Teckwah to delist from mainboard on Nov 24

Janice Heng

Published Thu, Nov 19, 2020 · 10:58 AM

TECKWAH Industrial Corporation will be delisted from the Singapore Exchange's mainboard with effect from 9am on Nov 24, the company announced on Thursday night.

This follows a successful privatisation bid by Clementine Investments, a consortium of the firm's three largest shareholders, and the receipt of in-principle approval for the delisting from SGX.

Clementine Investments exercised its right of compulsory acquisition after a voluntary cash offer for the firm closed on Oct 27 with valid acceptances of about 95.9 per cent of the total number of issued shares.

In the offer letter, the offeror had said that the delisting of the packaging, printing and logistics firm was in pursuit of "more flexibility to manage the business of the company, and optimise the use of the company's management and resources during this time of economic uncertainty".

The company's shares have been suspended from trading since Oct 27.