The Singapore stock exchange said it has no objection over the planned delisting of Weiye Holdings Ltd. from its mainboard's official list.
The China-focused residential property developer is planning to pull out its shares from trading on the bourse under a 65-Singapore-cents-per-share proposal submitted by Fine Skill Holdings Ltd., an entity wholly owned by Zhang Wei, CEO and executive director of the company.
Fine Skill's offer is awaiting the approval from holders of at least 75% of the Weiye Holdings' entire issued share capital. It will be voted during an extraordinary general meeting that is yet to be scheduled.
The company's listed status will remain in Hong Kong.
As of June 15, US$1 was equivalent to S$1.35.