Shares in the company were suspended after its free float fell below the required 10% in June. In its July 12 statement, Challenger, via its offeror, said that it does not intend to restore its public float or lift the trading suspension of its shares on the Singapore Exchange (SGX).
It adds that it will exercise its rights of compulsory acquisition under the Companies Act to acquire all the shares from shareholders who have yet to accept the offer. The offer price will be equal to the final offer consideration, which was raised to 60 cents per share on June 6.
Shares in Challenger last traded at 59.5 cents.
