Raffles Infinity director consolidates holdings in Raffles United

RAFFLES United Holdings said on Wednesday that Raffles Infinity Holdings director Teo Xian-Hui Amanda Marie accepted on July 23 her company's offer for the Raffles United shares she holds directly, in order to consolidate her holdings.

Ms Teo is the offeror's sole shareholder and director, as well as the daughter of Raffles United's managing director Teo Teng Beng.

Raffles Infinity now holds 91.06 per cent of Raffles United's total issued shares, after acquiring on July 23 about 35.5 million shares representing about 8.98 per cent in Raffles United. About 16.2 million of these shares were owned by Ms Teo, representing 4.09 per cent in Raffles United.

As stated in the offer document, Raffles Infinity does not intend to preserve the listing status of Raffles United and trading in the company's securities will be suspended at the close of the offer on Aug 14.