Amara Holdings has received approval from the Singapore Exchange to delist, according to a bourse filing by the group on July 8.
On Apr 28, Amara Holdings received an offer by DRC Investments to take over the firm for 89.5 cents per share. DRC Investments is an entity backed by parties including Wing Tai Holdings and the Teo family controlling Amara Holdings.
On May 15, DRC Investments received valid acceptances of over 90%, and the offer was declared unconditional in all respects. The next day the company declared the loss of free float, and submitted an application to the SGX for the approval of its delisting.
The delisting of Amara is subject to the offeror completing the compulsory acquisition; the company making an immediate announcement of the delisting; and a submission of a written confirmation that the company is not aware of any information that will have a material bearing on investors’ decision which has yet to be announced by the company.
