Sinarmas Land's (SGX:A26) board confirmed that the company's total number of issued shares held by the public has fallen to below 10%, with trading expected to be suspended, according to a filing with the Singapore Exchange on Thursday.

In an earlier filing, Lyon Investments, which owned 70.30% of Sinarmas Land, offered to privatize the company at SG$0.31 per share.

As of April 23, the offeror has received valid acceptances of about 22% shares, increasing its ownership in Sinarmas Land to 92.3%.

The privatization offer will remain open for acceptance until May 14.

Shares of the company were up nearly 2% in recent trading.