Avarga (SGX:U09) received an unconditional mandatory general cash offer of SG$0.25 per share from its executive chairman, Tong Kooi Ong, through a special purpose vehicle, TKO, according to a filing with the Singapore Exchange on Monday.
The mandatory offer was triggered after TKO acquired 183.2 million shares from major shareholder Lim Eng Hock for roughly SG$45.8 million, thus taking Tong's total stake to more than 50%.
Following the completion of the acquisition, TKO aims to continue with the company's existing business but has no intention to preserve the company's listing status.
Shares of the paper manufacturing and building materials distributor were up over 4% in recent trading.
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