Amara Holdings has lost its free float after shares in public hands fell below the mandatory level of 10%.
As at 6pm on May 15, the company’s offeror received 16.9 million shares or 2.94% in valid acceptances of the offer. This brings its stake to a total of 525.3 million shares or a 91.36% stake. The offeror is an entity backed by multiple parties including Hwa Hong Corp, Wing Tai Holdingsand the Teo family controlling Amara Holdings.
Since the offeror has received acceptances of over 90%, the offer has been declared unconditional in all respects.
The offer will still close at 5.30pm on June 10 with no extensions offered.
Following the close of the offer, the offeror intends to delist Amara Holdings and make the company its wholly-owned subsidiary.
Shares in Amara closed flat at 89 cents on May 15.
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