 11.7 Singapore cents on Oct 2.