Select Group loses free float amid takeover offer

CATALIST-LISTED food caterer Select Group has lost its minimum free float requirement amid an ongoing takeover offer launched by a consortium led by Temasek Holdings-linked Dymon Asia Private Equity.

Only about 9.5 per cent of Select shares were held in public hands as at 5pm on April 26, the offeror said in a Singapore Exchange filing on Tuesday night, adding that the bourse may suspend trading in the stock.

The free float fell below the 10 per cent minimum required because the offeror now controls or has received valid acceptances for around 66.97 per cent of Select and another substantial shareholder not acting in concert with the offeror holds about 23.53 per cent, it said.

It added that it does not intend to take any steps to restore the minimum public float.

The consortium staging the privatisation bid includes Select's co-founders Tan Chor Khoon and Tan Choh Peng, who are brothers. The offer price is S$0.525 a share.