SINGAPORE - Offshore marine group Otto Marine on Monday evening (June 6) received a formal proposal for a delisting from RHB Securities Singapore, the financial adviser to the potential buyer.

As such, Otto Marine has got approval from the Singapore Exchange to extend its trading halt by two market days, while a board meeting is convened to consider the takeover bid.

Otto Marine had called for a trading halt last Thursday before announcing that a potential buyer is looking to acquire shares in the group.

The counter last traded at 23 Singapore cents.