Tougher delisting rules have little impact on Guoco Group's bid for Bermuda-registered GL

Singapore

TOUGHER voluntary delisting rule changes introduced less than two years ago might have little effect on Guoco Group's lowball bid for GL Ltd. The changes were aimed at making it harder for dominant shareholders to take their companies private without adequately compensating minority investors.

Last month, GL announced that a unit of Guoco Group would make a cash offer for the company at S$0.70 per share, or a 27 per cent discount to its net asset value.