Offer to acquire Otto Marine yet to arrive

SINGAPORE - Otto Marine has yet to receive any formal acquisition offer from RHB Securities, and the company will move to lift its trading halt if the bid does not come in by the end of Monday (June 6).

"On Sunday, June 5 2016, (Otto Marine) informed RHB that if no formal proposal is received by 5pm on June 6, pursuant to Chapter 13 of the Listing Rules, the company will proceed to lift the trading halt on its shares at the commencement of trading on June 7.

"As at the time of making this announcement, no formal proposal has been received," chief executive Michael See said in a filing to the Singapore Exchange at 3pm on June 6.

A trading halt cannot exceed three market days, according to SGX's listing rules.

Otto Marine announced the trading halt last Thursday (June 2) when a potential buyer revealed its intention to acquire the offshore and marine firm. RHB Securities is the adviser of the unidentified offeror.

If the acquisition materialises, Otto Marine may be the first in the struggling sector to be privatised.

Before the halt, Otto Marine shares last traded at 23 cents following a 17 per cent spike in the week before.

Otto Marine said it will make another announcement after market close on whether the offer has come in.