SINGAPORE - The voluntary unconditional general offer by Milkyway Chemical for LHN Logistics closed on Wednesday with 99.14 per cent valid acceptances, setting the stage for the company to be delisted.

The offer had previously been declared unconditional on Aug 21, with the offeror also crossing the 90 per cent threshold for acceptances, allowing it to exercise its right of compulsory acquisition.

The offeror said it intends to compulsorily acquire all the remaining shares of shareholders who have not accepted the offer, and will proceed to delist the company from the Catalist board thereafter.

An application has been made to the Singapore Exchange for the delisting of the company, subject to the completion of the compulsory acquisition.

LHN Logistics went public on the Catalist board in April in 2022, with an initial public offering price of $0.20 per share. In June 2023, Milkyway Chemical made the offer for LHN Logistics at the price of $0.2266 per share.

Shares of LHN Logistics closed unchanged at $0.225 on Wednesday.

THE BUSINESS TIMES