delisting

800 Super gets 90 cents per share privatisation offer from KKR
SINGAPORE (May 6): Environmental services provider 800 Super Holdings has received a 90 cents per share cash offer from 8S Capital Holdings with the intention to delist. 8S Capital is wholly owned by American investment firm Kohlberg Kravis Roberts & Co (KKR). The deal will be funded KKR with a combination of debt and structured financing to 8S Capital, primarily from pools of capital ...
Challenger's minority shareholders should push for higher exit offer as company pursues new future
SINGAPORE (Apr 29): Over the past couple of weeks, shares in Challenger Technologies have intermittently traded above 56 cents, the amount of cash minority investors will receive for each share they own as part of the company’s plan to delist from the Singapore Exchange. Is this just a short-term market anomaly? Or, is it a sign that a better exit offer price is in the offing? First of all, ...
Challenger Tech's 2.94% shareholder says offer price too low, calls for higher dividend payouts
SINGAPORE (Mar 22): Pangolin Investment Management, which holds a 2.94% stake in Challenger Technologies through its Pangolin Asia Fund, is calling on other shareholders to reject Digileap Capital’s delisting offer at the company’s upcoming EGM.   Pangolin says the offer price of 56 cents per share, which translates to a price-to-earnings ratio of 9.9 times, is too low and thus unfair ...
Courts Asia to be delisted after losing free float
SINGAPORE (Mar 14): Courts Asia, the regional retailer of furniture and household and IT appliances, is set to be delisted after losing its free float. As at 5pm on Wednesday, offeror Nojima Asia Pacific now owns or have agreed to acquire 90% of Courts Asia. SGX listing rules require listed members to ensure at least 10% of all shares, excluding treasury shares, to be held by the ...
Singapore's stock market is shrinking, but does it matter?
(Feb 12): Robson Lee had a decision to make. In his more than two-decade career as a capital-markets lawyer in Singapore, he’d helped more than 30 companies list on the country’s stock exchange, bringing to market everything from a grocery store chain to a pawnbroker. Business had been good, but it was starting to dry up. Lee decided he had to get out. “I saw the decline,” he says. ...
SGX RegCo proposes new delisting rules to protect minority interests
SINGAPORE (Nov 9): The Singapore Exchange Regulation (SGX RegCo) is proposing several changes to its delisting rules for Singapore companies, and expects to implement the new delisting rules next year. A public consultation is now open to market feedback, and will close on Dec 7. SGX RegCo’s move comes in the wake of many upset minority shareholders who had felt oppressed by the ...
Parent company garners 90.1% stake in Wheelock Properties at close of offer; starts delisting process
SINGAPORE (Oct 2): Wheelock and Company will proceed to delist Wheelock Properties (Singapore) from the Singapore Exchange following the successful conclusion of its $2.10 privatisation offer for the latter. As at the close of voluntary unconditional general offer at 5.30pm on Tuesday, the total number of Wheelock shares owned by Wheelock and Company’s offer vehicle Star Attraction was 1.08 ...
Will VARD be able to convince its shareholders to say yes to it delisting?
SINGAPORE (May 11): VARD Holdings announced on May 10 that it would submit an updated draft circular for its delisting proposal to the Singapore Exchange for a review. Its major shareholder Fincantieri Oil & Gas has also extended the deadline for the 25 cents exit offer to minority shareholders. VARD will hold another extraordinary general meeting at which shareholders will vote again on ...
AusNet to delist from SGX but maintain ASX listing
SINGAPORE (May 2): AusNet Services is planning to voluntarily delist from the Singapore Exchange although it will continue to maintain its primary listing on Australian Securities Exchange. "Having considered both the advantages and disadvantages of its shares being listed on the SGX, the board of AusNet is of the view that the company should no longer maintain a secondary listing on the SGX ...
Will VARD minority shareholders turn up in force to stop the company’s delisting?
SINGAPORE (Apr 27): S Nallakaruppan owns 220,800 shares in shipbuilder VARD Holdings and plans to vote against the resolution to delist the company at its extraordinary general meeting (EGM) scheduled for April 30. But he knows there is very little chance of blocking the resolution. As at April 25, Fincantieri Oil & Gas, the controlling shareholder of VARD, had already amassed 982.7 ...