ICP (SGX:5I4) controlling shareholder, Aw Cheok Huat, confirmed the closure of the exit offer for the company's shares on June 23, according to a same-day filing with the Singapore Exchange.

The offer received valid acceptances of the exit offer for 546,374,820 shares, representing 16.35% of the total number of issued shares.

Before the privatization bid, the offeror and its concert parties collectively owned 60.20% of the company's issued shares.

In total, as of June 23, the offeror and its concert parties collectively owned or have agreed to acquire 2,558,062,454 shares, representing roughly 76.54% of the total number of issued shares.

Aw Cheok Huat, the company's controlling shareholder, had made a go-private offer of SG$0.009 per share in cash for all issued and paid-up ordinary shares of ICP.

Shares of the company were down nearly 13% in recent trading.