Jurong Cement Ltd has received in principle approval to de-list itself from the Singapore Exchange. Jurong’s shares were suspended in January after the public holding in the company fell below the 10% required by listing rules.
Holcim Investments, Jurong’s controlling shareholder made an offer in January to buy all the shares it does not already own for US$ 2.50 each.
After the offer, Holcim were left with 88.13% of Jurong Cement and have no plans to restore the public float, meaning Jurong Cement Ltd must de-list itself from the Singapore Exchange.
The approval from Singapore Exchange to de-list is subject to them not changing the exit offer of US$ 2.50 a share, and the de-listing date being made no sooner than two days after the shareholders have been informed.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/02042010/jurong_cement_receives_approval_for_de_listing/