Silverlake Axis public float falls below 10%
The acquisition of 139,300 shares caused the fall in public float.
The percentage of Silverlake Axis’ shares held by public shareholders has fallen to 9.47%.
E2I, which plans to privatise the company, purchased 139,300 shares in the open market, raising its stake to 90.53% and reducing Silverlake Axis’ free float below the 10% required by SGX-ST rules.
As a result, the bourse may suspend the trading of Silverlake Axis' shares until it restores the minimum public float.
As its public float has fallen below the 10% requirement under SGX-ST rules, the bourse may suspend trading of Silverlake Axis shares until the threshold is met.
Silverlake Axis has three months, or longer if agreed upon, to bring its public float back to 10%, failing which it could face delisting.
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