Stats ChipPAC loses free float as Chinese firm's offer crosses 90% stake threshold

 Employees at the production line at STATS ChipPAC.
Employees at the production line at STATS ChipPAC.PHOTO: ST FILE

SINGAPORE - The buyout offer for Temasek Holdings' semiconductor tester STATS ChipPAC by China's Jiangsu Changjiang Electronics Technology Co (JCET) has crossed a key threshold.

The mainboard-listed company said on Thursday that the total shares held by JCET and the total valid acceptances of the offer amount to 90.27 per cent of the total shares in STATS ChipPAC.

Since the public float has fallen below 10 per cent, the group no longer meets the free float requirement of the Singapore Exchange.

"Shareholders should note that the SGX-ST will suspend trading of the Shares on the close of the offer," the company said.

JCET, one of the largest Chinese electronics packaging service providers listed on the Shanghai stock exchange, had said it intends to take STATS ChipPAC private and does not intend to extend the offer beyond Aug 27.