Challenger’s majority shareholder exercises right of compulsory acquisition

Following the completion of the compulsory acquisition, DigiTech Holdings will own all the shares in Challenger. The company will be delisted from the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) at a date and time to be announced later.

DigiTech Holdings, on May 30, offered 56 cents to Challenger’s shareholders to sell their shares.

On June 6, the offer was improved to 60 cents per share.

The trading of Challenger’s shares were suspended on the SGX-ST after the company’s free float fell below the required 10%.

See also: PSC Corp’s Sam Goi makes mandatory conditional cash offer of 40 cents for shares in the company

The closing date of the offer was extended to July 25.

Shares in Challenger last traded at 59.5 cents.