DJR proposes delisting of Eastern Asia Technology from SGX

The investment holding company said it has lost competitiveness while faced with increasing global competition.

Eastern Asia Technology Limited and DJR International Ltd, in a joint announcement on Wednesday, said DJR has presented a formal proposal to the voluntary delisting of the company from Singapore Exchange Securities Trading Limited (SGX-ST).

According to the joint release, the Directors have reviewed the delisting proposal and have resolved to convene an extraordinary general meeting (EGM) to seek the approval of Shareholders for the delisting.

The consideration for the exit offer payable by DJR will be $0.138 in cash for each offer share.

The delisting and the Exit Offer will be conditional on the approval of the Delisting by Shareholders being obtained at the EGM to be convened.

Several reasons were raised to list the company off the market. Among the reasons mentioned were loss of competitiveness, highly unpredictable market, upfront premium, and low trading liquidity, the release said.

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