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Star Pharmaceutical gets enough acceptances to delist from Mainboard

STAR Pharmaceutical's public float has fallen below the minimum 10 per cent threshold, in its executive chairman's bid to take it private, the Mainboard-listed prescription drugmaker announced on Monday night.

As at 5pm on Monday, the number of valid acceptances and shares owned, controlled or agreed to be acquired by the offeror and its concert parties reached about 42.3 million, representing a shareholding of 92.24 per cent.

The offeror, comprising executive chairman Xu Zhi Bin and a special-purpose vehicle of which he is the sole director, does not intend to restore the public float.

In its offer announcement, the offeror said that delisting and privatisation will provide more control and management flexibility in implementing strategic initiatives and operational changes, and also do away with the resources and costs of maintaining listing status.

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The S$0.45 a share offer closes at 5.30pm on Oct 7, having been extended for two weeks beyond its original closing date.

The counter closed unchanged at S$0.46 on Monday before the news.