The company offering to take Ban Leong Technologiesprivate has announced that it has successfully acquired more than 90% of the total number of shares in the company.
As such, Epicsoft Asia, which now owns 92.92% of the total number of shares in Ban Leong, will proceed to exercise its right to compulsorily acquire the shares of the dissenting shareholders.
The resulting in the number of shares in Ban Leong held in public hands falling below 10%. As the free float requirement is no longer satisfied, the SGX has suspended trading of the shares at the close of the offer.
Epicsoft Asia, a subsidiary of gaming giant GCL Global, first made the bid to take Ban Leong Technologies private for a consideration of 60.29 cents per share on April 30.
Epicsoft received valid acceptances of 54.9 million offer shares in Ban Leong on May 27, with an aggregate of 30.32 million shares from Ronald Teng Woo Boon, managing director of Ban Leong and his wife Teo Su Ching, representing about 28.13% of the total number of issued shares in the capital of Ban Leong tendered in acceptance.
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