BRC Asia to resume trading of shares from Dec 1 after restoring free float

BRC Asia to resume trading of shares from Dec 1 after restoring free float

PC Lee
30/11/17, 07:03 pm

SINGAPORE (Nov 30): BRC Asia, the steel prefabrication firm, will resume trading of its shares with effect from 9am on Dec 1.

Trading in its shares had been suspended on Oct 31 after a takeover bid by Esteel Enterprise ended with Esteel holding a 95.83% in the firm.

To restore the 10% free float required under the listing rules of the Singapore Exchange, Esteel subsequently disposed a total of 12.9 million shares or 6.9% of its issued share capital to six independent and unrelated buyers at 95 cents each.

This brought Esteel's stake in BRC Asia down to 166.9 million shares or 89.6%.

Shares in BRC Asia closed at 90 cents on Thursday.

See: BRC Asia posts 75% drop in full-year earnings to $2.1 mil

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