SINGAPORE (THE BUSINESS TIMES) - Jewellery group Aspial Corp will be taking its subsidiary World Class Global (WCG) private after gaining 98.48 per cent shareholder approval in a scheme meeting on Monday (June 15), the companies said in separate filings with the Singapore Exchange (SGX).

In the meeting, which was held electronically, 194 shareholders present or voting by proxy, representing 98.48 per cent of votes, moved to approve the scheme. The shareholders who were for the scheme held about 50.4 million or 99.99 per cent of WCG's shares.

Three shareholders, representing 1.52 per cent of votes and 0.01 per cent of shares, were against the scheme.

Under the scheme of arrangement, all WCG shares held by its shareholders - other than those held by Aspial - will be transferred to Aspial. The shareholders will receive new ordinary shares in Aspial in exchange, at a rate of 21 cents per WCG share to 19 cents per Aspial share.

For illustration, a shareholder holding 100 WCG shares would receive 110 Aspial shares in exchange for the former.

Listed on SGX's Catalist board in 2017, WCG was spun off from Aspial. Its key businesses include property development and property investment in major cities in Australia and Malaysia, as well as the operation of hotels in Malaysia.

In the light of the approval received, WCG will be submitting its application to the court for sanction of the scheme.

In its indicative timetable, WCG has set July 7 as the expected date of its court hearing of the application to sanction the scheme, with July 16 being the latest expected date for the payment of the scheme consideration and July 19 the latest expected date of delisting for its shares.

Shares of Aspial were trading flat at 12.8 cents as at the midday break on Monday. Shares of WCG were at 14.8 cents. This was after a trading halt was called, then lifted on Monday morning.