Avarga (SGX:X5N) received an approval from the Singapore High Court to convene a scheme meeting for shareholders to vote on the proposed scheme of arrangement, according to a Tuesday filing with the Singapore Exchange.

Under the scheme, TKO seeks to acquire all shares in the company not already held by excluded shareholders, ahead of a proposed privatization of the company.

Earlier, TKO had proposed to acquire the company through either the acquisition of remaining shares at SG$2.70 per share or a combination consideration of SG$2 per share in cash and 1 redeemable preference share.