SingHaiyi to be delisted on Jan 31
MAINBOARD-LISTED SingHaiyi Group will be delisted from the Singapore Exchange (SGX) at 9 am on Jan 31, it said in a bourse filing on Thursday (Jan 27).
The move comes after the property player obtained regulatory approval on Jan 12 from the bourse operator to delist, after its free float dropped to under 10 per cent.
In November 2021, SingHaiyi received an all-cash privatisation offer from its owners Gordon Tang and his wife Celine, for all issued ordinary shares in the company at S$0.117 per share, with a view to delist.
This represents a 21.8 per cent discount to the company's net asset value per share of S$0.1496 as at end-September 2021.
The offer price represents a premium of approximately 19.4 per cent over the 12-month volume weighted average price, and a premium of about 8.3 per cent over the S$0.108 closing price of SingHaiyi on Nov 8, 2021, the last full trading day of the company before the voluntary conditional cash offer was announced.
The offer closed on Jan 10 with 98.15 per cent valid acceptances. SingHaiyi said at the time the offeror would proceed to make a compulsory acquisition of the remaining shares.
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Shares of SingHaiyi were later suspended from trading on Jan 11.
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