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Elidom closes offer period for takeover of CWG

Elidom Investment Co. Ltd. closed March 19 the takeover period to acquire all the shares of CWG International Ltd. under a 19.5-Singapore-cents-per-share offer, launched in late December 2017.

As at the closing date, a total of 642,525,903 shares have been validly accepted, representing 97.05% of CWG's issued shares. The tendered shares included the 536,763,362 shares, or about 81.1% of issued CWG shares, that are held by Sinway Investment Co. Ltd., H&H Wealth Co. Ltd. and Floriland Co. Ltd., the offeror's concert parties.

Another 5,651,800 CWG shares, or 0.85%, were purchased on the open market, taking the parties' total shareholding to 648,177,703, representing approximately 97.91% of CWG's issued shares.

With the public holding less than 10% of CWG's shares, the Singapore bourse suspended trading of the shares at the close of the offer. Elidom will also compulsorily acquire April 17 all the shares that have not been tendered during the period at the same per-share price as the offer's. Following this, the offeror will proceed with the delisting of CWG from the Singapore stock exchange.

As of March 19, US$1 was equivalent to S$1.32.