SingHaiyi loses free float, to delist after offer secures 95.8% valid acceptances

MAINBOARD-LISTED property developer SingHaiyi 5H0 : 5H0 0%on Friday (Dec 17) morning said it has lost its free float and will be delisted, as its controlling shareholders' voluntary unconditional cash offer secured 95.8 per cent valid acceptances as at 6 pm on Thursday (Dec 16).

This means less than 10 per cent of SingHaiyi shares are now held by the public.

To recap, SingHaiyi on Nov 9 received the privatisation offer from its owners Gordon and Celine Tang for S$0.117 per offer share in cash, representing a significant 21.8 per cent discount to the group's net asset value per share of S$0.1496 as at end-September 2021.

Shares of the company hit a 3.5-year high on the morning of Nov 10, following news of the offer.

The offer remains open for acceptance until its final closing date on Jan 10, 2022, when trading of SingHaiyi shares will be suspended.

The Tangs intend to exercise their rights of compulsory acquisition and delist the company following the offer's close.

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Shares of the group ended S$0.001 or 0.9 per cent lower at S$00.116 on Friday. 

READ MORE: 

• SingHaiyi to reduce Cromwell stake to 1.6% for A$16.1 million
• SingHaiyi narrows half-year net loss with boost from Parc Clematis sales
• SingHaiyi's Celine Tang continues to build stake