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Weiye Holdings CEO proposes Singapore delisting

Weiye Holdings Ltd. CEO Zhang Wei is offering to delist the company from the Singapore stock exchange under a nearly S$127.5 million exit scheme.

Zhang extended the proposal through his wholly owned Fine Skill Holdings Ltd. investment holding company.

Among other conditions, the 65 Singapore cents-per-share or HK$3.88-per-share offer requires the approval from the holders of at least 75% of Weiye Holdings' entire issued capital, with no opposition from 10% or more. Shares held by Zhang and COO Chen Zhiyong, amounting to an estimated 66.93% of Weiye Holdings' stake, will be tendered for the acceptance of the offer, pursuant to irrevocable undertakings.

Weiye Holdings clarified in a filing that the planned Singapore delisting will not privatize the company. Shares of the dual-listed China-focused residential property developer will still trade on the Hong Kong stock exchange even if the proposal pushes through.

Fine Skill's financial advisers are China Galaxy International Securities (Hong Kong) Co. Ltd. and Stirling Coleman Capital Ltd. The target's independent financial advisers are Ballas Capital Ltd. and ZICO Capital Pte. Ltd.

As of March 13, US$1 was equivalent to S$1.31.