ICP receives privatisation offer from major shareholder

The offer price is $0.009 per share.

ICP Limited has received a voluntary exit offer of $0.009 per share from its major shareholder, Aw Cheok Huat.

Aw owns a 57.16% stake in ICP, equating to 1,910,252,777 shares.

The offer represents a 16.9% premium over the volume-weighted average price (VWAP) of $0.0077 for the one-month period ending 1 April and a 20% premium over the VWAP for the three months leading up to that date.

The offeror seeks to delist ICP from SGX Catalist, citing low trading liquidity. Over the past 12 months, ICP’s average daily trading volume was just 456,219 shares or 0.01% of the total issued shares.

In a bourse filing, Aw stated that the offer would allow shareholders to realise their investments amidst the challenging macroeconomic environment, exacerbated by intensifying inflationary pressures.

In addition, he noted that shareholders would be able to realise their investments without incurring brokerage and other trading costs.

ICP will hold an extraordinary general meeting (EGM) to seek approval from at least 75% of the company’s shareholders, excluding Aw and parties acting in concert.

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