Simon Cheong launches $745 million offer to delist SC Global
Chairman and chief executive of luxury property developer SC Global Developments, Mr Simon Cheong, has launched a bid to take the company private.
Mr Cheong is offering $1.80 per share, which is a premium of almost 40 per cent over the highest closing price for SC Global shares in the last year.
He controls a 55.1 per cent stake in the company, and wants to take it private to allow management to have greater flexibility to manage and plan its residential property development business.
Mr Cheong will need to acquire 90 per cent of the total shares to take the firm private and delist it from the stock exchange.