SINGAPORE (THE BUSINESS TIMES) - The Singapore Exchange has approved the delisting application for Roxy-Pacific Holdings, as the residential property managing company's free float has fallen below the 10 per cent threshold.
This comes as offeror TKL & Family and its concert parties now hold more than 90 per cent of all company shares, excluding treasury shares, the company said in a bourse filing on Wednesday (Feb 16).
TKL & Family is the bid vehicle of Roxy-Pacific chairman and chief executive Teo Hong Lim and 10 others in September 2021 to privatise the company, citing a "challenging macro and operating environment" and other factors.
It had offered 48.5 cents per share in cash, valuing the company at $630.5 million - an offer that the deal's independent financial adviser said, on Jan 19, was "not fair but reasonable", advising shareholders to accept.
In the filing, the company said the application for delisting was sought on Feb 7 after the offeror announced on Jan 28 it had become entitled to, and would exercise its statutory right to a compulsory acquisition under the Companies Act, after which it would own 100 per cent of the company's shares.
SGX had taken this into consideration when approving the delisting application, it added.
Roxy-Pacific shares were trading flat at 48 cents as at 2.42 pm on Wednesday.