Share transfer of controlling stake in Cityneon clears hurdle

THE pre-condition for the controlling stake of shares of events and exhibition services agency Cityneon Holdings has been fulfilled on Friday.

The mainboard-listed company said that shareholders of Malaysia's Star Media Group have approved the transfer of shares held by its subsidiary, Laviani Pte Ltd, to Lucrum 1 Investment Limited. Laviani is a controlling shareholder of Cityneon. The stake represented 52.51 per cent of the issued and paid-up share capital of Cityneon.

Lucrum had made the offer for the 128.5 million shares on May 12 this year, at S$115.6 million, or S$0.90 per share.

Lucrum is an investment holding company incorporated in the British Virgin Islands.

Cityneon's counter was at S$0.995 before the announcement.