World Class Global gets nod to delist if takeover approved by shareholders, court

WORLD Class Global has obtained in-principle approval from the Singapore Exchange Regulation (SGX RegCo) for its proposed delisting, if its takeover is approved by shareholders and sanctioned by the court.

In its regulatory statement on Tuesday, the property developer said that the frontline regulator has allowed its delisting in principle, if the acquisition offer through a scheme of arrangement gets the nod from shareholders and the court, and becomes effective.

The court will hear the application from World Class Global on May 27 to hold the scheme meeting.

The acquisition offer by jewellery group Aspial Corp, World Class Global's parent firm, proposes that all World Class Global shares held by shareholders other than Aspial be transferred to the jewellery group. A holder of World Class Global shares will receive 110 Aspial shares for every 100 World Class Global shares held.

The counter ended unchanged at S$0.149 on Tuesday, before this announcement was made.