The company’s controlling shareholder, Aw Cheok Huat, had presented a formal proposal to its board to seek the voluntary delisting of the company on April 19. Aw’s proposed exit cash offer of 0.9 cents per share represented a premium of 16.88% over the volume weighted average price (VWAP) of 0.77 cents for the one-period up to and including April 1.
As at 6pm on June 9, Aw received valid acceptances of 116.5 million shares representing a 3.49% stake in the company.
As at April 19, Aw and his concert parties collectively owned or controlled some 2.01 billion shares or 60.2% of ICP’s total issued shares.
The exit offer will remain open till 5.30pm on June 23 and the deadline will not be extended.
See also: Investors should accept ‘very good’ privatisation deal ahead of future uncertainty: FHT
Shares in ICP closed at 0.9 cents on June 9.
