GEAR’s statement comes after an open letter from SGX RegCo on Feb 24 as well as after the “various media reports and commentaries in recent days” about certain aspects of the proposed transaction.
One such commentary came from the Securities Investors Association (Singapore) or SIAS on March 1 to urge GEAR’s board to revise its privatisation offer.
In its March 3 statement, GEAR pointed out that the proposed transactions were conditional and that none of the various conditions have been satisfied.
The conditions include receiving no objections from the relevant Indonesian regulators, approval by the company’s independent shareholders and approval from the SGX-ST.
See also: PSC Corp’s Sam Goi makes mandatory conditional cash offer of 40 cents for shares in the company
Shares in Golden Energy closed 1.5 cents lower or 1.63% down at 90.5 cents on March 3.
