Sysma to delist after voluntary conditional cash offer closes

THE voluntary conditional cash offer of S$0.168 per share to privatise Sysma Holdings closed on Thursday (Aug 3), with acceptances that will result in the offerer having garnered 94.2 per cent of the total issued shares.

The offerer, GTV Capital, will compulsorily acquire all remaining shares of Sysma. It intends to delist the Catalist-listed builder of high-end landed homes, subject to regulatory approval.

Sin Soon Teng, Sysma’s chairman and group chief executive officer, is the sole shareholder of the offerer, and a controlling shareholder of Sysma.

The S$0.168 offer, GTV Capital said, is a premium of 34.4 per cent over the closing price of S$0.125 on May 25, the last full market day when the shares were traded before the offer was announced.

Shares of Sysma closed flat at S$0.167 on Thursday.