Privatisation move for Isetan Singapore underway

Isetan Mitsukoshi will acquire 19,500,000 shares in Isetan Singapore for $140m.

Japan-based Isetan Mitsukoshi has proposed to privatise Isetan (Singapore) Limited by acquiring the remaining shares in the company, excluding those they already own.

Isetan Mitsukoshi owns 52.73% of Isetan Singapore, translating to 21,750,000 shares. It plans to acquire 19,500,000 shares in Isetan Singapore for $140m (JPY15.7b).

In an announcement,  Isetan Mitsukoshi will acquire shares in Isetan Singapore via a Scheme of Arrangement (SOA).

"SOA is conditional upon the approval from a majority in number representing 75% in value of the shareholders present and voting at the shareholders meeting [of Isetan Singapore],"  Isetan Mitsukoshi said.

Isetan Singapore must also seek approval from the Singapore court.