The Singapore Exchange Securities Trading Ltd. has "no objection" regarding the plan of an Elidom Investment Co. Ltd.-led consortium to delist and privatize CWG International Ltd., the targeted developer said in a filing.
The bourse's decision takes CWG International a step closer to its privatization, after Elidom Investment's 19.5 Singapore cents per-share offer for CWG International, which garnered acceptances from 97.05% of the target's total issued shares, closed March 19.
The next step on the privatization plan is the compulsory acquisition of all the untendered CWG International shares at a consideration equal to the offer price. The purchase is expected to be made April 17.
CWG International noted that the date and time of its delisting from the stock exchange will be announced upon the completion of the compulsory acquisition.
As of March 23, US$1 was equivalent to S$1.31.