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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.