Singapore-listed energy solutions provider Devotion Energy Group is now another step closer to delisting from the Singapore Exchange (SGX).
Climate Holdings, which is seeking to buy out and delist Devotion, has received enough shareholders' acceptances for its offer to bring its stake in Devotion to over 50 per cent.
As of 5pm on Jan 3, Climate Holdings received valid acceptances representing 55.6 per cent of the total number of Devotion shares in issue, according to a filing with the SGX on Monday.
The directors of Devotion will apply to the SGX for the company's delisting, the filing said. They will also convene an extraordinary general meeting to seek the approval of shareholders to delist the company.
Climate Holdings, a special purpose vehicle whose four shareholders own about 43.4 per cent of Devotion shares, offered in October to buy the remaining shares of Devotion at 19 cents each.