CFA Society Singapore
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.