Wheelock Singapore to delist following buyout
Shares retained by the public is less than the 10% free float requirement.
Wheelock’s share trading has been suspended after the $2.10 privatisation offer by Wheelock & Company arm Star Attraction has finally closed. After the deal, the parent firm snapped 90.1% stake in Wheelock Singapore.
“Under Rule 1303 of the Listing Manual, as the offeror has, through acceptances or otherwise, succeeded in holding more than 90% of the total number of issued Shares, the SGX-ST will suspend trading of the Shares on the Singapore Exchange - Securities Trading (SGX-ST) at the close of the offer,” the announcement noted.
Following the privatisation offer close, shares held by the public is down to approximately 9.9% and is less than the 10% under the free float requirement.
Wheelock’s parent firm has yet to reveal the particular date for delisting but has expressed intention to delist from the SGX-ST.
Prior to 2 October, the offer close was scheduled way back on 28 September.