Weiye Holdings to hold EGM on July 24 for proposed delisting

AN extraordinary general meeting (EGM) will be held on July 24 to discuss the terms of the exit offer from the Singapore Exchange, Weiye Holdings said on Wednesday.

The EGM will be held at Phoenix II Meeting Room at the Novotel Singapore Clarke Quay Hotel at 10am.

Weiye and Fine Skill Holdings, the offeror, on Wednesday despatched documents relating to the exit offer to shareholders. These include a circular and an exit offer letter issued by the joint financial advisers for and on behalf of Fine Skill.

If all the conditions for the delisting have been fulfilled, the expected date of delisting from SGX will be Aug 21.

On June 15, Weiye announced that it had been given the go-ahead to delist from the local bourse, provided that approval has been obtained by the company's shareholders, along with the fulfilment of some other conditions.

Weiye announced earlier in March this year 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 was the 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 has chosen that Exchange as the preferred platform for future fundraising activities.

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