Vard to delist on Nov 2; requests trading halt

SHIPBUILDER Vard Holdings will be delisted from Nov 2 at 9am, following the close of its exit offer by Fincantieri Oil & Gas on Monday at 5.30pm.

It also requested on Tuesday morning for trading in its shares to be suspended on the same day.

At the close of the exit offer, the total number of Vard shares owned, controlled or agreed to be acquired by Fincantieri O&G, its related corporations and their respective nominees, totalled about 1.13 billion shares, or 95.99 per cent of Vard's issued share capital.

Fincantieri O&G paid S$26.97 million for the Vard shares tendered in acceptance of the exit offer, and S$22.1 million for the Vard shares acquired on the Singapore Exchange.