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STATS ChipPAC loses free float as offeror crosses 90% stake threshold
STATS ChipPAC said on Thursday that under the takeover offer by China's Jiangsu Changjiang Electronics Technology Co (JCET), the total shares held by JCET and the total valid acceptances of the offer amount to 90.27 per cent of the total shares in STATS ChipPAC.
Since the public float has fallen below 10 per cent, the group no longer meets the free float requirement of the Singapore Exchange.
"Shareholders should note that the SGX-ST will suspend trading of the Shares on the close of the offer," the group said.
JCET, one of the largest Chinese electronics packaging service providers listed on the Shanghai stock exchange, had said it intends to take STATS ChipPAC private and does not intend to extend the offer beyond Aug 27.