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Star Pharma to delist from SGX main board on Dec 6
STAR Pharmaceutical will delist from the Singapore Exchange's main board with effect from 9am on Friday, it said in a bourse filing on Wednesday.
It will do so after the offeror for the firm completes its compulsory acquisition exercise on or about Dec 5. The exercise is for all the shares of shareholders who have not accepted the S$0.45 per share offer price.
The offeror is executive chairman Xu Zhi Bin and a special-purpose vehicle of which he is the sole director.
Star Pharma had said in its offer announcement that delisting and privatising the company will give it more control and management flexibility in implementing its strategic initiatives and operational changes. It will also do away with the resources and costs of maintaining the company's listing status.
The drug company has been listed on the bourse since February 2006.