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CWG privatization bid nears end as offer acceptances breach threshold

Elidom Investment Co. Ltd. will compulsorily acquire all of CWG International Ltd.'s shares that were not tendered in relation to the former's takeover bid for the latter.

The offeror secured the right to carry out the compulsory acquisition after its bid for CWG International received valid acceptances equivalent to 97.55% of the target's total number of issued shares as of March 8.

The mandatory stake purchase is part of Elidom Investment's plan to privatize CWG International.

The price of the compulsory acquisition will be equal to the 19.5-Singaporean-cents-per-share value of Elidom Investment's offer, which was submitted on its behalf by RHT Capital Pte. Ltd.

According to a filing, Elidom Investment will take steps to delist CWG International from the Singapore stock exchange immediately after the closing of the offer, March 19.

As of March 8, US$1 was equivalent to S$1.32.