Weiye Holdings gets nod to delist from SGX

WEIYE Holdings has been given the go-ahead to delist from the Singapore Exchange.

On Friday, the dual-listed company said that the SGX has no objection to the delisting, provided that approval has been obtained by the company's shareholders, along with the fulfilment of some other conditions.

Weiye and Fine Skill Holdings, the offeror, will be despatching documents relating to the exit offer to shareholders in due course.

These include a circular and an exit offer letter issued by the joint financial advisers for and on behalf of Fine Skill.

Weiye announced earlier in March this year of its intention to delist from the SGX. It will, however, remain listed on the Hong Kong Stock Exchange.

The company said then that the proposed conditional cash exit offer will be made at S$0.65 or HK$3.88 in cash for each offer share. 

One reason for the delisting include limited liquidity in the trading of shares on SGX.

The company said in March that the Hong Kong Stock Exchange is "geographically more aligned with the group's business operations" which are mainly in China, and have chosen that Exchange as the preferred platform for future fund raising activities.

The long-stop date for the exit offer had been set at Sept 30, 2018. The board has appointed ZICO Capital as the independent finanical advisers.